I am buying a one year old Passat for ~£14k.
Should I take out the GAP insurance (return to invoice)? It costs £285 for 3 years.
What's the general consensus?
is there a warranty on the car, usually there is a 3 year warranty, so the GAP insurance will only be needed for the final year!!! pointless really then!
Quote from: stpauls on July 18, 2008, 11:01:50 AM
is there a warranty on the car, usually there is a 3 year warranty, so the GAP insurance will only be needed for the final year!!! pointless really then!
Stpauls, unless I am missing something, the GAP insurance has nothing to do with the warranty.
The GAP insurance kicks in if the car is lost or written off. If that happens at any stage within 3 years I will get back the £14k that I paid for the car. The warranty has nothing to do with this.
sorry Joe, i was thinking of something else!! you are right, it is then up to yoursef if you want to take it. though it will cost you a bit now, if your car is nicked at the end of the 3 years and you don't have it, you will only get the value it will be worth then, rather than the 14K you will have paid for it!!
Naw your correct Joe. Gap insurance is the difference between what you bought the vehicle for and what your own insurance company will give you for your pre accident value ( PAV) if you total it.
To be honest I'd say it prob is worth it. Considering over the next three years you could lose a few grand from your purchase price. However it's one of those things. If it happens you'll be counting your lucky stars you have it and if it doesn't you'll be wondering why you bothered. But for the peace of mind I'd say it's worth it as it's not that overly expensive.
Quote from: stpauls on July 18, 2008, 11:24:58 AM
sorry Joe, i was thinking of something else!! you are right, it is then up to yoursef if you want to take it. though it will cost you a bit now, if your car is nicked at the end of the 3 years and you don't have it, you will only get the value it will be worth then, rather than the 14K you will have paid for it!!
Stpauls - the GAP insurance (return to invoice) means that they give me an amount of money to ensure that I get £14k back, not what it is actually worth.
So for example if you got the car stolen in Year 3 you would be quids in as it would only be worth say £6k (which the insurance company will dtump up) and then the GAP will pay me the other £8k.
£285 doesn't sound like a lot of money in the circumstances............
Sounds like an incentive to have it stolen in year 3.
Quote from: Hardy on July 18, 2008, 11:41:27 AM
Sounds like an incentive to have it stolen in year 3.
That thought did cross my mind...........
Whats the chances of your county having a game in Croke Park in August 3 years time. If I was you Id offer to drive, park er on the kerb in front of someones house and leave a big fcuk the dubs flag along the back window.
Quote from: Smokin Joe on July 18, 2008, 11:39:12 AM
Quote from: stpauls on July 18, 2008, 11:24:58 AM
sorry Joe, i was thinking of something else!! you are right, it is then up to yoursef if you want to take it. though it will cost you a bit now, if your car is nicked at the end of the 3 years and you don't have it, you will only get the value it will be worth then, rather than the 14K you will have paid for it!!
Stpauls - the GAP insurance (return to invoice) means that they give me an amount of money to ensure that I get £14k back, not what it is actually worth.
So for example if you got the car stolen in Year 3 you would be quids in as it would only be worth say £6k (which the insurance company will dtump up) and then the GAP will pay me the other £8k.
£285 doesn't sound like a lot of money in the circumstances............
same difference ;) you still get your 14K instead of 6k if you didn't have it!!
Quote from: stpauls on July 18, 2008, 12:04:28 PM
same difference ;) you still get your 14K instead of 6k if you didn't have it!!
eh, explain how I would get the £14k if I didn't have GAP insurance and the car gets stolen anytime after the first 6 months?
You wouldn't. The insurance company only has to pay the PAV for the vehicle. Which is what the vehicle would have been worth the day previous to the accident. So lets say it depreciates by 5k over the 2-3 years and you total it in the final year then your own insurance company will pay out 9k (PAV) and GAP insurance will pay the depreciation of 5K.
Quote from: Smokin Joe on July 18, 2008, 12:14:52 PM
Quote from: stpauls on July 18, 2008, 12:04:28 PM
same difference ;) you still get your 14K instead of 6k if you didn't have it!!
eh, explain how I would get the £14k if I didn't have GAP insurance and the car gets stolen anytime after the first 6 months?
oops, i really should have read over that before posting it!! the "didn't" shouldn't have been in there!! :-[
St pauls no offence but do you know anything whatsoever, even the tiniest little bit about what the rest of these guys are talking about. If you do so then say Yay!!!
Quote from: feetofflames on July 18, 2008, 01:49:51 PM
St pauls no offence but do you know anything whatsoever, even the tiniest little bit about what the rest of these guys are talking about. If you do so then say Yay!!!
i do now feet, thanks for filling me in! god knows where i would be without you. ::)
A quick google turned up a premium of £170.
Lads,
seen this topic and wanted to ask about Gap Insurance,
What way does the gap insurance work? I bought a car a year ago and give me nothing but bother, had to replace engine, clutch etc. took it via finance - car was £7K
When the engine went I took it to the car dealership (well known) and they refused to cover it as the warranty was 12000 miles, even tho i was told 1 year. it turned out to be what ever was first.
So i put an engine in myself and it continues to give me jipp. the dealership i bought knows i put a new engine in. if for any reason my car got wrote off, and i claimed off my insurance, would the gap insurance still kick in and give me the difference?
Take a good look at your gap insurance policy. Insurance companies differ in what each policy covers so hard to give you a standard answer. The car will be assessed on write of anyway. But if a new engine was required and was fitted correctly then it shouldn't affect the gap policy if anything *ahem* did happen.
Do GAP policies tend to be taken for a number of years? Or renewed annually like regular car insurance?
Quote from: JoeBloggs11 on July 02, 2015, 12:43:33 PM
Lads,
seen this topic and wanted to ask about Gap Insurance,
What way does the gap insurance work? I bought a car a year ago and give me nothing but bother, had to replace engine, clutch etc. took it via finance - car was £7K
When the engine went I took it to the car dealership (well known) and they refused to cover it as the warranty was 12000 miles, even tho i was told 1 year. it turned out to be what ever was first.
So i put an engine in myself and it continues to give me jipp. the dealership i bought knows i put a new engine in. if for any reason my car got wrote off, and i claimed off my insurance, would the gap insurance still kick in and give me the difference?
If my car got wrote off...you're some craic!!!! A few lads lined up to lift her and wreck her into a wall??? Don't worry, it's all anonymous here, yer safe!!!
Had my car written off 18 months ago, didn't realise we had gap insurance until we checked paperwork. We were paying it along with HP, luckily we had only 3 weeks of our 3 years left. Well worth taking out but a one off payment is much cheaper than monthly