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Thread: GAP Insurance

  
  1. #1
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    Skót's Avatar
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    GAP Insurance

    Is this only availible when financing a car from a dealer, or also when paying cash / via banl loan?
    DELETED BY ADMIN -MATG

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    DaveDempsey's Avatar
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    You can take out GAP insurance through a dealer when paying cash. What you will find are there are usualy 3 levels of GAP one specifically for covering finance payments only, obviously this isnt available. There are other non dealer GAP policy available through different companies just make sure you are sure what you are covered for. They are well worth their money though. With GMAC Gap you can also take this out upto 3 months after purchase of the car, doesnt have to be on the day of collection.

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    Legoman's Avatar
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    So in your opinion Dave, do these policies pay out??

    been offered this every time I buy a car but always (maybe wrongly) decline. Very dubious about insurances for obvious reasons.

    be intersted to know if you've seen any examples of payouts

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    MattR32's Avatar
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    I've got GMAC GAP insurance but am under no illusion that I'd get a penny if I paid.
    At least they gave me 0% though!
    Ex Golf R32, now mk5 Astra Estate 1.9CDTi (150PS, 232ftlb) Design on fat alloys.

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    DaveDempsey's Avatar
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    I depends on the company. We only deal with GMAC's GAP policy, which is more expensive than some others available, however we have only ever had good experiences with it. The only time we have had a customers claim declined was due to the customer having points on his licence that he hadnt declared to his insurance company. We have had customers being paid out as much as Ł12,000 on one of these policies. TBH given what you pay for new cars etc. the price of even a basic GAP is a drop in the ocean and worth every penny, on a 5-year agreement it cn cost as little as Ł2 per week,.

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    MattR32's Avatar
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    We just paid a lump sum which seemed reasonable.
    Now my Astras worth about a quid, maybe I should get it nicked?

    Joking....!
    Ex Golf R32, now mk5 Astra Estate 1.9CDTi (150PS, 232ftlb) Design on fat alloys.

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