Page 1 of 3 123 LastLast
Results 1 to 10 of 27

Thread: Gap insurance cover...

  
  1. #1
    Status
    Offline
    MatG's Avatar
    Club Chairman
    Join Date
    May 2003
    Posts
    34,568
    Mentioned in
    1 Post(s)
    Quoted
    1 Post(s)

    Gap insurance cover...

    does any one here have Gap insurance cover where they refund the full price of the vehicle in the event of it being lost or stolen in the first 3 years? I have been told that its £299.00 for the 3 years and can be taken out at any time in the 1st year of the vehicle, does this sound about right?

    Any gen I should be aware off with this? Is it worth doing? any ever had to claim?

    Cheers
    Been apart of the inner circle since 2001
    Click Me to Join Astra Owners Club Full or Lite Members

  2. #2
    Status
    Offline
    haulme's Avatar
    AOC Obsessed
    Join Date
    Aug 2005
    Posts
    2,474
    Mentioned in
    0 Post(s)
    Quoted
    0 Post(s)
    Quote Originally Posted by MatG
    does any one here have Gap insurance cover where they refund the full price of the vehicle in the event of it being lost or stolen in the first 3 years? I have been told that its £299.00 for the 3 years and can be taken out at any time in the 1st year of the vehicle, does this sound about right?

    Any gen I should be aware off with this? Is it worth doing? any ever had to claim?

    Cheers
    The full price of the vehicle??? I thought it was just the full price of the Alarm?
    Drives:Mazda 6 MPS- Zoom Zoom

  3. #3
    Status
    Offline
    Sploodge's Avatar
    BAFPCITS
    Join Date
    Jul 2005
    Posts
    6,522
    Mentioned in
    0 Post(s)
    Quoted
    0 Post(s)
    I though a GAP insurance was to cover the difference between what the insurance company pays and any outstanding finance on a car.. So say you buy a car for £20,000 on finance and after a year its stolen or a total loss and you still owe say 17,000 but the insurance only pays 15,000 the GAP insurance settles the 2,000 difference..

    Might be wrong but thats what I always though GAP insurance was..
    Mr Sploodge, Accept No Imitations!

  4. #4
    Status
    Offline
    kev007's Avatar
    Cumbrian RO
    Join Date
    Jul 2005
    Posts
    2,061
    Mentioned in
    0 Post(s)
    Quoted
    0 Post(s)
    well sell gap where at work 300 for 3 years, it well cover you in the event of the car being ritting off or stolen and it covers you for upto 10000 after you been payed out by the insrance company, good little cover... so its means you can go out and buy the same car without lossing out...
    Where are the Cumbrian Members??
    Anyone Seen Them!

    Drives a Fiat Bravo 165 sport....

  5. #5
    Status
    Offline
    LIAM-SXI's Avatar
    AOC Fanatic
    Join Date
    Mar 2006
    Posts
    978
    Mentioned in
    0 Post(s)
    Quoted
    0 Post(s)
    gap insurance is if your car is on finance and say you get a £20000 loan, and you pay £15000 of it off and you right the car off or is stolen etc. the insurance pays of the remaining finance for you. am i right?
    Got XBOX LIVE? Gimme a game!
    Gamertag: DOGBOY14

  6. #6
    Status
    Offline
    ZS's Avatar
    AOC Obsessed
    Join Date
    Apr 2004
    Posts
    9,491
    Mentioned in
    0 Post(s)
    Quoted
    0 Post(s)
    My GAP insurance covers the difference between the insurance payout and the invoice value. Considering my GAP insurance covers the car until 2008, I think the extra £10 a month is worth it.

    So, technically if the car is written off in 2 years time, they'll give me nearly £7k.
    2007 Metro Blue 5 door Mk5 Elite 1.7CDTI
    6th Vauxhall (4th Astra) in 10 years...plus a couple of other sheds...

  7. #7
    Status
    Offline
    Fastra's Avatar
    AOC Fanatic
    Join Date
    May 2003
    Posts
    568
    Mentioned in
    0 Post(s)
    Quoted
    0 Post(s)
    Quote Originally Posted by kev007
    well sell gap where at work 300 for 3 years, it well cover you in the event of the car being ritting off or stolen and it covers you for upto 10000 after you been payed out by the insrance company, good little cover... so its means you can go out and buy the same car without lossing out...

    .. you don't have anything to do with the underwritting do you?
    ... indicators do not give you right of way!!!

  8. #8
    Status
    Offline
    gRoberts's Avatar
    AOC Obsessed
    Join Date
    Apr 2005
    Posts
    1,340
    Mentioned in
    0 Post(s)
    Quoted
    0 Post(s)
    I got my car thru Yes car credit (i know i know).

    I pay so much per month for GAP insurance, which "Apparently" will pay off any of the existing finance if in the event of the car being writen off or stolen.

    Which leaves the money from the Insurance company to purchase a new car or go on holiday

    Yes Car Credit had mis-sold me and alot of other people all the insurances they offer, so i'm gonna have fun in April when I hand it back. Apparently, they said I "may" be liable to pay off the rest of the GAP insurance (3k :O)

    Now, when I get my next car, I'm paying for the gap and mech breakdown cover seperately and for less.

  9. #9
    Status
    Offline
    dazerc's Avatar
    AOC Obsessed
    Join Date
    Jan 2004
    Posts
    1,483
    Mentioned in
    0 Post(s)
    Quoted
    0 Post(s)
    it doesn't have to be just to pay off finance.
    Gap cover is if u buy a brand new car or nearly new car then u right it off the insurance will pay what its worth then the gap cover pays the difference between what you get off insurance and what you paid for it.
    its so you can buy the same car as you started with.

    say you brought a brand new astra for 10000 cash no finance and had it 2 years then it got stolen and written off the insurance company pays you 8000 cos thats what its worth. and then the gap cover pays 2000 so you can go out and get the same car u started with
    SMIC, miltek catback, precat, Thorney remap 242.7 bhp 281lb/ft torque

  10. #10
    Status
    Offline
    MatG's Avatar
    Club Chairman
    Join Date
    May 2003
    Posts
    34,568
    Mentioned in
    1 Post(s)
    Quoted
    1 Post(s)
    sorry as dazerc's post this is what they told me I just forgot about the insurance paying you off bit first and they pay the shortfall so you can buy a new vehicle for the same value you paid. Its definitely not just on fiancee because I am paying cash.

    So is it worth it? anyone actually claimed?
    Been apart of the inner circle since 2001
    Click Me to Join Astra Owners Club Full or Lite Members

Page 1 of 3 123 LastLast

Similar Threads

  1. car insurance cover
    By nasayr in forum Chit Chat and a Warm Welcome!
    Replies: 6
    Last Post: 15-07-2007, 15:08
  2. 1 day car insurance cover !
    By scott in forum Chit Chat and a Warm Welcome!
    Replies: 10
    Last Post: 14-08-2006, 11:14

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •