I ordered my new car today and the sales guy tried to sell me some GAP Insurance for ?350 in case of a write off in the first three years. I was wondering if anyone else out there has taken up this, as I have not heard of it before. It seems a good idea but I am wary that there is some catch.
Gap Insurance. Is It worth it?
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I took it up when i bought my Mkiv. I thought there must be a catch, as the salesman made it out to be too good to be true. To date tho, i've not had to use it. So still have no idea whether it was worth the initial outlay.
It seemed good for peace of mind tho, and hopefully its a 'safe-guard' i'll never have to use.
It seemed good for peace of mind tho, and hopefully its a 'safe-guard' i'll never have to use.
It is worth it but do not pay ?350, I paid ?200 for it and yes that is the full invoice price returned as I don't have finance. Don't let them tell you it is a different policy as they all use the same and that includes Audi (which I paid ?200 with aswell)
The only things is if you modify the car in ANY way that will invalidate a claim.
The only things is if you modify the car in ANY way that will invalidate a claim.
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59 Posts
If you don't trust the dealer, and you're eligible to join the CSMA (Civil Service Motoring Association), they provide GAP cover from ?169 for 3 years so long as the car is not worth more than ?37.5k new.
If you take out the policy for a new car, they will pay up the difference between RRP and the insurance payout (minus your excess), so long as the total payout is not more than ?10k.
I'll apply soon within 2 weeks of vehicle delivery, and can report back on this forum.
To check eligibility to join the CSMA browse here: http://www.csma.uk.com I use CSMA for my breakdown, car insurance and home insurance, and save a packet! [^]
Cheers, Chalky (no, I don't work for CSMA, just enjoy the benefits!)
If you take out the policy for a new car, they will pay up the difference between RRP and the insurance payout (minus your excess), so long as the total payout is not more than ?10k.
I'll apply soon within 2 weeks of vehicle delivery, and can report back on this forum.
To check eligibility to join the CSMA browse here: http://www.csma.uk.com I use CSMA for my breakdown, car insurance and home insurance, and save a packet! [^]
Cheers, Chalky (no, I don't work for CSMA, just enjoy the benefits!)
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The question is, Do you plan on crashing your car in the first 3 years?
My rule of thumb, if your the kind of person to crash your car doing stupid stuff then it might well be worth while, but if you have 5+ years no claims and you drive sensibly then it may not be worth it...
My rule of thumb, if your the kind of person to crash your car doing stupid stuff then it might well be worth while, but if you have 5+ years no claims and you drive sensibly then it may not be worth it...
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518 Posts
So are you saying that you should only take out GAP insurance if you drive stupidly and plan on crashing your car?!?!?
IMO that seems like a bit of a silly statement to make on here.
IMO that seems like a bit of a silly statement to make on here.
Quote: posted by GerryD on 16/04/2005 10:52:28
I had a look at the leaflet last night and it is Total Loss Gap Protection. It seems to say everything of what ChalkyWhite quotes. So you think ?350 is expensive then?
YES, I was quoted ?399 and I just laughed and told them that I knew it cost more like ?150 and would take it for ?200 or I would leave it. The sales manager said he wasn't going to argue over a couple of hundred and I paid ?200 for it.
Dave Pollard - It is worth it if someone causes an accident and they are uninsured and if it gets stolen!. I have 9 years no claims but it doesn't mean that I won't have a crash in the next 3 years.
I had a look at the leaflet last night and it is Total Loss Gap Protection. It seems to say everything of what ChalkyWhite quotes. So you think ?350 is expensive then?
YES, I was quoted ?399 and I just laughed and told them that I knew it cost more like ?150 and would take it for ?200 or I would leave it. The sales manager said he wasn't going to argue over a couple of hundred and I paid ?200 for it.
Dave Pollard - It is worth it if someone causes an accident and they are uninsured and if it gets stolen!. I have 9 years no claims but it doesn't mean that I won't have a crash in the next 3 years.
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In my experience it is worth it, as I had 2 cars stolen on the same night fortunately they were both GAP insured as the insurance company pay market rate for the cars, not dealer prices. That could be 2k per car if your motor gets stolen or written off within the first few weeks.
It's one of those things. I do understand people who say its a waste of money too. It just depends: do you feel lucky? Well do you? [
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It's one of those things. I do understand people who say its a waste of money too. It just depends: do you feel lucky? Well do you? [
]I would buy from the dealer and be done with it. Most banks offer it with loan payment protection - but not standalone ! The product from other companues is not always RTI.
I would buy it - you may be a safe driver, but there is no accounting for others.
Like I say i have it on the RS6 and if it gets written off the ins company would pay me ?50k ish but the RTI would top it up to what I paid for the car.
I would buy it - you may be a safe driver, but there is no accounting for others.
Like I say i have it on the RS6 and if it gets written off the ins company would pay me ?50k ish but the RTI would top it up to what I paid for the car.
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273 Posts
GAP policys worth it full stop if you got a finance agreement..
but shop around is the key.
but shop around is the key.
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I have bought A5 2.0 TDI S-Line
The dealer offers me GAP for 4 years £950 i think this is little bit to much.
Any sugestions???
The dealer offers me GAP for 4 years £950 i think this is little bit to much.
Any sugestions???
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