Thoughts on Gap insurance…

[Jon A]

So could do with some opinions here. With insurers paying out to “current used value” do I need gap insurance?
Current used value will be above list in the present market where as gap will return to invoice?
Feels like standard fully comp is the way to go but I am probably missing something so thoughts appreciated.

[Neil1911]

I didn't bother, but then if it wasn't an offence I might not bother with ANY insurance! The money grabbing, tell the tale to suit themselves, so and sos... rant over

[andreas]

Gap insurance has been promoted in recent years as it's a great commission earner for the salespeople. In reality, many insurers will pay out "new for old" in the first year at least, so the real need for gap insurance is fairly small.

[SAC1]

Can I suggest you telephone the GAP insurance company you may use to clarify. Also some insurance companies include return to new car value during the first year.

If you are buying on finance of any sort (rather than cash) then also to to them for their advice or requirement.

I doubt either would pay more than RRP / initial new car invoice value.

I don't bother with GAP, wheel & tyre cover etc. Prefer to self insure.

[andreas]

I don't bother with GAP, wheel & tyre cover etc. Prefer to self insure.

+1 - that's sensible.

[Stevie171]

It’s not for me, but if you think it’s viable, I know it’s available elsewhere for MUCH less money.

Google is your friend.

[Lanmate]

I've benefited from having it twice, once from an accident which was my fault and then from a theft, which wasn't.

I wouldn't buy it from any dealer as the markup is extortionate, but I have bought and will continue to buy it from a third party company in future.

[Stevie171]

My son just passed his driving test. All his pals are paying a fortune for car insurance.

We used a company called ALA to insure his insurance excess. Compulsory £250 plus a voluntary £750 excess =£1000

Bought a policy for £45 to cover it if needed. His reduction in overall premium was a saving of about £200. I know it’s a little off topic…. But….

ALA are better known for GAP insurance. My broker pointed me towards them on the QT as she used them for her own insurance.

[Neil1911]

Privilege, a "Direct Line" brand offered the new replacement for two years in 2020.

[PorscheMack]

Privilege, a "Direct Line" brand offered the new replacement for two years in 2020.

As do NFU but with £1,950 excess.