Insurance Gap Insurance

[DarrenN]

Originally Posted by Mr JP

And so we are back to square one, total waste of time having GAP in the first year.

Wrong... because RTI Gap can only be purchase in the first 90-105 days (companies differ) from buying your car. Therefore you have to take out the policy within them days if you are ever going to take it out.

You would be correct in thinking that you would never need to use GAP Insurance within the first year, well unless your car insurance can not find a suitable car in which case they will only pay the market value so therefore you would use the GAP. However lets say that does not happen... then yes you would not need to use GAP in the first year - however after that it would be a very very valuable thing to have.

Once again I will stress it must be bought within 90-105 days from buying the new car!

[Mr JP]

All I can say mate is good luck,

I know of 2 people who have had payouts refused so in my mind it's just as big a scam as any other insurance.

Still hopefully you will never need to claim.

[dave525]

Don't know to much about this but my neighbour had his car written off and the insurance paid out just over £11000 and GAP paid him around £5000 which enable him to get a newer same model car and still had over £1500 left over.

[NEEMSTAR]

Im thinking of leasing a car and obviously the insurance company will pay me the book value of the car if i wrote it off meaning i would owe the lease company the rest, so do i need to get Contract Hire GAP Insurance

does this basically mean say after 18 months the car gets written off and my insurance company pay out 14k , the last 5k will be paid put by my gap insurers to the lease company ?

[kaleel86]

I got told by honda that i have to get it on the day i pickup the car or i cannot have it at all basically!

[NoNumpty]

Originally Posted by kaleel86

I got told by honda that i have to get it on the day i pickup the car or i cannot have it at all basically!

That's is not correct - check this site out

Gap Insurance by Click4Gap

You can get a quote for a car that's been owned for over 3 months

Dealer is trying to pressurise you into buying this so DON'T

[shurm]

It will need doing on the day if you want to put your payments on the finance, I think it depends on the specific underwriter of the policy some people could write a car off and try to put gap in place later ??!!

[Krysten CTR]

Don't forget that the dealer is regulated by the FSA and have to make sure you have signed the paperwork, to either say yes I'm having the GAP policy or No I'm not having it. That has to be done before you drive the car away.

You still have 14 days to change your mind, whether that's to take it afterwards or cancel a policy you have arranged.

Originally Posted by shurm

It will need doing on the day if you want to put your payments on the finance.

Makes sense if you want to pay for it a bit at a time. You'll pay interest on the cost of the policy. Personally I'd have it, and pay for it outright.

Check out click4gap. I've seen them around, but don't know anybody who has claimed on their policy yet.

It's all well and good getting the cheapest policy, if they don't pay when the time comes.