Insurance Gap insurance

[caz1562]

OK as you know I picked up my new car yesterday and for the 1st time the salesman mentioned something called Gap Insurance. He explained what this was and offered us a 3 yr policy for £349.

Has anyone took this cover out when financing a new car from Honda, or from anywhere else for that matter?

Obviously you never know what might happen when out on the roads and it does sound like good coverage, just a little unsure of making a one-off payment for something I knew nothing about.

Anyone with knowledge on this topic, could you please respond and share your thoughts TIA

[Topcat]

I think it is a great idea - if you write the car off within the first three years, the policy will pay out the difference between the current retail price and what your insurance company give you (hence it wll fill the gap).

It something I really wanted but due to problems with my car I didn't get it as the only drawback with it is, it only covers the car that you purchase so if for any reason (risk minimal) the car has to be replaced due to a serious mechanical fault you can not transfer the policy to the new car.

You could buy gap insurance through this site, I have been trying to find the link for you, maybe BG can point you in the right direction - Basegreen?

[caz1562]

is that this TC :- http://www.click4gap.co.uk

I also found this one too - http://www.surfandprotect.com

I'm seriously thinking about it, cheers for the reply

[Topcat]

Thats ok, I found this link for you to;

GAP Insurance ?

[caz1562]

Originally Posted by Topcat

Thats ok, I found this link for you to;

GAP Insurance ?

Cheers TC, I done a search but hadn't put the + in so it pulled up loads of posts with GAP and insurance....D'oh

Never mind, spot on for the link

[lowfer]

got mine from click4gap only £160, offers simlar package as honda but for less than half the price

[sik2k]

I couldn't sing the praises of gap enough!

After having my Type R stolen I was understandibly down, then the Gap kicked in and due to a bit of luck, I made almost £2500 profit!

I have taken out gap with my new car due in March although the policy is slightly different now. I can't make a profit this time but with my track record of stolen cars, knowing I can get it replaced without hassle is already a weight off my mind.

[Pottsy]

Originally Posted by Topcat

You could buy gap insurance through this site, I have been trying to find the link for you, maybe BG can point you in the right direction - Basegreen?

Big banner in the buying section!!
If you use the link here and then buy a policy, a small amount comes back to us for offsetting web hosting costs (so everyone's a winner!).

[Topcat]

Originally Posted by Pottsy

Big banner in the buying section!!

OK OK it was early lol

[terry]

On a related note, do you know when Click4tyres will start?
http://www.click4tyre.com/

[MARK182]

seams a very good idea for a couple of hundred quid.
i had never thought about it but when honda mentioned it when i ordered the car it made me think but i was not going to pay £375 for the honda/blackhorse gap.
i then got a quote from click4gap and it worked out to £209 for back to invoice and £279 for new car, so i took these quotes to honda and he came up with a figure in the middle and they do all the paper work and i know it will cover the car fully.

[caz1562]

Well it looks like a 3yr plan will cost £225 compared to £349 from the dealer & the T&C's look identical so click4gap seem to be a damn good find.

[caz1562]

Originally Posted by terry

On a related note, do you know when Click4tyres will start?
http://www.click4tyre.com/

wow - can't wait to see what this will offer, sounds too good to be true.

[SurfandProtect]

Originally Posted by Topcat

...it only covers the car that you purchase so if for any reason (risk minimal) the car has to be replaced due to a serious mechanical fault you can not transfer the policy to the new car.

You are correct that GAP Insurance policies are generally not transferrable.

However, I can't speak on behalf of Click4Gap or GapMyInsurance, but if your car is returned to and replaced by the supplying dealer due to a fault with the vehicle, our GAP Insurance policies can indeed be transferred to the replacement vehicle.

Regards

David

[caz1562]

Well just done an online quote using Click4gap & Surfandprotect.

RTI policy is slightly cheaper from Click4gap but VRI policy is in Surfandprotect's favour.

RTI (return to invoice) 3 yr term with £20000 limit
Click4gap = £225
Surfandprotect = £243.90

RTI (return to invoice) 4 yr term with £20000 limit
Click4gap = £338
Surfandprotect = £342.76

VRI (Vehicle replacement insurance) 3 yr term with £20000 limit
Surfandprotect = £315
Click4gap = £331

VRI (Vehicle replacement insurance) 4 yr term with £20000 limit
Surfandprotect = £385.09
Click4gap = NO QUOTE

Now I realise this is using total value figures, but which baseline should you consider. That's where it becomes a guessing game.

[Bog]

You need to bear in mind that your insurance will pay out, so your claim limit does not need to be so high. For example, if the car cost £18k new and you write it off in year 3, you insurace will pay IRO £9k, so to replace the car under VRI the shortfall will be £12k (Assuming the new price increases to £20k over 3 years.)

Your claim limit therefore can be around £12-14k.

[SurfandProtect]

Originally Posted by caz1562

Well just done an online quote using Click4gap & Surfandprotect.

RTI policy is slightly cheaper from Click4gap but VRI policy is in Surfandprotect's favour.

RTI (return to invoice) 3 yr term with £20000 limit
Click4gap = £225
Surfandprotect = £243.90

RTI (return to invoice) 4 yr term with £20000 limit
Click4gap = £338
Surfandprotect = £342.76

VRI (Vehicle replacement insurance) 3 yr term with £20000 limit
Surfandprotect = £315
Click4gap = £331

VRI (Vehicle replacement insurance) 4 yr term with £20000 limit
Surfandprotect = £385.09
Click4gap = NO QUOTE

Now I realise this is using total value figures, but which baseline should you consider. That's where it becomes a guessing game.

Nice comparisons - I should perhaps point out here... look out for (and use) the "I've been quoted less" button at the quote stage... it'll take you through a series of questions regarding any lower quote you have received and then re-calculate our premium accordingly. If it can verify the information you have inputted automatically - which in most cases it can (Of course I can't reveal how because that's a trade secret) - then it will allow you automatically to proceed and purchase a policy for £5 less than your lowest quote received elsewhere.

If it can't verify the information you input automatically then it will refer your application to a member of staff for them to review, verify and authorise (where applicable).

Originally Posted by Bog

You need to bear in mind that your insurance will pay out, so your claim limit does not need to be so high. For example, if the car cost £18k new and you write it off in year 3, you insurace will pay IRO £9k, so to replace the car under VRI the shortfall will be £12k (Assuming the new price increases to £20k over 3 years.)

Your claim limit therefore can be around £12-14k.

Couldn't have said it better myself.

Regards

David

[caz1562]

Originally Posted by SurfandProtect

Nice comparisons - I should perhaps point out here... look out for (and use) the "I've been quoted less" button at the quote stage... it'll take you through a series of questions regarding any lower quote you have received and then re-calculate our premium accordingly. If it can verify the information you have inputted automatically - which in most cases it can (Of course I can't reveal how because that's a trade secret) - then it will allow you automatically to proceed and purchase a policy for £5 less than your lowest quote received elsewhere.

If it can't verify the information you input automatically then it will refer your application to a member of staff for them to review, verify and authorise (where applicable).



Couldn't have said it better myself.

Regards

David

Invoice GAP Insurance Price Promise claim

click4gap
SurfandProtect.com

Vehicle Purchase Price

£20,000.00
£20,000.00

Policy Term

3 Years
3 Years

Claims Limit

£20,000.00
£20,000.00

Premium

£225.00
£243.90

Difference

£18.90

Apply reduction of

-£18.90

Plus Price Promise

-£5.00

Total Reduction

-£23.90

Our New Premium

£220.00

Mmm very good

[l-noel]

Does it work for overseas country too ?

[SurfandProtect]

Originally Posted by l-noel

Does it work for overseas country too ?

Currently the territorial limits of our policies are as follows:

England, Scotland, Northern Ireland, Wales, Isle of Man and the Channel Islands. The Vehicle is also covered in the European Union, Croatia, Iceland, Norway, Switzerland, Liechtenstein and Andorra for a maximum of 30 days in any 12 months of cover, providing the cover provided by Your Motor Insurer is an equivalent level of cover as You would have enjoyed in the UK.

Regards

David