Gap insurance - Civinfo
View Poll Results: Gap Insurance - Do you have a policy?
Yes - Without a doubt, well worth it 75 57.69%
No - Haven't heard of it 9 6.92%
No - A waste of time 35 26.92%
No - Never thought about it 11 8.46%
Voters: 130. You may not vote on this poll

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post #1 of 60 (permalink) Old 17th February 2007, 10:00 Thread Starter
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Question Gap insurance

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
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post #2 of 60 (permalink) Old 17th February 2007, 10:16
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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?
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post #3 of 60 (permalink) Old 17th February 2007, 10:19 Thread Starter
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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
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post #4 of 60 (permalink) Old 17th February 2007, 10:19
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Thats ok, I found this link for you to;

http://www.civinfo.com/forum/showthr...=gap+insurance
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post #5 of 60 (permalink) Old 17th February 2007, 10:22 Thread Starter
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Quote:
Originally Posted by Topcat View Post
Thats ok, I found this link for you to;

http://www.civinfo.com/forum/showthr...=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
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post #6 of 60 (permalink) Old 17th February 2007, 10:50
 
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got mine from click4gap only 160, offers simlar package as honda but for less than half the price
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post #7 of 60 (permalink) Old 17th February 2007, 11:10
 
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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.
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post #8 of 60 (permalink) Old 17th February 2007, 12:34
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Quote:
Originally Posted by Topcat View Post

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!).

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post #9 of 60 (permalink) Old 17th February 2007, 12:35
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Big banner in the buying section!!


OK OK it was early lol
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post #10 of 60 (permalink) Old 17th February 2007, 18:00
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On a related note, do you know when Click4tyres will start?
http://www.click4tyre.com/
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post #11 of 60 (permalink) Old 17th February 2007, 18:37
 
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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.
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post #12 of 60 (permalink) Old 17th February 2007, 19:02 Thread Starter
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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.
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post #13 of 60 (permalink) Old 17th February 2007, 19:03 Thread Starter
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Quote:
Originally Posted by terry View Post
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.
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post #14 of 60 (permalink) Old 19th February 2007, 10:21
 
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Quote:
Originally Posted by Topcat View Post
...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
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post #15 of 60 (permalink) Old 19th February 2007, 12:33 Thread Starter
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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.
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post #16 of 60 (permalink) Old 19th February 2007, 12:52
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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.
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post #17 of 60 (permalink) Old 19th February 2007, 13:00
 
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Quote:
Originally Posted by caz1562 View Post
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).

Quote:
Originally Posted by Bog View Post
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
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post #18 of 60 (permalink) Old 19th February 2007, 13:08 Thread Starter
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Quote:
Originally Posted by SurfandProtect View Post
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
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post #19 of 60 (permalink) Old 19th February 2007, 13:14
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Does it work for overseas country too ?
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post #20 of 60 (permalink) Old 19th February 2007, 13:19
 
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Quote:
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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
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