Gap Insurance.

[Bob King]

I'm looking for a bit of feedback on GAP insurance, have any of you guys/gals got it, or had to use it ,and get payed out :?: .

GAP insurance covers .."if your car is stolen or declared an insurance write-off "Return to Invoice Insurance" will refund to you the difference

between what you paid for the car and your insurers depreciated valuation".

http://www.click4gap.co.uk/index.asp

[Zee007]

Have a read Here and Here.

[Bob King]

Thankyou young Zee, i did do a search first, but seem to find everything but what wanted :) .

[Jiberjaber]

My understanding of GAP is that they pay you the difference between the insurance payout and any remaining finance on the car, not the actual bought price of the car.....

Can anyone clear that up cause it's as confusing as hell in the two threads Zee dug up......

[Ally]

When my car was nicked, the GAP insurance paid out the difference between what the insurance company gave me and the total price i paid for the car (including trade-in). The GAP people still don't want to be paying out more than they have to, so they had given me a minimum value to accept from the insurance company. This value was of course higher than what the insurance company had offered. I managed to get it to that value in the end though. I have taken out GAP insurance again on this car, as i think it is definately worth it.

[Bob King]

Well i've done my research..... they ask for the invoice value for the car, not the HP agreement value, so you're still out of pocket for the interest amount on HP......does that make sence :duh: .

http://www.car-finance.net/gap/gap_matrix.asp

[Jiberjaber]

Aha... thats clearer then :)

[MartinC]

still a lot better than getting whatever the current 'book' value would be on your car.

AFAIK insurance companies base it around the Glasses guide figure, so its not as harsh as Cap values at least. Perhaps someone knows different tho

I was offered gap insurance on my car when I bought it, think it was about £200 ish, but I bought the service pacakge instead.

[gandollf00]

The wifey had her Punto nicked at the beginning of the year - the gap settled the difference between what she owed on the car and what it was now worth - it did'nt however settle the money she still owed on the gap so she had to pay £200 outstanding gap protection - does this make sense ?? I know what I mean