Motoring Discussion > GAP Insurance - Should I or shouldn't I...	Tax / Insurance / Warranties
Thread Author: John R @ Work	Replies: 25

Wed 7 Apr 10 07:57   GAP Insurance - Should I or shouldn't I... - John R @ Work

The subject title says it all, do I spend another £195 on 3 year's GAP Insurance? It's for a new Piaggio Xevo 400ie maxi scooter which cost just over £4,300. John R Reply to this message | Report message

Wed 7 Apr 10 08:59   GAP Insurance - Should I or shouldn't I... - BobbyG

Yes Reply to this message | Report message

Wed 7 Apr 10 09:03   GAP Insurance - Should I or shouldn't I... - FotheringtonTomas

What's "GAP insurance"? Reply to this message | Report message

Wed 7 Apr 10 09:21   GAP Insurance - Should I or shouldn't I... - Cliff Pope

You need GAP insurance during your gap year. Reply to this message | Report message

Wed 7 Apr 10 09:43   GAP Insurance - Should I or shouldn't I... - Old Navy

A definate yes for me. The longer you own the vehicle the more likely it is to be written off by damage and the more the GAP insurance will pay out. If you can afford to pay off the difference between the car insurance payout and the outstanding finance, or the cost of a new car if it is payed for, you don't need GAP insurance. Reply to this message | Report message

Wed 7 Apr 10 11:59   GAP Insurance - Should I or shouldn't I... - FotheringtonTomas

Thank you. Google leads to a better definition at: www.moneyhighstreet.com/feature/what-is-gap-insurance/ This should be covered by my normal insurance, so it seems a waste of money, unless I'm in the "I want 'new' money for my old car" brigade. Reply to this message | Report message

Wed 7 Apr 10 09:35   GAP Insurance - Should I or shouldn't I... - CGNorwich

Like all insurance if you have a claim you will congratulate yourself on your wisdom in purchasing it. If you don't you will declare it to be a complete waste of money. The thing you have to decide is can you afford to suffer the potential loss? If not buy the insurance. Make sure you get alternative quotes - search the internet for providers of GAP cover. If your quote came from a dealer it won't be the cheapest. Reply to this message | Report message

Wed 7 Apr 10 09:52   GAP Insurance - Should I or shouldn't I... - Dieselfitter

Can't improve on CGN's post. Says it all. Reply to this message | Report message

Wed 7 Apr 10 09:54   GAP Insurance - Should I or shouldn't I... - Old Navy

You may want to read this:- www.kia-forums.com/kia-ceed-forum/58064-what-7-year-warranty-doesnt-cover.html Reply to this message | Report message

Wed 7 Apr 10 10:00   GAP Insurance - Should I or shouldn't I... - Redfire

I would also check the quote with a independent provider as when I purchased mine the dealer cost was more than double what the independent quote was. I paid about the same as you have been quoted to cover a £30K car for 4 years (Gap £20000) Last edited by: Redfire on Wed 7 Apr 10 at 10:00 Reply to this message | Report message

Wed 7 Apr 10 10:57   GAP Insurance - Should I or shouldn't I... - John R @ Work

Thanks for the answers so far. I have checked and got comparison quotes for GAP Insurance, (which covers the shortfall that normal insurance would payout for total loss to the original invoice cost) and the £195 is two thirds of what the bike dealer quoted. I hope never to have to claim on it but it will help replace the scooter if it is written off or stolen. Bike Gap does seem to be expensive compared to Car or Van Gap. It works out at about £5.41 per month which is easily affordable, I think I will go for it but further advice is welcome. John R Reply to this message | Report message

Wed 7 Apr 10 11:03   GAP Insurance - Should I or shouldn't I... - John H

>> The thing you have to decide is can you afford to suffer the potential loss? >> If not buy the insurance. >> What exactly is the potential loss and is there a product like GAP insurance for possessions other than motor vehicles? I can understand that if my worn suit gets damaged beyond repair then I am unlikely to find a like for like used one from the Oxfam shop, and will have to buy a new one to replace it. However, if my used car damaged beyond repair, will I not be able to buy a near enough like for like used one with the total loss payout? If so, then why should I need or buy GAP insurance? Last edited by: John H on Wed 7 Apr 10 at 11:04 Reply to this message | Report message

Wed 7 Apr 10 11:38   GAP Insurance - Should I or shouldn't I... - Bellboy

these type of bikes are worth more in bits than complete so there is a high risk of it being stolen you also have to look at its residuals in say 18 months down the line maybe then gap is a worthwhile thing at an extra £1.32 a week? Reply to this message | Report message

Wed 7 Apr 10 12:41   GAP Insurance - Should I or shouldn't I... - Dieselfitter

Just one more thought - check the small print and exactly what the cover will provide. Most policies are 'return to invoice', i.e. they make up gap to what you actually paid for your machine today, not what the new list price will be in a couple of years' time. So there could still be a gap! More insurance anyone? Dealers are very keen to sell gap insurance, and will claim that most buyers go for it. But then buying a car these days seems to involve an hour or more of hard selling of finance packages and 5 minutes about the car itself! Reply to this message | Report message

Wed 7 Apr 10 13:25   GAP Insurance - Should I or shouldn't I... - Fenlander

I see gap insurance as a bit like the hard sell attempts to sell you an extra TV warranty in the big stores... it's all about profits for the insurers and only benefits you in very unexpected and limited circumstances. When SWMBO bought her £6k used car (paid by debit card so no loan involved) 4mths ago from the main dealer on collection she was sat down to go through a PC based questionaire/review which was headed as her *Summary of needs*. The long and short of it was the attempt to sell her a £349 gap policy to make up any total loss payout to the price she paid for the car. She would never have considered it anyway it but pretty poor value as their max exposure would have been around £3k and their chance of paying out would have been tiny given we've managed a combined 70+ yrs of motoring with no total losses ever. The salesman printed out this 11 page document and asked her to sign under a statement that said... *The consequence of decling my recommendations is that, unless you have protection elsewhere, you are unprotected against the events discussed* Very over the top. Reply to this message | Report message

Wed 7 Apr 10 14:01   GAP Insurance - Should I or shouldn't I... - Skoda

Seems a pretty steep price? Comparison: i'm £130 for 3 years RTI on car who's invoice is more than 4 times the price of your scooter. Got it via click4gap.co.uk Reply to this message | Report message

Wed 7 Apr 10 16:16   GAP Insurance - Should I or shouldn't I... - Redfire

The company I used are at www.ala.co.uk Reply to this message | Report message       1

Wed 7 Apr 10 19:54   GAP Insurance - Should I or shouldn't I... - Londoner

Sorry to come to the discussion late, but I think that I need to put my two pennorth in.... I had gap insurance on my car, and a big accident in it, but when it came to it the whole thing was useless. The main insurers (incredibly) were happy to pay out more than the value of the car to get it repaired than write the thing off. (Yes, I know that this sort of thing isn't supposed to happen) Originally they were going to write the car off, but when they found out about the gap insurance then everything changed. Repair at all cost, money no object. Did a bit of digging at the repairers and found that this was NOT unusual! Reply to this message | Report message

Wed 7 Apr 10 22:23   GAP Insurance - Should I or shouldn't I... - Injection Doc

When my Jag was written off at 18months old I didn't inform NU that I had GAP untill it was sorted then claimed on my GAP. best thing I ever did " GAP" that is. It wasn't easy to claim & they wanted loads of proof I had looked after the car etc etc but it was just a long hard process to try & wriggle out but it was air tight! Reply to this message | Report message

Wed 7 Apr 10 23:15   GAP Insurance - Should I or shouldn't I... - Fenlander

But what did it gain you ID? Reply to this message | Report message

Thu 8 Apr 10 08:49   GAP Insurance - Should I or shouldn't I... - J500ANT

We bought from one of the interweb resellers of GAP cover, bought only a £130 policy and when my other half stuffed his car in Feb 09's snow, the GAP people paid out the policy max of £5k. At internet prices i'd buy. At dealer prices I wouldn't. Reply to this message | Report message       1

Fri 9 Apr 10 17:36   GAP Insurance - Should I or shouldn't I... - John R @ Work

Thanks to all that replied or commented, I decided to go with Redfire's www.ala.co.uk for £145 which is under half the dealer's quote. I hope I never have to claim on it. John R Reply to this message | Report message

Fri 9 Apr 10 18:13   GAP Insurance - Should I or shouldn't I... - Bellboy

good man £1 a week piece of mind Reply to this message | Report message

Sat 10 Apr 10 14:34   GAP Insurance - Should I or shouldn't I... - Injection Doc

Hi Fenlander What it gained was another brandnew Jag that would of cost me 9K more but the gap covered the difference! Reply to this message | Report message

Sat 10 Apr 10 19:37   GAP Insurance - Should I or shouldn't I... - Londoner

I'm happy that you got the right result, ID, but I feel that I must point out that having GAP insurance does not guarantee a happy ending. Personally, it was money down the drain in my case, however......one bit of bad luck in that case needs to be weighed against having loads of good luck with my other cars (and with other areas of my life). Reply to this message | Report message

Sat 10 Apr 10 22:00   GAP Insurance - Should I or shouldn't I... - Fenlander

Thanks ID.... I just wondered if the GAP was needed to top up the payout to put you back where you were but it seems it was really upgrade insurance? Reply to this message | Report message