Has anyone actually made a claim under GAP insurance for a car?

[Metr0Land]

The last couple of times we bought nearly new cars, the salesmen tried to push gap insurance (ie the difference between what your insurer pays and the invoice value of the car).  It seemed relatively expensive compared to what you pay for fully-comp insurance for the car as a whole, and obv the salesmen (or women) get a kick-back so they're keen to sell it.

 

For the 1st time since 1989 I'm in a position to buy new (say £36k over 3 years).  The gap insurance is about £350 one-off or say £10 pcm.  I'm tempted to consider it this time due to the potential difference between new price and writeoff price in first couple of years making this possibly a better proposition now than in the past.

 

Has anyone here actually made a claim under gap insurance and what was the experience?

Edited February 14, 2021 by Metr0Land
typo

[Jonboy]

I haven’t made a claim myself, but do be aware you can buy it online direct for a lot less and cut out the dealers kickback.

 

[gordon s]

I have taken GAP insurance before on two high performance cars and as depreciation is quite high on those types of cars, I believe GAP insurance is good value. The supplying dealer wanted over £1000 for 3 years cover, but I found a well rated company on line that charged around £300 for the same level of cover.

 

Same thing happened with the second car (different make)  last year, so I declined and went back to the same on line company and once again they were 30% of what I had been quoted. Certainly shop around and check out the company ratings.

 

Here’s a list of insurers by Defacto ratings. I haven’t had to make a claim, but feel OK that I should get a new replacement vehicle at full cost rather than lose 30-45% depreciation in the first couple of years.

 

https://www.defaqto.com/star-ratings/other-car/motor-gap-insurance/

[Metr0Land]

Thanks gordon s.  Just a very quick look at some of the 5-star companies on the defaqto list.

 

Admiral  £284

Platinum GAP £229

RAC £500+  (they're new to gap so I'd have thought they might want to buy their way into the business but hey ho).

 

Rmweb comes up trumps again.  Is there nothing we don't know between us?

 

[Enterprisingwestern]

4 hours ago, Metr0Land said:

Rmweb comes up trumps again.  Is there nothing we don't know between us?

 

The circumference of a cows hoof.

 

Mike.

[beast66606]

15 minutes ago, Enterprisingwestern said:

 

The circumference of a cows hoof.

 

Mike.

 

Which breed ?

[rab]

1 hour ago, Enterprisingwestern said:

 

The circumference of a cows hoof.

 

Mike.

I don't know the measurements but it must be in feet!

[laurenceb]

What I do know is that when yhey land on your fingers it hurts!!