Might be getting a new car this weekend but half is cash other half is with a credit card. Got a good quote for 3 years worth of gap but as it's technically not financed would I be covered by anyone?
Well for £165 it's worth it but didn't want it being nicked and I lose half my money because I used a credit card. I intend to keep the car about 5 years so at least the first 3 ill be covered if anything happens
Policy goes up a lot past 3 years plus a lot of them in there T & C won't pay out if the car has done more than 80k which it probably will by year 4 of ownership.
Policy goes up a lot past 3 years plus a lot of them in there T & C won't pay out if the car has done more than 80k which it probably will by year 4 of ownership.
Also, the type of cover that DrEskimo describes is Invoice GAP insurance which aims to pay the difference between your motor insurance payout and the price you originally paid for the car. There's also Replacement GAP insurance which aims to pay the difference between your motor insurance payout and what it would cost at the time of claim to replace your vehicle with one of the same (or nearest equivalent) again - e.g. equivalent to the vehicle you bought at the time you first bought it.
I can see how replacement GAP works well in a new car scenario, where the list price is essentially standard, but how does it work with used cars...?
How do they determine the value of a similar used vehicle, particularly if there isn an exact model, specification and mileage of the one bought around when you claim? I imagine they rely on market value prices, in which case a return to invoice is probably more profitable...?