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Gap insurance

Discussion in 'Insurance - Sponsored by Sky Insurance' started by Rodders., Jul 19, 2014.

  1. Rodders.
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    Rodders. Active Member

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    [Jul 19, 2014]
    Hi all,

    Just about to spend 22k on a car and 12k of that being a loan.

    thinking gap insurance might be a good idea just incase....

    Which company is good to go with?
    #1
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  3. Rodders.
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    Rodders. Active Member

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    [Jul 20, 2014]
    No one taken out or had to claim then?

    Or advice on which policy to take, there's a few to choose from.
    #2
  4. jojo
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    jojo S3 Drift King! Staff Member Moderator

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    [Jul 20, 2014]
    I've not purchased it myself, not purchased a new car in a while, but I know a few people who have, and had a full payout when their car was a total loss in an accident.

    I thought gap insurance just pays out the full purchased value of a car in the event of a total loss? So just shop around for the best price online?
    #3
  5. Rodders.
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    Rodders. Active Member

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    [Jul 20, 2014]
    There seems to be four choices, some are clearly not for me, but I'm not 100% sure which one is.

    I'll give one a ring and see what they say.
    #4
  6. ChrisKnottIns
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    ChrisKnottIns Site Sponsor Site Sponsor

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    [Jul 21, 2014]
    You need to make sure the loan gets paid off so choose one that offers to pay the highest of the market value or the early payment settlement figure (which may include a penalty).

    If you'd like a quote for ours please call or use our online system - https://www.chrisknott.co.uk/GAP

    best,
    Nick
    #5
  7. 16Klappe
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    16Klappe Princess Clap.

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    [Jul 21, 2014]
    You need RTI GAP instance, which is Return To Invoice.

    Gives you back the total invoice price.
    #6
  8. ChrisKnottIns
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    ChrisKnottIns Site Sponsor Site Sponsor

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    [Jul 21, 2014]
    That's what ours is with the added benefit that even if the outstanding loan amount is higher than the market value at the time of loss the higher amount will be paid.
    #7
  9. Rodders.
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    Rodders. Active Member

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    [Jul 21, 2014]
    Cheers guys, Chris will take a look at your site.
    #8
  10. Rodders.
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    Rodders. Active Member

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    [Jul 21, 2014]
    Shame, after 5 year cover really, yours is only 3 years.
    #9
  11. DAN@ADRIAN FLUX
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    DAN@ADRIAN FLUX Site Sponsor Site Sponsor

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    [Jul 24, 2014]
    Hi,
    Just to let you know that we offer a product called Total Loss Protection. Whilst it's not exactly the same as your traditional GAP insurance we feel that it offers a cost effective alternative. If you'd like any further details please feel free to drop me a line.
    Regards,
    Dan.
    #10
  12. audigex
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    audigex Active Member

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    [Aug 13, 2014]
    I've got GAP insurance, but since my car was bought outright I've probably taken a slightly different product to you - I didn't have to worry about paying off the loan if my car is a total loss, so my insurance was more to avoid me taking the full depreciation hit if I wrote it off in the first few years (since the first 3-4 years of ownership have the biggest depreciation, and I'm intending to keep my car for 6-7, which spreads it out)

    I went for a vehicle replacement scheme, whereby I don't just get the invoice amount, I get the cost of an equivalent specification car. I figured this makes sense if, like me, you get a decent discount (I got something like 15%) because it's an out-going model, and the next model is more expensive. A new model A3 with the same spec as mine would cost several thousand more, and when the new model came out discounts were nowhere to be seen.
    #11
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  13. Bristle Hound
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    Bristle Hound In The Dog House ...

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    [Aug 14, 2014]
    I was advised to have a look here for some

    https://www.ala.co.uk/

    Not for getting the 5% discount code - forum123
    #12

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