GAP Insurance

[SiT]

I thought i'd post in here since i'm still an owner of an S3... just..., i'm after some advise on GAP insurance.

Can you clear this up - I'm confused on whether i need GAP insurance. As an example i'm about to purchase a new car for £40K and we'll be putting down £20K cash and taking a 3.5 year personal loan for the remaining £20K. So, do i need GAP insurance as at the minute i can see the difference between RTI and RTV but I’m not convinced it suits me. I'm not ducking out of paying it, not at all, just not sure if it actually suits my requirements.

Can anyone advise..?
Many Thanks

 

[h5djr]

Should your new car be written off or stolen GAP Insurance will either provide the difference in the cost between what you paid for it in the case of RTI or the value of a new similar model (RTV). You insurance policy will probably include the cost of actually replacing the car for the first 12 months but after that the insurance company will only pay out the current market value of your car which will be a lot less than you paid for it. Personally I think GAP Insurance is well worth while, especially on a new car and I will certainly be buying it for the new Sportback I have on order. The best quote I had so far is from a company called Direct Gap at www.directgap.co.uk. The amount you put down and how you pay for the car is irrelevant to GAP Insurance. With some GAP Insurance companies it is possible to defer the start of the insurance to take account of the first 12 months cover by your normal insurance.

 

[WelshWoody83]

I have GAP insurance, I know its not a brand new car but it saved me a lot of money when I wrote off the last A3 I had too. The chepest place I found was Auto Trader.

 

[SiT]

Thanks chaps, i'm going for RTI with a quote of £190. Its nothing at the end of the day.

 

[Spin140]

Agreed, a wise move. When spending this amount of money £190 is pretty insignificant and adds peace of mind.