Gap insurance
- Thread starter Rodders.
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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?
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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
If you'd like a quote for ours please call or use our online system - https://www.chrisknott.co.uk/GAP
best,
Nick
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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.
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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.
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.
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.
I was advised to have a look here for some
https://www.ala.co.uk/
Not for getting the 5% discount code - forum123
https://www.ala.co.uk/
Not for getting the 5% discount code - forum123
