Gap Insurance

[mammutly]

Bought a new car today and the negotiations were fierce. In the end I got a good price on the motor but I know when I go to sort out the paperwork tomorrow, they're going to be hammering me with this gap insurance thing. Basically it's supposed to keep the car insured at the value you paid for it in the event of it being written off or stolen in the first 2 years.

I've got a feeling the salesman is going to be looking for pay back after today's wranglings and I'd like just to say a straight no unless it's a worthwhile product.

So, is it worth having or not?

Any advice gratefully received.

 

[BlueBearBoots]

Bought a new car today and the negotiations were fierce. In the end I got a good price on the motor but I know when I go to sort out the paperwork tomorrow, they're going to be hammering me with this gap insurance thing. Basically it's supposed to keep the car insured at the value you paid for it in the event of it being written off or stolen in the first 2 years.

I've got a feeling the salesman is going to be looking for pay back after today's wranglings and I'd like just to say a straight no unless it's a worthwhile product.

So, is it worth having or not?

Any advice gratefully received.

Did you buy it on finance? If so if your car is stolen or written off you might actually end up owing more than the car is worth. Insurance will pay pre accident value or market value if a theft - you may owe much more on finance, gap ins covers the "gap"

 

[Bilboblue]

Bought a new car today and the negotiations were fierce. In the end I got a good price on the motor but I know when I go to sort out the paperwork tomorrow, they're going to be hammering me with this gap insurance thing. Basically it's supposed to keep the car insured at the value you paid for it in the event of it being written off or stolen in the first 2 years.

I've got a feeling the salesman is going to be looking for pay back after today's wranglings and I'd like just to say a straight no unless it's a worthwhile product.

So, is it worth having or not?

Any advice gratefully received.

I bought a 3 year old car recently and they constantly talked about me buying this, I refused.

I can see why people may want to get it, for peace of mind, but if you go for it, do your research and buy your own independently, you'll get it at probably half the price.

 

[mammutly]

Bought a new car today and the negotiations were fierce. In the end I got a good price on the motor but I know when I go to sort out the paperwork tomorrow, they're going to be hammering me with this gap insurance thing. Basically it's supposed to keep the car insured at the value you paid for it in the event of it being written off or stolen in the first 2 years.

I've got a feeling the salesman is going to be looking for pay back after today's wranglings and I'd like just to say a straight no unless it's a worthwhile product.

So, is it worth having or not?

Any advice gratefully received.

Did you buy it on finance? If so if your car is stolen or written off you might actually end up owing more than the car is worth. Insurance will pay pre accident value or market value if a theft - you may owe much more on finance, gap ins covers the "gap"

No finance involved, mate. Just my car as px plus cash

 

[FantasyIreland]

As above,if financing,i'd recommend to cover any potential shortfall and for peace of mind.

Search around though,you dont need to take the dealership offer,moneysupermarket may provide a cheaper alternative....

 

[Indestructable]

It's all about the odds of having your car stolen and or being written off. In my view it isn't worth it insuring this"gap"

 

[BlueBearBoots]

Bought a new car today and the negotiations were fierce. In the end I got a good price on the motor but I know when I go to sort out the paperwork tomorrow, they're going to be hammering me with this gap insurance thing. Basically it's supposed to keep the car insured at the value you paid for it in the event of it being written off or stolen in the first 2 years.

I've got a feeling the salesman is going to be looking for pay back after today's wranglings and I'd like just to say a straight no unless it's a worthwhile product.

So, is it worth having or not?

Any advice gratefully received.

Did you buy it on finance? If so if your car is stolen or written off you might actually end up owing more than the car is worth. Insurance will pay pre accident value or market value if a theft - you may owe much more on finance, gap ins covers the "gap"

No finance involved, mate. Just my car as px plus cash

If you bought it cash no gap ins needed it's only to cover the difference of the value of the
car and the credit/lease agreement

 

[Big Tackle]

When l bought a car from fords of winsford about 6 months ago they tried to hammer me for the gap insure. Did a bit of homework on google and told them this so they cut the cost in half.
You don't have to have gap insurance and can get it elsewhere if you wish.

 

[cockneycarparkm32]

Its something you don`t even need mate , read the clauses online its a blag .

 

[mammutly]

Its something you don`t even need mate , read the clauses online its a blag .

I think you might be right, but they make it sound like you'd be stupid not to have it.