GAP Insurance anyone recommend?

[s3quence]

Hi

I have bought a Leon Cupra and am considering GAP insurance. I know there are alot of people out there are against it but I come across private GAP inurance from www.shortfallcover.co.uk and they want £148 for 3 years. I bought it for my Fabia VRS and didnt end up needing it but hate the thought that for the price of £148 if I (god forbid) write off my cupra then I would be financially fed

What do you guys think?

Should i go for it or not? (whether its from them or not - i aint looked into it anymore than one quote at the moment - trying to eat and type)

 

[jimbo_FRDSG]

Was going to be asking the same question.
I was offered it at SEAT for £350 and had a 30 day period from time you pick up the car to make your mind up .....but 'oldtimers' set in and I forgot all about it and have probably missed the boat but interesting to know that there is private GAP available.
I too am unwilling to give up anymore but at something like £148 seems a not too bad deal even if you do not really agree with GAP.

 

[s3quence]

Was going to be asking the same question.
I was offered it at SEAT for £350 and had a 30 day period from time you pick up the car to make your mind up .....but 'oldtimers' set in and I forgot all about it and have probably missed the boat but interesting to know that there is private GAP available.
I too am unwilling to give up anymore but at something like £148 seems a not too bad deal even if you do not really agree with GAP.

Yeah I paid £300 from skoda - yes I was an idiot - but i was young and naive.

I have read about buying GAP insurance elsewhere and seen that shortfallcover have been recommended by other people. But im thinking £148 is worth the possibility of losing thousands and being without a car!

Apparently you have 120 days to order GAP insurance from the day you buy the car but im sure stealers tell you, you have 30 days. I have also heard that you may be able to get the stealers to match those deals though I dont fancy paying it to seat after they fed around with my part exchange figure!

 

[gndjm23964]

I have it now on my Leon TDi Sport and had it on my 2 year old Audi A2, which was written off after some loon hit me as he pulled into my lane on a dual carriageway as I was passing him. The £3000 difference between the payoff and the new cost of an A2 I would have lost more than justified the extra expense. It was well worth the money IMHO.

 

[Daz_25]

Some insurance companies offer a new car replacement if your car is written off in the first 12 months, might be worth looking at. I know my policy with direct line has this built in, its also at no extra charge.

 

[owen lcr]

i also got the gap insurance with my cupra, do you need to tell your car insurance you have got it... i.e my car is due for remewal and i am changing companies, so do i need to inform my new insurer that i have gap insurance

 

[gndjm23964]

I would have thought it has nothing to do with your car insurance TBH. It's something completely separate.

 

[cupra240]

There are lots of different types of gap depending on wheter you have your car on finance if you dont its called vri,
If your buying it make sure you get it from a main dealer because they only do the best version of it,

You only want to pay £295 at a absolute max tho, {im a finance broker}

 

[owen lcr]

ok , bought my car outright along with the gap (VRI) insurance, so there is no need to tell my existing insurance about the VRI cover, what happens if i right off my car, who pays out??? is it the car insurance or the GAP insurance

 

[Jonny]

I have GAP insurance on my LCR... the way I understand it is your car insurance will offer you the market (used) value of your car, and the GAP insurance will pay the difference between that and what you actually paid for your car.

For example, if you pay £15k for your new car, and after a year it's written off, your insurance would offer to pay a market value of say, £10k. The GAP insurance will then pay out £5k to make up the difference

 

[johnvx220]

I hope you are right JONNY because I bought the car and the insurance on that basis. Odd the vxt220 (group 20 insurance) was the same money as a TDi FR.