Gap Insurance

[zafturbo]

Who with?

The company is called insure the gap .

 

[e320mark]

Just renewed my gap, £82. I wouldn’t take gap from a dealer as they are way too expensive!

 

[gixermark]

thread revival................ never had GAP insurance before, i wouldn't be buying it due to finance or lease related.... but for the relative low cost - may be worth it if i ended up having a car stolen or written off and insurance valuation was a chunk less than the real world value - i assume that's a classic case where the GAP insurance is worth it ?

are they renewable ? unsure the value of going for say 2 years vs 3 years.... have no idea how long i will keep said car, but i imagine its only really useful valid over the period of the original GAP policy.. and the invoice you get for eth car at time of taking it out ?

i see ALA mentioned here.... still a good shout ?

 

[pablo]

defo renewable, I had a 2 year lease that I extended into a 3rd year and just called them up to extend

 

[Dave..]

I have used ALA for years and when I sell a vehicle they offer either to carry any credit to a new vehicle or give me the money back.

 

[Dan]

Although we didn’t need it in the end ALA were ready to pay out with no fuss when our car got written off. Would recommend.

 

[gixermark]

thanks guys - and other than knowing upfront the total cost - and advantage of locking 3 years from the get go ? if you are unsure how long you'll keep.... ?

was thinking 2 years and then if its a longer term keeper decide to lock in - but i'm sure there must be some sensible limit to the timing on a return to invoice type cover

 

[Dave..]

thanks guys - and other than knowing upfront the total cost - and advantage of locking 3 years from the get go ? if you are unsure how long you'll keep.... ?

was thinking 2 years and then if its a longer term keeper decide to lock in - but i'm sure there must be some sensible limit to the timing on a return to invoice type cover

Give ALA a ring and they can explain everything, the staff aren`t on commission so won`t `push` anything onto you.

 

[MarkM]

thanks guys - and other than knowing upfront the total cost - and advantage of locking 3 years from the get go ? if you are unsure how long you'll keep.... ?

was thinking 2 years and then if its a longer term keeper decide to lock in - but i'm sure there must be some sensible limit to the timing on a return to invoice type cover

Just make sure it’s a return to invoice policy so you get their payout to make it up to the original purchase price just in case you missed it

 

[gixermark]

Got it - thanks chaps

 

[gixermark]

got sorted with ALA pretty straightforward... and as @pablo pointed out.... some discount codes easy to find.. so scored 25% off

 

[hutchy_belfast]

Does anyone else ever wonder how a finance company who are essentially due a 2 or 3 year old motor to be handed back to them at the end of a lease, legally be able to demand full settlement of the new price (plus all the monthlies they've already lifted) in the event of a write off? Doesn't make a lot of sense to me, it's jackpot time for them when a car gets written off. Why shouldn't they receive top book value of the car age like what they would otherwise have received were it not wrecked in some way?

 

[tiw30]

They don't, the idea is to put you back to the same position you were in at the start, i.e pay outstanding on car with insurance and Gap and have a sum the balance between invoice and amount outstanding on finance ( The GAP part) also useful throughout life of finance deal you can end uowing much more than the car is worth if it is written off.

If you check out GAP + from ALA it is much better than back to invoice as it pays out to put you back in the same car, so if your car is new and it gets written off at 3yrs 9 months old it will put you back in a brand new car the same model / spec iregardless of price increases or being replaced with a new model

 

[Lyons]

Mum has a new car coming in a couple of weeks. Is GAP insurance still advisable? Never had the need myself, nor know much about it.

 

[e320mark]

Abbey autoline do it, don’t take it from the dealer it will be expensive prob £300-£400

 

[Chris100]

Mum has a new car coming in a couple of weeks. Is GAP insurance still advisable? Never had the need myself, nor know much about it.

I have always had it, but I now hear that most insurance companies will provide a full value payout for new cars up to the point they are 12 months old.

I’m not sure if this is all insurance companies, but if it applies to yours it negates the need for gap coverage in the first year.

I have always used ALA, I have never had to use the gap thankfully but always found them very competitive and easy to deal with.

Discount code ALA25 still seems to work, and provides a good 25% off.

 

[Artoir]

Took a 4 year policy with ALA back in 2022 for the C43.

£260 and it's a "Back to invoice" policy so for less than £70 a year well worth the cover imo.

 

[Dan]

Used ALA too and the car was written off 4 months into the lease. Whilst ALA didn’t need to pay out in the end due to the age of the car, they were ready willing and able when contacted and liaised with the insurance company

 

[Chris_702]

Will be difficult to purchase through a car dealer atm. It should still be available from some online sites & insurance companies themselves. Always check the level of cover before purchasing.