Gap Insurance

[Don H]

so guys I’ve finally bitten the bullet and purchased gap for my new car. I managed to get a 4 year combined invoice and vehicle replacement insurance for just £318.98.
Cover was purchased through : totallossgap.co.uk
Well worth a look if any new owners are also looking.

 

[salty]

How does that GAP insurance work?
For example if it was wrote off, in the
1/2/3/4 year. You get what you paid for it.
Even the 4th year.

 

[MikeJS]

How does that GAP insurance work?
For example if it was wrote off, in the
1/2/3/4 year. You get what you paid for it.
Even the 4th year.

However, your normal insurance should cover you for the first year.

 

[salty]

However, your normal insurance should cover you for the first year.

Ok, so even in the 4th year, when it's worth a hell of a lot less. They'll pay out for a Brand new one?

 

[Don H]

How does that GAP insurance work?
For example if it was wrote off, in the
1/2/3/4 year. You get what you paid for it.
Even the 4th year.

Hi Salty
1st year the car insurance will pay, years 2-4 gap will pay for either settlement cost, invoice cost or replacement car ( whichever is the greatest). I think it’s a good deal.

 

[salty]

Hi Salty
1st year the car insurance will pay, years 2-4 gap will pay for either settlement cost, invoice cost or replacement car ( whichever is the greatest). I think it’s a good deal.

WOW, sounds like no brainer, For £319.

 

[tonyrome]

A replacement car of the same age and mileage, though? Can't be a new one.

 

[Don H]

A replacement car of the same age and mileage, though? Can't be a new one.

Apparently, same mileage as per original at collection (=0) same model, if that model is no longer made then the next model at the same speck. Have a look on their website, it lists all benefits & terms.
I think it’s a bargain

 

[salty]

A replacement car of the same age and mileage, though? Can't be a new one.

I thought that. But apparently yes. (I think)
So you write your car off at 4 years and say it's worth 10 grand. They'll give you a Brand new car. That can't be right. (Can it)
If it is, that's why I said WOW! No Brainer.

Apparently, same mileage as per original at collection (=0) same model, if that model is no longer made then the next model at the same speck. Have a look on their website, it lists all benefits & terms.
I think it’s a bargain

Bargain is an understatement. It's bloody Brilliant!!

 

[Don H]

Have a look on here guys, it gives all the details

GAP Insurance from £77.89 | Pay Monthly 0% | Total Loss GAP

FCA authorised & FSCS protected GAP Insurance. Pay in full, choose 0% over six months or spread payments up to 48 months. Cover for vehicles up to £150k

totallossgap.co.uk

 

[tonyrome]

Reading the detail, it looks well worthwhile on new purchases, particularly for the first few years. I have to say I am very surprised, though, because this kind of policy looks tailor made for people to exploit.

 

[salty]

Reading the detail, it looks well worthwhile on new purchases, particularly for the first few years. I have to say I am very surprised, though, because this kind of policy looks tailor made for people to exploit.

What like, ram it into a tree on the 4th year.

 

[MG Clive]

What like, ram it into a tree on the 4th year.

Yes but get out of the car first, and drop a brick on the accelerator pedal.

 

[salty]

Yes but get out of the car first, and drop a brick on the accelerator pedal.

Yep, I was being a bit silly there, as an example. But s'pose you could report it stolen. And it's conveniently, found burnt out. Bet no one would ever do that, though.

 

[LenEV2016]

Yep, I was being a bit silly there, as an example. But s'pose you could report it stolen. And it's conveniently, found burnt out. Bet no one would ever do that, though.

Bloody electric cars are always catching fire! Who would suspect

 

[tonyrome]

There's no need to stage a massive accident! You only have to go over a high curb and 'damage' the battery pack, for some insurers to write off an EV. I have also seen them written off for what appears to be quite minor panel damage, which would certainly have been fixed in the past. In the 4th year, when you can get back what you paid for it new, I can see many people exploiting this.

 

[MG Clive]

Bet no one would ever do that, though.

Yes but there are some good ideas coming out.

 

[Don H]

 

[salty]

Bloody electric cars are always catching fire! Who would suspect

Yep, they'd pay out immediately. No questions asked. Sorted.