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Gap insurance - worth it?

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Geoggy11 View Drop Down
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    Posted: 11 Apr 2011 at 3:32pm
Hi ,
 
When I got my new n-tec on Friday, the dealer talked me through gap insurance. They wanted £299 for a 3 year policy which will pay out over 3 years if the car is a total loss - ie insurance company pay me the makret vlaue, the gap insurers pay me the difference between market value and price paid.
 
Has anyone else thook these types of policy out?
 
Thanks
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Post Options Post Options   Thanks (0) Thanks(0)   Quote kevykat Quote  Post ReplyReply Direct Link To This Post Posted: 11 Apr 2011 at 3:40pm
done it a few times, nice to have. but if you dont right off your car its £300 gone.lol
I really wasted my money, i bought it for my last car which i only kept for a year. not sure if i can get any sort of refund
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Geoggy11 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Geoggy11 Quote  Post ReplyReply Direct Link To This Post Posted: 11 Apr 2011 at 4:01pm
just found a website ala.co.uk - can get gap cover for about 111 quid - plus via quidco they give 25 quid cashback - £86 for return to invoice price is not bad for 3 years cover
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Post Options Post Options   Thanks (0) Thanks(0)   Quote kevykat Quote  Post ReplyReply Direct Link To This Post Posted: 11 Apr 2011 at 4:46pm
Save 5% using the code MV7854E. i did a quote and knocked off £11
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Geoggy11 Quote  Post ReplyReply Direct Link To This Post Posted: 11 Apr 2011 at 5:00pm
thanks - i dont think quidco will pay out the 25 quid if i use that voucher
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Post Options Post Options   Thanks (0) Thanks(0)   Quote MarkF Quote  Post ReplyReply Direct Link To This Post Posted: 11 Apr 2011 at 7:20pm
I too was offered gap insurance when I ordered at a cost of about £300.  Strikes me as a complete rip-off if you think about the numbers. 
 
Let's say the cost of a replacment new car is £20k for arguments sake and that by the end of the 3 years of insurance the car will be worth £8k.  Assuming unifirm depreciation to keep things simple (I know it doesn't work like this), the car will be worth £20k on day one, reducing to £8k by the end of the 3 years.  The pay-out from the gap insurance will therefore be between £0k (if you write it off on day one) to £12k (if you write it off just before the end of the 3 years), so the average pay-out will be £6k. 
 
For this average pay-out of £6k, your premium is £300.  In other words there's a 1 in 20 chance you'll write the car off in the first three years.  Seems highly unlikely to me that 1 in 20 cars are written off in the first three years so I can assume someone's making a big profit on these policies.   Or perhaps Qashqai drivers aren't very careful!
 
Of course, if you think your chances of writing off your car are higher than 1 in 20 then £300 gap insurance is an excellent deal Wink.
 
Mark
 
Mark
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Affman Quote  Post ReplyReply Direct Link To This Post Posted: 11 Apr 2011 at 7:32pm
Havnt had time to look at all this but dont take it off the dealer!!! I got the autotrade Back to invoice Gap for £105 for 3 years...even the dealer said he couldnt beat that...just type Gap ins. into google and the auto trader one is about the 10th one down.....Thumbs Up
i'd say its worth it for peace of mind if your on a PCP or loan agreement as if the car gets written off you may still end up owing the loan company more than you get from your ins. comp. so the Gap covers it..... at the end of the day whats £105 in the scale of things to a new QQ....

Edited by Affman - 11 Apr 2011 at 8:53pm
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Post Options Post Options   Thanks (0) Thanks(0)   Quote CraigQQ Quote  Post ReplyReply Direct Link To This Post Posted: 11 Apr 2011 at 10:15pm
i took out gap insurance last month.. i paid £170 for 3 years.

mark i know what your saying, and i dont think i will write off my QQ in its first 3 years... but at the same time i would rather pay £170 incase someone else writes it off.. 
if someone was to smash into me, i would be f-ed if i didnt get full pay out.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Affman Quote  Post ReplyReply Direct Link To This Post Posted: 12 Apr 2011 at 8:51am
Originally posted by CraigQQ CraigQQ wrote:

i took out gap insurance last month.. i paid £170 for 3 years.

mark i know what your saying, and i dont think i will write off my QQ in its first 3 years... but at the same time i would rather pay £170 incase someone else writes it off.. 
if someone was to smash into me, i would be f-ed if i didnt get full pay out.
think someone else wrote one of your old cars off while it was parked out side on the Street QQk ?? if me memory serves me right....
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Post Options Post Options   Thanks (0) Thanks(0)   Quote CraigQQ Quote  Post ReplyReply Direct Link To This Post Posted: 12 Apr 2011 at 9:02am
they did indeed aff, my very first car.. luckily it was about 9 years old so i didnt need gap insurance.. oh and the insurance didnt pay out at all but thats another story lol.. luckily it wasnt worth much

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Skywalker Quote  Post ReplyReply Direct Link To This Post Posted: 12 Apr 2011 at 7:12pm
Have gone through Quidco and got £10,000 gap cover for 3 years at £100 (bargain compared to £299 through Nissan!!!). I should also get £25 cash back - so only £75!!!TongueTongue
Glad I read this thread - thanks
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Geoggy11 Quote  Post ReplyReply Direct Link To This Post Posted: 13 Apr 2011 at 3:46pm
which company was that with Skywalker?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Hans Gruber Quote  Post ReplyReply Direct Link To This Post Posted: 13 Apr 2011 at 4:01pm
Better to be covered than not, just my 2cents
I took out the Co op Nissan gap insurance £249 at the time but being as I'm a co op member
I'll be getting about that much back when the pay out our shares in June so not gained/ lost owt Wink

After reading about the Autotrader gap insurance I'll give them a shout next time,
read too much about quidco and others not coughing up to bother with em.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote stephandrew721 Quote  Post ReplyReply Direct Link To This Post Posted: 10 Jun 2011 at 11:20am
Hi,Big smile has anyone tried http://www.click4gap.co.uk/ they seem to be good. I've read all the info on the site but would like to know if anyone has tried Click4Gap Thumbs Up Thanks
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Post Options Post Options   Thanks (0) Thanks(0)   Quote HarryN-TEC Quote  Post ReplyReply Direct Link To This Post Posted: 10 Jun 2011 at 11:24am
Hi & welcome stephandrew721  Smile
Not heard of anyone trying them out, but doesn't mean they havent...Thumbs Up
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Post Options Post Options   Thanks (0) Thanks(0)   Quote hamish Quote  Post ReplyReply Direct Link To This Post Posted: 10 Jun 2011 at 11:45am
Originally posted by stephandrew721 stephandrew721 wrote:

Hi,Big smile has anyone tried http://www.click4gap.co.uk/ they seem to be good. I've read all the info on the site but would like to know if anyone has tried Click4Gap Thumbs Up Thanks
Hi, in answer to your question in this and the other post, would you mind telling us why you think that company to be good.
 
There are any amount of companies offering GAP, but as you have said twice now, you seem to be impressed with them....would you share with us please as you've read all the info...Oh, and what QQ do you have?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote mohawk Quote  Post ReplyReply Direct Link To This Post Posted: 10 Jun 2011 at 11:52am
Think this may be spamErmm
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Post Options Post Options   Thanks (0) Thanks(0)   Quote hamish Quote  Post ReplyReply Direct Link To This Post Posted: 10 Jun 2011 at 11:59am
Yes...exactly. This is why I am sounding out...and locked the other thread. Give the person a chance to answer...if none, then I'll delete all.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote mohawk Quote  Post ReplyReply Direct Link To This Post Posted: 10 Jun 2011 at 12:06pm
OkThumbs Up
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Post Options Post Options   Thanks (0) Thanks(0)   Quote HarryN-TEC Quote  Post ReplyReply Direct Link To This Post Posted: 10 Jun 2011 at 12:37pm
Hmm good idea....was thinking that...but got to give them a Chance to say differently...Thumbs Up
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Post Options Post Options   Thanks (0) Thanks(0)   Quote gadget Quote  Post ReplyReply Direct Link To This Post Posted: 10 Jun 2011 at 12:56pm
I'm guessing you can't get GAP insurance AFTER you've bought your car???
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Post Options Post Options   Thanks (0) Thanks(0)   Quote hamish Quote  Post ReplyReply Direct Link To This Post Posted: 10 Jun 2011 at 12:59pm
You generally have 14 days from purchase I think. I took it out on the mx-5 and I'm sure I ahd 14 days to sort it....
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Affman Quote  Post ReplyReply Direct Link To This Post Posted: 10 Jun 2011 at 1:04pm
I took mine out 3 days after!! And took a very careful drive home after pickup
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Post Options Post Options   Thanks (0) Thanks(0)   Quote gadget Quote  Post ReplyReply Direct Link To This Post Posted: 10 Jun 2011 at 1:27pm
I'm almost at a month in now...
I certainly wasn't going to pay £300 for it, but if I could get it for about £100 it's worth it... or should that be... it would have been worth it.
Guess we'll have to be careful.  Smile
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Affman Quote  Post ReplyReply Direct Link To This Post Posted: 10 Jun 2011 at 1:42pm
Can't remember if there was any time limit?? You May still be able to do it ???
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Post Options Post Options   Thanks (0) Thanks(0)   Quote hamish Quote  Post ReplyReply Direct Link To This Post Posted: 10 Jun 2011 at 1:44pm
THe whole thing with gap is that it is easy to do.
 
Here's how I did it. I pay £10 per month for 30 months. The car is covered from the first payment. If it is written off before the 30 months...then I have paid a lot less and no, I would not be liable for the remaining amounts...
 
When I ahve paid the £300 if I ahve not needed to use the insurance, it's hardly been a dent in my pocket at £10 per month.
 
Just have to think a bit clever like....
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Post Options Post Options   Thanks (0) Thanks(0)   Quote HarryN-TEC Quote  Post ReplyReply Direct Link To This Post Posted: 10 Jun 2011 at 5:13pm
Sounds like a good deal for £10 a month over 30 months, seem cheap way to get insurance cover...or am I on a different track....
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Post Options Post Options   Thanks (0) Thanks(0)   Quote CraigQQ Quote  Post ReplyReply Direct Link To This Post Posted: 10 Jun 2011 at 5:22pm
no you still have to pay 'normal' insurance harry.. then pay gap insurance on top of that..
and if something should happen, your insurance pays out the current value of the car, and the gap insurance pays out the rest upto the price you paid for your car. so you can buy another brand new one. instead of being 6-7k short.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote HarryN-TEC Quote  Post ReplyReply Direct Link To This Post Posted: 10 Jun 2011 at 5:30pm
Thought it was too good a deal...had to be something like that...£300 for 2 1/2 years insurance.  Although I dont need that can see the advantages of it outlay of £300 to gain maybe £6/7000 in your unfortunate enough to have a bad shunt.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Affman Quote  Post ReplyReply Direct Link To This Post Posted: 10 Jun 2011 at 6:14pm
Just a back up for us underpaid Poor People Harry
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Post Options Post Options   Thanks (0) Thanks(0)   Quote HarryN-TEC Quote  Post ReplyReply Direct Link To This Post Posted: 10 Jun 2011 at 6:19pm
Wink    LOL
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Post Options Post Options   Thanks (0) Thanks(0)   Quote hamish Quote  Post ReplyReply Direct Link To This Post Posted: 10 Jun 2011 at 6:57pm
OK, I am banning stephandrew721
 
Just checked and the same person has posed the same question on VW forums.
 
Bye then stephandrew721...next time, get a life.


Edited by hamish - 10 Jun 2011 at 7:01pm
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Affman Quote  Post ReplyReply Direct Link To This Post Posted: 10 Jun 2011 at 7:08pm
SUPER MOD what u doin on VW forums anyways??? Not a Scirroco!!!!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote hamish Quote  Post ReplyReply Direct Link To This Post Posted: 10 Jun 2011 at 7:15pm
Wasn't on the forums AFF...I was sniffing IP addresses.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Affman Quote  Post ReplyReply Direct Link To This Post Posted: 10 Jun 2011 at 7:23pm
You Spam Whammerr look how order and decorum is returning since your trip back from the Woods
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