[Hayles:-)]

Hi all,I've never had a brand new car before, very excited! I'm picking my Adam up at the weekend and was just wondering is this GAP insurance something we really should have? The dealers offer for it was very pricey and as we all know they just like to sell all the extras, is it in fact something we should be buying? Any help appreciated. Thanks guys

 

[Shelly]

New cars depreciate as soon as you drive out the showrooms but you don't have to buy it from the dealer just Google it to compare prices

 

[did]

i did not have it but ad the service pack and mot 446 pound dont have worry then for 4 years

 

[Santgo]

I decided not to. It is useful to have something like this to complement finance on the car - if it gets written off (God forbid!) the insurance would not cover the full cost and you would be left still paying the finance.

 

[Dan]

Funny you should ask... We have a club discount for GAP insurance here:http://www.adamownersclub.co.uk/forum/discount-on-gap-insurance_topic1.html- you don't need to take it from your dealer and the club scheme will be half the price I bet..
It's one of those things the dealers can make a hefty profit on!
A GAP policy covers the difference in price between the initial price paid for a car and the market value payout by your comprehensive insurance company. It therefore ensures that you don't suffer the financial loss otherwise associated with the loss of your car through theft or irreparable damage.

 

[Hayles:-)]

Hi all,Thanks so much for all the info.... i'll definitely do the GAP insurance i think, just because of how much value a new car loses and as a 'just in case'. It would be devastating enough writing the car off, but even worse still owing all the finance on it. Is it best Dan to do the type of insurance where you get the vehicle replacement rather than return to invoice?Many thanks

 

[Dan]

I opted for back to invoice but it really depends on your circumstances and what deposit you've paid, how much finance you'll owe etc.. Basically I'll try and summarise the differences:
Back to invoice:You paid £15k for the carYou owe £11k on financeInsurance only give you £10k.
Gap will make up the extra £5k shortfall allowing you to pay off your finance and essentially start again with a £4k deposit.
Vehicle Replacement:Same situation as before;You paid £15k for the carYou owe £11k on financeInsurance only give you £10k.
The difference here is due to price increases a new Adam now costs £16.5k so the gap insurance will make up the £6.5k difference allowing you to get back into a car again without losing out and having to get something cheaper.
You might also be in a situation where you owe more on finance that what you originally paid for the car, in that case back to invoice would leave you short. Vehicle replacement would cover the cost of the shortfall.
Hopefully that helps / makes sense. I don't work for an insurance company so the above is my understanding of how it works

 

[Hayles:-)]

Thanks so much for all the info Dan. When i went to pick my car up, i managed to get the Vauxhall GAP insurance down to £200 so just did it there and then. It is 'Total Loss Gap' that i have.
Great help, thank you for your post

 

[Dan]

No problem, glad you managed to get a good deal in the end too

 

[ALTEA]

Check your car insurance policy, many companies will replace your car with a brand new like for like one should your car be written off in the first year effectively making the first year of a gap policy a waste of money.

 

[PoppyGert]

Hi Hayles,

Glad you got your gap insurance sorted. I did not take any when I picked my Adam up 3 weeks ago. Mulled it over then decided to get it. I did it privately, not through the dealer and managed to get like for like for just over 200 quid. Seriously think it is so worth having. I got it for 5 years to coincide with the finance deal, works out an extra 3.00 a month, its that extra piece of mind should the god awful happen.

 

[samantha-t]

I think its the best option ever. I got it for my corsa (just before buying MJ) and six months later my car got pinched. I paid about £14,500 for my corsa and the insurance said max £9,000 so I was so glad I had GAP. Hopefully it will be the best £200 you never spend but peace of mind and all xx

 

[carah]

Should be picking my Adam up,this week, bit naughty though, I didn't know anything about gap, until I went to sign the paperwork and it had been added on, and I was told my monthly payments had just gone up by £20 a month . . . Just as I'd budgeted for a car I could afford, the price went up. . . .

 

[Guests]

Should be picking my Adam up,this week, bit naughty though, I didn't know anything about gap, until I went to sign the paperwork and it had been added on, and I was told my monthly payments had just gone up by £20 a month . . . Just as I'd budgeted for a car I could afford, the price went up. . . .

Just tell them you don't want it and they will take it off no problem. If you want it buy through the link here and it will be less than half what Vauxhall are charging.
See if they've added 'paint protection' on as well, that will be expensive and can easily be removed.