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Gap Insurance

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hazelb | 17:27 Sun 20th Mar 2011 | Insurance
6 Answers
Just bought a new car for 13K cash the salesman is trying to sell me Gap Insurance do it need to purchase the extra insurance?


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gap insurance is like every other insurance - only needed when you need it
I believe that GAP insurance pays the difference between what your insurance pays in case of write-off and the price of a new replacement,so you are guaranteed a new replacement car at no extra cost.
there are 2 types- finance gap and invoice gap
I recently bought a new car hazelb..and took out the gap insurance... I think its a good don't need to have it.. but if you were to trash your car in a accident, your own insurance company will only give you book price for your car.. the gap insurance from the dealer will make up the rest of the money so you can replace for like!.. but its personal preferance really!
Gap Insurance can be a very good idea for most of us who would find it financially hard to replace a vehicle . The best type and level of cover depends on how you purchased the vehicle. But like any insurance it has to be your choice. There is now more choice than ever. in brief ...

Finance gap pays the difference between your vehicles valuation when it is written off and the finance outstanding.

RTi- return to invocie pays the difference when it is written off and the invoie price you paid.

VRI - vehicle replacement is almost like new for old home contents insurance.

The list goes on.

Another thing to consider is that you can usually find a much lower price on line for the same if not better level of cover. I work for and our prices start from under £39.00 but like any insurance it is only value if you can see the benifit. Our automated system will ask you a few questions and then highlight various levels of cover for you to consider. There are examples to show you how each type of cover would work and you can pay for any policy over £100.00 in 12 intrerest free installments.

All we would ask is to keep an open mind and then make your own informed choice.

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