Gap insurance (1 Viewer)

[Steve devon]

when buying a new motorhome, how many of you take out gap insurance?

 

[maison]

It's the motorhome/car dealers equivalent of the extended warranty on electrical goods IMHO. A way to add profit to the sale.

When my wife bought her last car, and declined Gap Insurance, even the salesman said "I don't blame you, but I have to ask!"

 

[Theonlysue]

I thought it covered the difference in price if you needed to replace due to write off?

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[Robert Clark]

A decent insurance policy will give you a new van within the first two years.
NFU for example

 

[Langtoftlad]

You can buy GAP insurance from stand alone specialist companies - it's relatively cheap that way.
I got mine with ALA for the new car 2nd to 5th year cover [as Robert pointed out, many insurers cover 1st year]

https://www.ala.co.uk/quote-qualification.php?prod=GAP&group=motorhomes

 

[RogerThat]

Is GAP insurance the new PPI? How many people will be filing claims in the coming years for (allegedly) being mis-sold GAP insurance?

I saw an advert on TV the other day for a company that specialises in suing GP doctors fs! The world's gone crazy I tell ya!

Sorry @Steve devon I can't contribute anything valuable here, just some possible insight to the future of GAP

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[The Wino]

Is GAP insurance the new PPI? How many people will be filing claims in the coming years for (allegedly) being mis-sold GAP insurance?

I saw an advert on TV the other day for a company that specialises in suing GP doctors fs! The world's gone crazy I tell ya!

Sorry @Steve devon I can't contribute anything valuable here, just some possible insight to the future of GAP

Theres also a special co.for suing dentists!!. I was conned into gap insurance once its a waste of time unless buying on credit and really worried like all insurances if you can accept the risk yourself it will be cheaper in the long run (or they would go bust)

 

[musson]

I have Gap but not from dealer, its less that half from independent dealers on the internet.

 

[Kingham]

when buying a new motorhome, how many of you take out gap insurance?

Not ever, motorhomes or cars !

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[Reevsie]

We had Gap on a New Toyota Aygo car and Toyota charged us £399, It was written off, (The wifes fault) and we were paid out the difference from the pay out to the price of a new one. It was a £2500 difference on an 8-month-old car that cast £11k new When we bought another new one we were told by the salesman to shop around. We got the same cover for £116.

But the motorhome is insured old for new for the first two years with the insurance.

If your insurance does not cover it. I would get GAP.

 

[DanielFord]

Total waste of money, I never purchase any insurance that is not legally mandated, or underwrites things I can't afford to underwrite myself. Thus I have insurance for our vehicles and our house.

 

[Reevsie]

So I wasted £399 on my last GAP insurance on my car. But when it was writen off I got £2500 extra from the GAP.
Sure, I wasted £399!!!! NOT

All insurance is a waste of money until you need it. Then it is the best thing you ever bought. (so long as you are paid out)

As with most things in life, you pays your money and you takes your chance. Some you win, some you loose.

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[Steve devon]

Thanks for the replies @Reevsie you got it spot on

 

[My Dog Likes Fishing]

I've had to use Gap insurance on a new BMW that got written off. Thank god i paid the money at the time. It covered the difference between the valuation and a new one. Only a fool wouldnt take it out when paying that sort of money.

 

[PhilG]

It's the motorhome/car dealers equivalent of the extended warranty on electrical goods IMHO. A way to add profit to the sale.

When my wife bought her last car, and declined Gap Insurance, even the salesman said "I don't blame you, but I have to ask!"

It most certainly isn't. Its an insurance to cover what you get paid out in the event of a total loss, and what is outstanding on the finance. So assuming you pay £100K for the van , and 3 months later it gets robbed . Its worth £85k used , you might still owe more than that on the finance.

It boils my piss all the PPI stuff, I have had people try to say they were mis-sold when they actually bloody claimed on it for 5 months..

Its a useful product designed to not leave people in the lurch , should they suffer a total loss, and find themselves out of pocket . Its as good as any other insurance, a total waste of time unless you claim.

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[Geo]

Yes I think you did waste £399
who in their right mind would except a devaluation of £2500 on an 8 month old car
I suspect you did, so gap would have to pay out
properly insured and handled you would have had a brand new direct replacement anyway

 

[PhilG]

Yes I think you did waste £399
who in their right mind would except a devaluation of £2500 on an 8 month old car
I suspect you did, so gap would have to pay out
properly insured and handled you would have had a brand new direct replacement anyway

You are assuming it sat on his drive and did no miles for 8 months, it could have had 10,000 miles on it, £250/1000m is not what I would call excessive.

If the car is on finance,the acceptance is usually the decision of the finance house, not the owner. which is why there is a gap in the first place... one is retail , the other isn't.

 

[Geo]

Why? do you say iv'e made an assumption as if its wrong then make two yourself ?

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[PhilG]

Why? do you say iv'e made an assumption as if its wrong then make two yourself ?

Somewhere between both is the actuality, if they paid out new for old , there wouldn't be anything to insure.

I am yet to see a post from someone who didn't take it out and needed it, saying that were still glad they didn't take it out.

 

[MitchandJenny]

Yes I took out GAP insurance. We paid the best part of £50,000 for a van and for £350 from a specialised insurer, we get 5 years cover that will give us the cost of a new van of the same type when added to what normal insurance would pay after taking annual devaluation into consideration.
For me, it makes sense.
Each to their own..
Mitch.

 

[PhilG]

Yes I took out GAP insurance. We paid the best part of £50,000 for a van and for £350 from a specialised insurer, we get 5 years cover that will give us the cost of a new van of the same type when added to what normal insurance would pay after taking annual devaluation into consideration.
For me, it makes sense.
Each to their own..
Mitch.

I see a few 4 year old vans going walkies...

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