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Gap Insurance

Pelham123
Pelham123 Posts: 383
edited February 2012 in Not Sports Related
Anyone taken this out recently. Fiat want £360 squid for a dual policy covering car value or finance whichever is greater ammount should you need it. Anyone recommend any alternative more competitive deals?

Comments

  • Addickted
    Addickted Posts: 19,456
    Don't bother.

    Just buy a cheaper car or put down a bigger deposit.
  • StrikerFirmani
    StrikerFirmani Posts: 2,757
    Ask your current insurer how much they charge, if they do gap ins., they will be cheaper by far.
  • Valiantphil
    Valiantphil Posts: 6,427
    Don't do it - it's just a con.

  • Pelham123
    Pelham123 Posts: 383
    Daughters doing a 3 year finance deal with on a new Fiat. Thought it's worth considering in case the car is written off or stolen and the insurance settlement is a lot lower that the outstanding debt on the car.
  • Addickted
    Addickted Posts: 19,456
    edited February 2012
    It's bad enough having negative equity on a property, but on a car it's just madness.

    Tell her to go out and buy a decent 2nd hand car she can afford, without borrowing loads. Sure it's not as 'flash' as a new car but it will still get her about. You can even buy some four year old cars out there still with a years manufacturers gaurantee.
  • Valiantphil
    Valiantphil Posts: 6,427
    Daughters doing a 3 year finance deal with on a new Fiat. Thought it's worth considering in case the car is written off or stolen and the insurance settlement is a lot lower that the outstanding debt on the car.

    Get the £360 and stick it in the bank for the 3 years.
    If the worst happens, then the "gap" has to be bigger than £1000 for it to matter.

    Also worth noting, Direct Line policies are new for old replacement in the 1st year at no extra cost.
  • cafcfred4
    cafcfred4 Posts: 210
    I'm a carsalesman (waits for boo's) and i do not understand why some people dont take out gap insurance.

    But - you can get it for a lot less than £360..
  • limeygent
    limeygent Posts: 3,219
    Like any insurance, waste of money unless you need it. On a car with high depreciation it's a good idea.
  • LargeAddick
    LargeAddick Posts: 32,949
    was offered this when buying our year old Qashqai and I think 3 years cover cost us £150 which I thought good value. Will be particularly good value if we get to use it after 2 years 11 months !!
  • ChicagoAddick
    ChicagoAddick Posts: 4,418
    Like any insurance, waste of money unless you need it. On a car with high depreciation it's a good idea.
    What a strange thing to say.


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  • tangoflash
    tangoflash Posts: 10,799
    Think the board have taken this policy out to protect our 7 point gap just in case..................................
  • Rizzo
    Rizzo Posts: 6,467
    I just take the view that there must be a catch or everyone would just write off their car the week before the policy expires and get their money back on the car.
  • Saga Lout
    Saga Lout Posts: 6,845
    I was offered it on my recent car purchase and didn't take it up. Seemed like a waste of money, but I won't be saying that if the car gets written off or stolen in 6 months time!

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