GAP insurance

[boosterboy]

Hi Guys newbie here.. pick up my S4 this Friday can't wait.. been offered GAP insurance, from main dealer (it makes up difference from insurance settlement to receipt price in the evnet of a claim) anyone got any comments on this. dont know if I should go for it £399 one off payment, any one have any experiences of this type of product.

Regards stuart

[TonyFoo]

Have had my S4 from new in Sept 2003 and bought Gap insurance with the car. I financed mine over two years and it is still insured for full price should it be a write off. Current insurance would pay out market value of around £23k so I'd get £18k back from Gap insurer. Makes sense if you have a HP agreement as otherwise you'd be responsible for the difference between insurance payout and balance of finance in the event of a totality. F'rinstance if you had a disaster 18 months in you could end up receiving £30k but having to give £3k of it back to a finance company. It's a matter of opinion and risk, as in all matters insurance, but is pretty cheap for 3 years cover compared to your regular premium payments.

[TWH]

The way I made the decision was, would I pay £400 now to know that nothing will happen to the car in the next 3 years. The answer was definitely yes so I thought I'll pay the £400 then at least if anything does happen - I'll know I've not lost any money!

[BigMo]

ditto the above

[dace]

I paid 138 pounds for 4 years GAP.............

[boosterboy]

excellent, really encouraged by comments, will go for it, I got a good quote from click 4 gap. around 234 quid for 20K over 3 years NB considering car is 34k, less than 1% of price, underwritten by Hitachi Finance... I see they also do Bike GAP insurance , maybe get a quote for my blade.... amazing, !!! never new about this cover and Ive worked in the insurance industry for 15 years

Thanks a lot for taking the time to reply.

Great site by the way, real wealth of info

Thanks a lot guys
cheers


stuart