We are picking up our lovely 207 1.6HDI 92 Sport on Saturday, it's a '60 plate so was only registered in September. It's currently worth £10895
The Peugeot dealer has tried selling me GAP insurance for £399 and claims that it is worth it because if the car is written off at any point, I receive the book value (in theory, £10895) of the car rather than the current price at the time of loss.
I've gone on Click4Gap (Compare the market) and can get a 4 year policy where I can claim up to £5000 (Which is fine as long as the car is worth over £5k at the time of loss) for £229. Seems like a good deal. But what I'm really asking is, is it worth it at all?
Many thanks to everyone who gave their car recommendations the other week, I test drove the 207 last Saturday and it was brilliant; it's quick, comfortable, economical, has all the gadgets and is under warranty until September 2013. Bargain.
I'm hoping the petrol heads on here will have some more sound advice!
I took out gap insurance when I had my first car, a Peugeot 106. It was around £300 for 3 years of GAP cover, and I'm glad I did take it out as I was involved in an accident (brought the M5 southbound by Bristol to a halt for 10 minutes! ) and the car was borderline write off in my third year of owning it. I got about 4k from my car insurance, and the GAP insurance topped it up to the full value (minus a £500 access that was slyly hidden in the T's & C's).
Just got a new car myself and was offered GAP Insurance was unsure if to bother or not as it adds so much more cost, then again Ferraris are rather expensive (Ok I didn't get a Ferrari just felt like it at the pump filling the tank up!)