General Chat Thread, GAP Insurance? in General; A fair few of you remember my previous post:
We are picking up our lovely 207 1.6HDI 92 Sport ...
2nd June 2011, 10:39 AM #1
A fair few of you remember my previous post:
Car Advice Needed
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!
Last edited by Fatmas; 2nd June 2011 at 10:44 AM.
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2nd June 2011, 11:25 AM #2
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).
2nd June 2011, 11:44 AM #3
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!)
2nd June 2011, 11:49 AM #4
We took it on our Kuga but didn't take it on our Fiesta.
We pay it interest free over two years but it covers us for three. I change the cars every three years so it suits.
Is it worth it? Well as one poster has said - it paid off for him. However after three years of no accident it could be seen as a waste of money. It's a tough decision.
2nd June 2011, 12:00 PM #5
Must admit just a quick google around its not that costly to say my new car is rather costly and very new maybe worth buying.
Originally Posted by garethedmondson
2nd June 2011, 04:33 PM #6
its like any insurance its a gamble. If all goes well its money down the drain if things go to pot its a good backup plan
2nd June 2011, 06:18 PM #7
Much rather have it and not need it, then need it and not have it
Especially if I was spending more then 1,000 on a car , £300 in the grand scheme of things for 3 years is nothing in comparison to 10k £££
That works out aprox £100 per year, Less then £10 per month
3rd June 2011, 01:12 AM #8
I bought GAP insurance for my first car (a Mini One). However, I made the mistake of buying it through the dealer. If I bought it through a third-party I could have easily saved myself £100-£200.
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