GAP Insurance - Car

deepseadiver said:
Anyone ever taken it out?

How does it work ?
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Often used with HP ... if your car is lost / stolen / damaged beyond repair and the settlement figure off your standard insurance is insufficient to repay the debt (or insufficient to buy a like for like replacement after doing so by effectively giving you your cash deposit back) the GAP insurance covers the 'gap'.

Various permutations / combinations / variations / applications but in essence you get the general idea. No - never bothered with it. I never bought anything on HP, only ever in cash when I had enough to pay for it or via an unsecured bank loan without front-loading of interest, so figured unless I have a new for old insurance policy I'd just suffer the loss and put it down to tough luck.
 
kimajy said:
Often used with HP ... if your car is lost / stolen / damaged beyond repair and the settlement figure off your standard insurance is insufficient to repay the debt (or insufficient to buy a like for like replacement after doing so by effectively giving you your cash deposit back) the GAP insurance covers the 'gap'.

Various permutations / combinations / variations / applications but in essence you get the general idea. No - never bothered with it. I never bought anything on HP, only ever in cash when I had enough to pay for it or via an unsecured bank loan without front-loading of interest, so figured unless I have a new for old insurance policy I'd just suffer the loss and put it down to tough luck.
Click to expand...

Cheers hombre,

Seen it advertised a few places. I've got a lease car (nice cheap deal) coming on Monday and remember being offered it back in 2005 on my first lease. Done 5 other cars since then but they have never tried to flog it to me as a related sale. Suppose its just for added piece of mind, they want about £100 for two years ???
 
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