newbie- need advice on GAP

[Rachel_123]

Hi all,

I have been doing a lot of research on gap insurance recently as im taking delivery of my Megane in the next couple weeks.
The dealer has suggested i purchase Gap Insurance, it seems like a good product to purchase but it just seems a lot of money.
The dealership has quoted me just over £400! Having looked online i've found the same product (back to invoice) for a fraction of the price. This was with click4gap.co.uk, the website was simple to use and the quotes were very reasonable. The main thing I liked was that they are not a broker.
Has anyone had experience of this particular company? or has anyone bought gap insurance from an online company? if so where do you recommend?

Really not satisfied with parting with an extra £400!!

Many Thanks
Rach xx

 

[pepper]

http://www.aviva.co.uk/short-term-car-insurance/ there's loads of companies offering short term car insurance, there's one link to Aviva which are a huge company.

 

[malcolm]

GAP insurance is for the difference between market value and the finance still repayable on new cars (so far as I understand). It's useful if the car is written off early in the finance repayments and you want to replace it with another new one, though it can be avoided completely if you decide should the worst happen you will replace your car with a used one of the same age.

It's probably best not to buy it from the dealer - they'll be making a huge profit. One of the price comparison sites is probably worth a shot.

Most members on this forum own very old Renaults and have no need for finance. My own car cost £50. Are you the same Rachel_123 from the money saving expert forums? Well worth an ask in there.

 

[pepper]

ahh I'm sorry didn't realise what was meant.

 

[malcolm]

I had to look it up myself. And my job is in the car industry (assuming it ever starts happening again). PS - got some trees for you Pepper.

 

[Lobster]

Don't buy it from the dealer. The reason they push it so much is because they make a very handsome profit on it (around 50% IIRC). You can get it much cheaper elsewhere if you feel that you need it....