GAP Insurance

xs2man · 20 Aug 2020 at 13:16

Been a while since I bought a new car, so was wondering who people recommend for GAP insurance nowadays?

stoofa · 20 Aug 2020 at 14:20

I used ALA a couple of years ago when I bought my 1yr old car - back to invoice for 3yrs for really not that much - there are always voucher codes doing the rounds.
Issue I had is that I didn't hear from anyone whose actually had to claim on one. Plenty of people happy to say who they used, but don't know how good they are if the worst happens and you need their help.

paradigm · 20 Aug 2020 at 14:21

ALA was who I last used also. Good pricing and usually a discount code to be had with a cursory search on the usual voucher sites.

I've not had to claim through ALA either, but my mother's partner has. There didn't appear to be any issues in getting the agreed difference between the insurer's valuation and the invoice price.

glenimp617 · 20 Aug 2020 at 14:23

I got mine through Admiral. Cost me £300 I think for 4yrs

Vigoro · 20 Aug 2020 at 15:34

Used ALA for the past couple of cars, seemed fairly quick to turn around a payout when it was needed

Vanquish-Storm · 20 Aug 2020 at 18:15

I was looking at ALA myself, again don't know anyone that has claimed from them.

Wondering if to go with their automatic recommended value.

xs2man · 20 Aug 2020 at 19:03

Had a quote from ALA. Thought it was quite expensive tbh. In fact, was more than VW wanted, ha ha.

Thanks for the suggestions though. Pretty sure it was ALA I was with when I had my 5 series too. So thought they would be top of the list.

Journey · 20 Aug 2020 at 19:03

Shortfall or Total Loss Gap, same company off decent prices and options for cover.

disfunktion · 21 Aug 2020 at 14:28

ALA - normally a code flying around for a decent discount. No issues paying out when my car was written off. I had a back to invoice policy.

MacRS4 · 21 Aug 2020 at 15:05

stoofa said:
I used ALA a couple of years ago when I bought my 1yr old car - back to invoice for 3yrs for really not that much - there are always voucher codes doing the rounds.
Issue I had is that I didn't hear from anyone whose actually had to claim on one. Plenty of people happy to say who they used, but don't know how good they are if the worst happens and you need their help.

You have now. I used Click4Gap and absolutely hated the experience. Return to Invoice was anything but. Got a chunk of money back but it wasn't what I thought I'd paid for. Ho hum.

I use ALA now.

On Holiday · 21 Aug 2020 at 15:07

total loss gap - £156 for 3 years on a £30k vehicle - back to invoice (i.e. covers the gap between what insurers pay out and the price on the invoice of the car).

xs2man · 21 Aug 2020 at 16:25

Thanks for all the suggestions. All seem to be more expensive than the VW GAP insurance, so will probably just go with them. Thanks though.

[TW]Fox · 21 Aug 2020 at 16:44

xs2man said:
All seem to be more expensive than the VW GAP insurance

This seems unlikely.

Haggisman · 21 Aug 2020 at 16:50

xs2man said:
Thanks for all the suggestions. All seem to be more expensive than the VW GAP insurance, so will probably just go with them. Thanks though.

Check what the cover is, big difference between a policy which will only cover the finance shortfall, or one which will pay for a brand new vehicle

stoofa · 21 Aug 2020 at 17:01

MacRS4 said:
You have now. I used Click4Gap and absolutely hated the experience. Return to Invoice was anything but. Got a chunk of money back but it wasn't what I thought I'd paid for. Ho hum.

I use ALA now.

Well that is a company to definitely not use then

disfunktion · 21 Aug 2020 at 17:14

[TW]Fox said:
This seems unlikely.

I agree. From memory VW wanted £500 for a 3 year policy. ALA was £108.

xs2man · 21 Aug 2020 at 17:51

[TW]Fox said:
This seems unlikely.

I was surprised too. But according to this: https://www.insurewithvolkswagen.co.uk/gap-insurance

£50,001-£100,000 = £399

Every quote I've had from every company mentioned above has been over £400. All RTI quotes.

I suppose there is no mention of the period of cover there though, so I had better check that.

They also seem to be the cheapest for normal insurance too. Which I again find rather strange if I'm honest.

Homer-Simpson · 21 Aug 2020 at 18:29

xs2man said:
I was surprised too. But according to this: https://www.insurewithvolkswagen.co.uk/gap-insurance

£50,001-£100,000 = £399

Every quote I've had from every company mentioned above has been over £400. All RTI quotes.

I suppose there is no mention of the period of cover there though, so I had better check that.

They also seem to be the cheapest for normal insurance too. Which I again find rather strange if I'm honest.

~~I'm getting quotes for 4 years of ~£340 for a brand new £52,000 Golf R (as an example). What type of car/how old/what level of cover are you expected?~~

So looking at the VW agreement, it's over 3 years and the max cover is 50k. Do you really need to be covered for that? For a similar agreement ALA seems to be quoting £260.25 for a £52,000 car with 50k of cover (it's recommended is 30k and that's £234.75).

On Holiday · 21 Aug 2020 at 18:31

As a very quick quote example :

xs2man · 21 Aug 2020 at 19:14

Motor is £53k. When I got a quote from ALA about it, they were asking for £410 for 4 year RTI. I'll look again, but they called me to discuss the quotation, so I assume what they gave me must be correct. And is bang on in line with every other quote I got, apart from one on go compare from some alloy wheel insurance place.

Didn't clock the VW one to only be 3 years though. So that may change things a touch. Although, to be honest, after year 1 I doubt there will be any negative equity anyway.