Recommendations on GAP insurance

Discussion in 'Insurance & Finance' started by Bobby Dazzler, May 19, 2016.

  1. Bobby Dazzler

    Bobby Dazzler MB Club Veteran

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    I'm considering GAP insurance for the first time, but I'm keen to make sure that if I do decide to go ahead then I do so with a provider and policy which will actually be of use if the unthinkable happens.

    In short I recently had a car stolen which was on a Personal Contract Hire, and the difference between the insurance valuation and replacement cost was eye watering, so I'm thinking I should think more carefully before dismissing it again!

    In the past I've dismissed it on the basis that I've preferred to underwrite the risk of a gap myself, thinking that market price according to insurers may be a little lower than reality, but it can't be huge. Experience tells me I've been wrong!

    I would be very interested in hearing your recommendations on GAP insurance providers. I've got a quote from GapInsurance.co.uk | Get Quotes, Info and Buy Online. (Frank Pickles) so any specific comments on them would be appreciated too.
     
  2. developer

    developer MB Club Veteran

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    I've taken it out (not via MB) on both my E63's for the equivalent of a squid per week. Seems like a no brainer to me.

    I spoke to the guy at Chris Knott and he indicated it was as straight forward as it seemed.

    There is a £25K limit in my policy, and it has to be a total loss, but I'm happy that will be sufficient for the time I keep the car.
     
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  3. OP
    OP
    Bobby Dazzler

    Bobby Dazzler MB Club Veteran

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    This may sound like a daft question, but did you take it out through Chris Knott, and who under-writes it, do you know?
     
  4. Rory

    Rory MB Club Veteran

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    On PistonHeads, ALA seems well thought of and there's a 12% discount code available: Hello from ALA Insurance! - Page 1 - General Gassing - PistonHeads


    So how does this work? Does the finance company want the market value of the car, plus all the outstanding rentals?
     
  5. developer

    developer MB Club Veteran

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    Yes Rob - it's an Ageas product.
     
  6. OP
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    Bobby Dazzler

    Bobby Dazzler MB Club Veteran

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    Thank for the discount code, I'll take a look.

    The finance company provide a settlement figure, but don't state how it's calculated. I actually think it could have been worse, but I'm thinking GAP insurance for a few hundred pounds it's something less to worry about, as long as they do actually play ball if you ever have the misfortune to use them.

    It was my first leased/financed car, and to be fair the deal was right at the time and hence I thought I would give it a go, but the hassle since has put me off for a while. Simple things like 6 weeks later the finance company still hadn't sent a copy of the V5 to my insurer! All along I'm still paying for the car.

    The replacement has been bought outright the old fashioned way.
     
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  7. OP
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    Bobby Dazzler

    Bobby Dazzler MB Club Veteran

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    Fantastic, much appreciated.
     
  8. OP
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    Bobby Dazzler

    Bobby Dazzler MB Club Veteran

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    Any other thoughts? I'll pull the trigger tomorrow if I get half a chance...
     
  9. Happytalk73

    Happytalk73 MB Club Veteran

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    1 person likes this.
  10. OP
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    Bobby Dazzler

    Bobby Dazzler MB Club Veteran

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    Thanks Ant, much appreciated.

    The car is being detailed at the moment, with all that fancy paint correction stuff, but when I get it back I'll post a few photos.

    Sadly, with the A6 having been stolen I had to sort a sensible car first, so the Evora is on ice. The sensible car isn't actually that sensible though :devil:
     
  11. OP
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    Bobby Dazzler

    Bobby Dazzler MB Club Veteran

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    Thanks all for your thoughts and input.

    Rory, Ant, thanks both. ALA seem to be well regarded.

    I've just purchased online through ALA with the 12% PH discount. I went for 5 years as we tend to keep our cars a long time, even though 4 years was the best value by some margin. Happy with that
     
  12. Pete W

    Pete W Active Member

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    Thanks guys, just taken out GAP insurance through the Piston Heads link saving 12%
     
  13. Happytalk73

    Happytalk73 MB Club Veteran

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    It's ok Bobby. I'll settle for a ride in the ML63 :bannana:

    I doubt I'd be able to get out of the Evora with my back problems anyhow. :doh:

    Enjoy the new motor Bobby. :thumb:

    Ant. :D
     
  14. uumode

    uumode Hardcore MB Enthusiast

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    I took out a Frank Pickles GAP policy for 4 years
    (+ own car insurance new for old in first year = 5 years total cover)

    £249 with £33,400 cover for Replacement Car.

    I chose them because they were UK underwritten by Ageas, not offshore.

    Having run through a fair few online quote systems they were not the cheapest but appeared to have a more solid proposition. They more or less price matched in my case and bumped up the cover.

    Don't know if they will pay out efficiently, but at the end of the day they are underwritten by Ageas, who underwrite most of the UK polices, and are regulated in the UK.

    Hope I don't have to use it though. Main reason for taking it out is possible theft of key less go vehicle.
     
    Last edited: May 21, 2016

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