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Hi - I'm picking up my new EOS on Saturday. The dealer is pushing a £299 GAP insurance. Have others purchased this, and is it worth it?
GAP insurance
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90 Posts
Hi Jimmy,
I have been offered GAP in the past but as it was only for the first year and my insurance would replace the car for a new one in the first year I had no need of it. Check both the length of the GAP period and if your insurance will also replace the car in the first year.
Another scheme is RTI (Return to Invoice), which is the same as the GAP policy but lasts 3 years.
Don
I have been offered GAP in the past but as it was only for the first year and my insurance would replace the car for a new one in the first year I had no need of it. Check both the length of the GAP period and if your insurance will also replace the car in the first year.
Another scheme is RTI (Return to Invoice), which is the same as the GAP policy but lasts 3 years.
Don
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480 Posts
I too went for the 3 year GAP policy.
I wasn't going to initially as I thought it would take one hell of an accident to write off a £25k+ car, but having seen some of the problems with getting the roof fixed from those that have been unfortunate enough to have rear end damage I reconsidered.
I wasn't going to initially as I thought it would take one hell of an accident to write off a £25k+ car, but having seen some of the problems with getting the roof fixed from those that have been unfortunate enough to have rear end damage I reconsidered.
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90 Posts
Hi Guy's what price did you pay for your GAP insurance? Is there a limit to the amount of £'s the GAP will cover?
Can I also confirm what GAP will cover? As I understood it, if the car was worth say £15k but the insurance was only paying out £12k then GAP covers just that. If so the way RTI works, is you would get the difference from the insurance to the original invoice price from RTI. Cover is worked out on a maximum amount and should be enough to cover the difference at any time in the 3 years.
Don
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480 Posts
I think I paid £299 or £399. Can't remember off the top of my head.
It covers you for the difference between your insurance payout to what you actually paid for the vehicle - not what it's worth when the accident occurred.
So if you spend £25k on the car, write it off any time during the 3 years (or however long you take the policy out for), the insurance will make up your net payment to £25k (less any excess due on your insurance policy). I think it's also limited to a £10k claim.
We have Return to Invoice (RTI) GAP. It's a 3 year policy and cost £147 with a maximum claim value of £15,000.
So as an example, the invoice value of our car is £27,699.
Let's say that at the two year point the car was written off and our ordinary insurance policy paid out £18,000.
The GAP policy would pay out a further £9,699.
We would be obliged to pay off any outstanding finance on the vehicle and the rest of the money would be ours.
So as an example, the invoice value of our car is £27,699.
Let's say that at the two year point the car was written off and our ordinary insurance policy paid out £18,000.
The GAP policy would pay out a further £9,699.
We would be obliged to pay off any outstanding finance on the vehicle and the rest of the money would be ours.
Don't pay the dealers price - Google Gap Insurance
We got a policy which covers up to 15k pay out for three years at a cost of around £200 - underwritten by Hitachi Capital. From experience don't touch Cardif Pinacle policies!
Well worth it - her previous car (Audi A2) was written off at 20 months old (in an accident where none of the air bags went off) and the gap insurance meant we got 17.5k payout instead of 9k. The main reason she got the EOS.
BTW there are various types - Loan cover, current value and return to invoice - ours was (and current policy is)return to invoice.
We got a policy which covers up to 15k pay out for three years at a cost of around £200 - underwritten by Hitachi Capital. From experience don't touch Cardif Pinacle policies!
Well worth it - her previous car (Audi A2) was written off at 20 months old (in an accident where none of the air bags went off) and the gap insurance meant we got 17.5k payout instead of 9k. The main reason she got the EOS.
BTW there are various types - Loan cover, current value and return to invoice - ours was (and current policy is)return to invoice.
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7 Posts
Thanks for the info. I've been able to 'negotiate' with the VW dealer - halved the price to match the £150 A result.
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