To GAP or not to GAP???

[XC60KEV]

Originally Posted by r-designbob

Insured with Churchill but haven't got the Doc's yet, and as they guarantee a new car if under 12 months old, I won't bother with the GAP now.
I think I'm right in saying the car will lose most of it's value in the first year anyway, so I can review it when next year is due.

Thanks for the reply's chaps. Had a giggle at the spark plug one.

Just to add. This car is the most comfortable one I have had. And I'm loving it.

Photos Bob!

[adambsmith]

Originally Posted by r-designbob

Insured with Churchill but haven't got the Doc's yet, and as they guarantee a new car if under 12 months old, I won't bother with the GAP now.
I think I'm right in saying the car will lose most of it's value in the first year anyway, so I can review it when next year is due.

Thanks for the reply's chaps. Had a giggle at the spark plug one.

Just to add. This car is the most comfortable one I have had. And I'm loving it.

My understanding of GAP though is to cover you between the insurance payout and what you owe on finance.

So as an example my car is worth say £15K now but I owe £20K to the finance company because interest is front loaded. If I write off my car or it's stolen/burnt out, the finance co will still want £20K from me/insurer but the insurer will only pay out £15k to get me back to where I was. GAP covers the £5K gap.

So you're OK during the first year but not after that.

It's all down to one's view of risk. I don't think I will write mine off, £5k (or whatever the difference is) will not kill us - painful but not deadly. So I'd rather save the premium and spend it on something else - that's the decision really.

[r-designbob]

Originally Posted by kj5cott

Photos Bob!

Will do some today if time permits Kev.

[r-designbob]

Originally Posted by adambsmith

My understanding of GAP though is to cover you between the insurance payout and what you owe on finance.

So as an example my car is worth say £15K now but I owe £20K to the finance company because interest is front loaded. If I write off my car or it's stolen/burnt out, the finance co will still want £20K from me/insurer but the insurer will only pay out £15k to get me back to where I was. GAP covers the £5K gap.

So you're OK during the first year but not after that.

It's all down to one's view of risk. I don't think I will write mine off, £5k (or whatever the difference is) will not kill us - painful but not deadly. So I'd rather save the premium and spend it on something else - that's the decision really.

I assumed that it would be replaced like for like.

Hmm, better get on to Churchill me thinks

[andy_d]

when you do ask, get them to pop it in writing. and yes it is better to check now, allows you time to see to anything if needed to.

[wimorrison]

explanation of GAP for those who are not clear

http://cars.about.com/od/buyingadvic..._insurance.htm

[Daleman]

I think you can have GAP insurance for any gap in your standard insurance cover for a variety of types of insurance. With a new car under most normal policies in the first year you get the car replaced with the same new car.

NFU are one of the few that do this for two years as standard and although their policy may be a bit more sometimes if you factor the extra years GAP they are not too bad. They seem to pay out without a lot of fuss either and their motto is we do right by you.

[r-designbob]

Originally Posted by r-designbob

Will do some today if time permits Kev.

Time flew by today, and the spare time I had was spent reading the War & peace Volvo manual.

[r-designbob]

Originally Posted by r-designbob

I assumed that it would be replaced like for like.

Hmm, better get on to Churchill me thinks

Received the Docs today and it does state (not a quote)a replacement Like for like vehicle for the first 12 months of a brand new one.