Is GAP insurance worthwhile?

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GapInsurance.co.uk
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Is GAP insurance worthwhile?

Post by GapInsurance.co.uk »

In 2020, our customers saved an average of £237 buying GAP insurance from us instead of from their motor dealer. One customer saved a staggering £1,663!

59% of all claims were due to accidents, whilst 35% were due to the vehicle having been stolen.

Is GAP insurance worthwhile? At an average cost of just £180 for 3 years’ cover, and an average payout of £10,755 on top of what they received from their motor insurer, we think our policyholders who claimed in 2020 would say it was!

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If you're considering GAP insurance for a car you recently acquired or a new one you're getting soon, please see GAPinsurance.co.uk/bmw or call us on 01484 490095

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pje16
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Re: Is GAP insurance worthwhile?

Post by pje16 »

Not worth it (IMHO)
having driven for over 40 years and in that time would never have claimed
2018 F22 220d
Ex 2004 E46 320d
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Re: Is GAP insurance worthwhile?

Post by GapInsurance.co.uk »

pje16 wrote: Thu Feb 25, 2021 3:14 pm Not worth it (IMHO)
having driven for over 40 years and in that time would never have claimed
Thanks for your input pje16. :thumbs:

It's not for everyone, sure.

In comparison to your driving record, I've been driving for almost 26 years and had three cars written off: One by way of an at-fault accident in December 2014 and two when my house was burgled and both leased cars that we had were stolen, in January 2020.

GAP insurance wasn't needed in relation to my accident in 2014 (the terms of that specific lease agreement meant it was unnecessary to have GAP insurance at all), but across both cars stolen in January 2020, without GAP insurance I'd have been having to find approaching £15k to settle the early termination fees due to both finance companies before I could have even contemplated another vehicle. With GAP insurance though, my liabilities to both finance companies were cleared and I had a little over £3k remaining to put towards the cost of replacing the stolen vehicles.

Putting aside the fact I've sold GAP insurance for a living since 2004 and am therefore naturally biased, considering the situation I faced in January 2020 particularly, I personally wouldn't have a vehicle without GAP insurance.

Whether or not I'll ever have to use it again though... that's anyone's guess. Though the peace of mind is of some comfort.

^David
Invoice, Replacement, Contract Hire & Top-Up GAP Insurance quotes at up to 85% less than your Motor Dealer
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Re: Is GAP insurance worthwhile?

Post by TeenWolf »

I always buy it from ALA. at £200 ish for 3 years it’s worth it just for the peace of mind.


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Re: Is GAP insurance worthwhile?

Post by GapInsurance.co.uk »

TeenWolf wrote: Thu Feb 25, 2021 4:33 pm I always buy it from ALA. at £200 ish for 3 years it’s worth it just for the peace of mind.

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Well... we can't win them all... but give us a shout next time... :)
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Re: Is GAP insurance worthwhile?

Post by pje16 »

GapInsurance.co.uk wrote: Thu Feb 25, 2021 4:23 pm
pje16 wrote: Thu Feb 25, 2021 3:14 pm Not worth it (IMHO)
having driven for over 40 years and in that time would never have claimed
Thanks for your input pje16. :thumbs:

It's not for everyone, sure.

In comparison to your driving record, I've been driving for almost 26 years and had three cars written off: One by way of an at-fault accident in December 2014 and two when my house was burgled and both leased cars that we had were stolen, in January 2020.

GAP insurance wasn't needed in relation to my accident in 2014 (the terms of that specific lease agreement meant it was unnecessary to have GAP insurance at all), but across both cars stolen in January 2020, without GAP insurance I'd have been having to find approaching £15k to settle the early termination fees due to both finance companies before I could have even contemplated another vehicle. With GAP insurance though, my liabilities to both finance companies were cleared and I had a little over £3k remaining to put towards the cost of replacing the stolen vehicles.

Putting aside the fact I've sold GAP insurance for a living since 2004 and am therefore naturally biased, considering the situation I faced in January 2020 particularly, I personally wouldn't have a vehicle without GAP insurance.

Whether or not I'll ever have to use it again though... that's anyone's guess. Though the peace of mind is of some comfort.

^David
Agreed David
Sorry to hear of your mishaps (especially the thefts - that is gutting)
I have auto watch ghost on mine (again not for everyone but that gives me peace of mind)
I guess I have been lucky

Paul
2018 F22 220d
Ex 2004 E46 320d
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