GAP Insurance - worth getting or not?

[Amethyst]

Thanks for having a look Des. OH is an employee - mobile trailer technician ( hgvs ) so think that's ok. No one but me and he driving it ( both named on insurance ) - and yes I was suspicious of the reviews - and it being a Spanish based company - think I'll have another look about see if there's any attached to better named & U.K. insurers with backend reviews ( claims ).

[MIKE770]

who are the Spanish based insurer?
Insurer Partner

halo insurance ):- Partner:-

Ah! thought it might be ! I use these (Mapfre), as they are worldwide and no problems, been using them for years now! House Insurance..

[MIKE770]

Do you need GAP insurance? - Money Advice Service

[Amethyst]

Nice one thank you guys for all your help xxx

all done ( I can stop stressing now.... before Jules takes her up to Yorkshire on his own lol )

[Phaeton]

before Jules takes her up to Yorkshire on his own lol )

Oi there's nowt wrong wi Yorkshire :-) glad you got it sorted & now have peace of mind.

[Amethyst]

Hopefully it'll just be money down the toilet but it'll make me less paranoid about someone twatting into me writing it off and being stuck with the finance ( which is presumably the sales pitch anyway )

Thank goodness for this ... garage picking up car tomorrow to assess whether it's a write off or repairable after a neighbour reversed ( at some speed) straight into the car ( I was in house at time and no one was hurt )so we'll see how it goes but may well be asking for some advice xxx

insurance is fully comp through esure - all reported - garage ( Gemini) and car hire ( auxillis) being sorted in morning.

fingers crossed its fixable - bloody love my car lol

Ringing Finance in the morning for a settlement figure and to inform about the accident - don't think I need contact GAP unless it is a write off ?

[Amethyst]

Cars been written off. Insurance paying out 4200 and settlement figure 5020 so hopefully the gap insurance will cover rest.

pissed off and now have to find another car

[Phaeton]

That's not a bad payout on a car of that age, you can easily replace it with something newer for that price

[Amethyst]

It's a 2014 so not as good as it seems with the 03 plates on* ... can't find another with same spec at the settlement amount atm ... might have to get something more 'grown up' grrrr[

[Phaeton]

Will they allow you to buy it back? there's less than 1K work involved to get that back to normal, I have a big downer on the auto insurance industry it's all a big co

[Amethyst]

Ughh sorry phaeton I seem to have lost some posts while trying to fix the funny symbols that kept appearing everywhere...

The car is a 2014 on private plates so the valuation is a little pants tbh🎅

Looks like our Gap insurance will help more than we thought tho.
Talking to Gap people this morning it seems they'll make up the insurance valuation to the invoice amount ( insurance valuation current £4200 - invoice £6500 - finance settlement £5020) so we get the difference direct.

Just waiting for the various companies to argue valuation between themselves now
while we hunt for a new car Xx

[Phaeton]

That is good at least, but I still feel something is wrong with the industry, you were in no way responsible for any accident, you should not at the end of it be any worse off than you were before it. To me they should either repair the car back to it's former glory, hand you a wad of cash for you to be able to go out & get the exact same car, or delivery a car to you of the exact of better specification.

Whilst you still own the car which you do, if you want to keep that number plate, get it put on retention, once you sign over the V5C to them you've lost it.

[Amethyst]

Already done - it's on retention now and original plates back on car.

[Amethyst]

This is dragging a bit ...

so Insurance offer of £4200

Settlement of finance £5020

Gap insurance valuation ( glasses ) £4750

Invoice amount £6500

soooo... gone back to insurance to see if they'll lift it a bit... sounds like they may lift to £4500

They pay that sum to finance company direct
leaves a balance of £520

Gap insurance will pay us to invoice from their valuation - so £1750 - out of which we pay settlement balance of £520 and an excess of £250 back to Gap ( then claim it back off other parties insurance )

leaves us with no car and £980 in pocket .... I think

Should know early next week then we have 7 days to get finance, find car etc before hire car has to go back.

Great timing!!

But GAP insurance rules !

[Phaeton]

Was the Gap insurance a one-off payment or a continual payment? Did I get it right that you originally paid £6500 for the car, or was that £6500 on finance? if finance does that not mean you effectively have lost whatever deposit you paid?

Sorry I've never used Gap insurance, but don't buy cars on finance, don't spend that much on them