Reply to: Gap insurance - worth getting?

[greenlake]

Is it a genuine German Merc, or is it made in eastern Europe in some other factory?

Nothing but the best for psychocandy....

[WTFH]

Is it a genuine German Merc, or is it made in eastern Europe in some other factory?

[psychocandy]

Giro? His cracked pavement compo cheque came through.

My Jeremy Kyle show guest compo money....

[vetran]

For your wife I hope!

nah we saw her coming!

[Old Greg]

Did you do any research on them before handing your giro over?

Giro? His cracked pavement compo cheque came through.

[northernladuk]

Coming Soon - Motor Products Online Ltd

Did you do any research on them before handing your giro over?

[psychocandy]

Who did you use? I also need GAP insurance now.

Coming Soon - Motor Products Online Ltd

[GhostofTarbera]

Why not get your car insurance provider to provide it. NFU new car cover has a new replacement for the 1st 2 years. Saved me £499 that the dealer wanted.

Brain the size of a planet and I still have to communicate with morons

Or just don’t crash your car - job done


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[Yorkie62]

Who did you use? I also need GAP insurance now.

Why not get your car insurance provider to provide it. NFU new car cover has a new replacement for the 1st 2 years. Saved me £499 that the dealer wanted.

Brain the size of a planet and I still have to communicate with morons

[jamesbrown]

Brave!

It'll be the first entry on his ignore list.

[northernladuk]

Who did you use? I also need GAP insurance now.

Brave!

[Platypus]

Yeh can get for £135. Lease company quoted £299. Nice little extra earner for them I guess.

Who did you use? I also need GAP insurance now.

[psychocandy]

Yeh can get for £135. Lease company quoted £299. Nice little extra earner for them I guess.

[fiisch]

Ah, admittedly did not consider the theft angle (which perhaps I should have considering I currently live in Crawley, where cars quite often get pinched!).

I don't think insurance companies have an obligation to check if a product is suitable - if you buy two car insurance policies, for example, they don't check on MID to confirm the car is not insured elsewhere. (Although if you made a claim it would be different, and you'd probably have the latter policy declared void and your premiums refunded).

In the case of GAP, even if you're getting new for old replacement, it is still providing different cover - it'll make up the shortfall in Y2 (and probably Y3 depending on the finance deal if required) - so there's an argument to say new-for-old + GAP complement each other.

My approach isn't for everyone - I am very risk tolerant. My life insurance wouldn't get close to paying off my mortgage, and I don't have any other insurances except motor, home, contents and travel, but I contribute allowances into S&S ISA as a sort of self-insurance... Working in insurance for the last 11 years has made me very sceptical. I insure for the big crises, and obviously where you're obligated to, but happy to take on a bit of a risk for increased savings.

[Yorkie62]

Seems to be. BUT isn't it up to individual to check their standard policy to see if they have new vehicle replacement?

Its like saying an insurer shouldn't sell you buildings insurance because you bought a combined policy the week before and didnt check.

In my instance here, its lease so not so clear...

Isn't the onus on any financial institution to do a needs assessment these days? This is supposed to check that what they are selling you is what you actually need. That can only have been done if the purchasers insurance policy has been reviewed in the light of the cover being offered by the GAP Insurance product. I may be wrong but this seems like common sense to me, but hey when did that mean anything.

It's good having these reasonable discussions, you actually learn things rather then just shouting and verbally abusing each other.