GAP Insurance
10-23-2003, 02:11 AM
#1
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GAP Insurance
Cant remember if this has been discussed before, but is anyone considering GAP insurance.
Ive looked at it before when buying a new car and found it a rip off.
However, Mazda have give me details of their scheme, and there are 3 options.
The one that looks best is Level 2, which for a £270 one off payment for 3 years will:
"Cover the difference between the car insurance settlement and the invoice value of your vehicle at the start of the agreement - which means you will get back the original purchase price in full. If your vehicle is financed you can use this payment to settle any outstanding finance, with any remaining balance put towards your replacement vehicle"
This doesnt seem to bad to me, its a cheaper option than getting a tracker.
Has anyone done any shopping around for other quotes?
Cheers
Mark
Ive looked at it before when buying a new car and found it a rip off.
However, Mazda have give me details of their scheme, and there are 3 options.
The one that looks best is Level 2, which for a £270 one off payment for 3 years will:
"Cover the difference between the car insurance settlement and the invoice value of your vehicle at the start of the agreement - which means you will get back the original purchase price in full. If your vehicle is financed you can use this payment to settle any outstanding finance, with any remaining balance put towards your replacement vehicle"
This doesnt seem to bad to me, its a cheaper option than getting a tracker.
Has anyone done any shopping around for other quotes?
Cheers
Mark
10-23-2003, 02:58 AM
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i got this on my TT - never had to use it, so dont know if it would have worked!
For three years on my TT it cost 300 - some people managed to negotiate lower - others got ripped for more. It got incorporated into the finance. I had two options - finance gap - i.e. they pay out for any "negative equity", and list price - i.e. you get the difference between insurance and what you paid.
The only small print problem I found was a get-out clause if your excess was over a certain amount - worth checking...
For three years on my TT it cost 300 - some people managed to negotiate lower - others got ripped for more. It got incorporated into the finance. I had two options - finance gap - i.e. they pay out for any "negative equity", and list price - i.e. you get the difference between insurance and what you paid.
The only small print problem I found was a get-out clause if your excess was over a certain amount - worth checking...
10-23-2003, 03:40 AM
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I did start a thread on this a few weeks ago. My delaer quoted me around £399.00, which sounds expensive to what Mr digital has been quoted. Either way I am going to take it out, if you can spend £25k on your dream car whats another £400.00 for peace of mind for 3 years.
10-23-2003, 04:09 AM
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I too was quoted 399 by Mazda and I took it out. Haven't actually paid yet but did a few interner searches and found that 300 to 400 is a fairly standard price though not many companies offered it.
Here is one http://www.car-finance.net/GAP_uk.htm
Their invoice top up is 300, their vehicle replacement is 400
Here is one http://www.car-finance.net/GAP_uk.htm
Their invoice top up is 300, their vehicle replacement is 400
10-23-2003, 07:04 AM
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The one I have been offered by my dealer is www.carcareplan.com.
The price is only £270 which seems good compared with others.
The price is only £270 which seems good compared with others.
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