GAP Insurance... a good idea, or a waste of cash?

[drgav2005]

My dealer is currently trying very hard to persuade me to part with more hard earned cash on my new car for Gap Insurance... To the tune of £590 for 3 years cover

Anyone had the unfortunate need to use this, and thereby save their bacon? Or is this additional insurance total overkill?

[bompey]

I've just bought a new car and had the dealer push me hard and make me sign to say I refused it when I told him no way.
It's a con to make them money.

[D1MAC]

It is potentially worthwhile if you intend keeping the car for 2yrs+ and it gets half inched, which lets face it is always a possibility with an M.
However, dealers are just about the worst place to buy GAP from since to them it's a way of getting back valuable margin - £590 is taking the rise - double

Try www.hcforyou.co.uk/ or one of the others (Surf&Protect, Click4gap etc) as they will all be way cheaper. The Hitachi one is obviously backed by a big Co and you will get £20k of cover (which should be plenty) for 2 and a half hundred sheets

Edited by D1MAC on Thursday 15th March 23:13

[drgav2005]

Thanks for the feedback folks - I thought it was awful steep. I'll check out the alternative suggestions! Have a great weekend!

[taffyracer]

i'd never trust any advice from a dealer, i have never found a genuine one yet

[wrn]

It's always a fine balance as to know how far to take insurance. They are always looking for new ways to make money.

These days you can insure your insurance (sold as 'protected no claims') - but in reality if you switch insurer (which lots of us do lots) do they really disregard claims that were protected? I think not.

You can even insure your insurance on your insurance - insurers like Elephant enable you to protect your protection (sold as 'guaranteed no claims' - on top of 'protected no claims'). A bit ridiculous, me thinks.

We all know that the less insured you are the more likely a claim will be required - it's sod's law. But let's not throw too much cash at the insurance salesmen...

Edited by wrn on Sunday 18th March 20:18

[JAYZ4]

Try Lombard, they do some good GAP/return to invoice polices.