Should I get GAP Insurance for my Macan S?

[Dinkdinkdonk]

Hello All,

I'm looking for some advice on GAP insurance. I've just bought a 16 plate Macan S Diesel (Reg'd in August) and insured it through Elephant. Looking through Elephant's terms and conditions it looks like there is no 'new for old' for the first 12-24 months, although I'm not sure without calling them.

If there is no 'new for old', should I consider GAP insurance, just in case it's written off in the next 3 to 5 years? I don't have finance on it, but I'd like to buy a new or nearly new replacement should the worst happen.

Many thanks.

[Ozone]

I may have misunderstood what you are asking, but normally gap insurance covers the difference between the insurers valuation of a vehicle and the outstanding finance. If you don't have finance there is no gap to cover.

Speak to the PH recommended gap insurers for advice http://www.pistonheads.com/gassing/topic.asp?h=0&a...

[Porsche911R]

life is a risk, no one can tell you to buy GAP or not, I hate the product and never buy it.
but then I don't buy extended car warranty or life insurance either.

If you live life wanting to cover every thing buy it, if not don't.

people insurances can cost £500 to £600 a month for 50 years that's £360,000.

I tend to put the money into my pocket and not the insurances pocket.

if the worst should happen like you think it might, you would not be worse off without it, you would get market value pay out to buy another one.

If you want to set fire to it in 3 years and get a brand new one then GAP could work....

I just find insuring insurance is daft as is insuring no claims bonus etc etc, it should all be banded and is a con.

I just think they are all on the take and make up extra insurance to make more money.

Edited by Porsche911R on Monday 31st October 15:45

[Twinfan]

Ozone said:

I may have misunderstood what you are asking, but normally gap insurance covers the difference between the insurers valuation of a vehicle and the outstanding finance. If you don't have finance there is no gap to cover.

Not true, you can buy polices that will cover you for the gap between vehicle value and the original invoice price.

Personally, I'd buy the gap cover. For a few hundred quid it's not that expensive to cover yourself for 5 years.

[Dinkdinkdonk]

Thanks for the replies.

As suggested above, I'm only interested in the 'Back to invoice' option. The quote is sub £400 for a difference limit of £40k over the next 5 years. I am tempted, as it would help me sleep a little better and I guess that's what insurance is for. As long as it's not an outright scam, I think I'm edging towards doing it.

[Maxym]

I'm with 911R. It's a rip-off. How many cars have you had totally written off. How likely is that to happen to you? And they are charging what for GAP insurance?

[Ken Figenus]

£250 for an M235i for 5 years. Brand new car if anyone writes it off in that time and cover to pay off the finance shortfall (if any) whilst its on it too. Happy with that value. Like finance just don't get it from the dealer as their mark up can be very costly.