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  • GAP Insurance


  • #2
    I've never heard of GAP insurance.
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    • #3
      Ive never heard of it either. Most google hits seem to be american. Its a policy that bridges the gap in the event of a total loss between the value insurers will now pay out for the car and the actual cost of buying a replacement and paying off any interest and penalties due on your finance deal. A kind of new for old policy. I assume its something similar in the UK. I suppose it can depend on how the car is financed . If its on a lease ,returning the car after 3 years ,then maybe the terms and conditions impose penalties in the event of damage that might be worth insuring separately. I dont know, I have never leased a car.. I think some normal car insurance policies pay out new for old anyway for a period on a new car.

      When I did buy new cars I always refused to buy their 3 year servicing plan, knowing I would trade the car in at 3 years old and not benefit from a third service. Gap insurance might be something that needs similar logical thought and a close look at terms and conditions.
      Last edited by Bugman; 30-08-2017, 06:10 AM.

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      • #4
        I know a lot of 'new' car owners that have it on cars on finance, not sure any of them understood why though. I imagine if you end up writing the car off it might turn out quite handy in case the payout isn't enough to cover the outstanding finance etc


        Sent from my iPhone using Tapatalk


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