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GAP Insurance

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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.


      • #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

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