Welcome to Tesla Motors Club
Discuss Tesla's Model S, Model 3, Model X, Model Y, Cybertruck, Roadster and More.
Register

GAP Insurance + lease?

Ash92

Member
Oct 22, 2020
17
5
Teesside
Hi!

I've recently placed a deposit or a 2020 Model 3 LR.

I will be leasing this with a low initial payment, as it doesn't make any sense to cough up more money up front for minute savings over 4 years.

In the past, I've purchased gap insurance when buying a vehicle through PCP.

Is this something I need to cover for a lease? If so, does anybody have any recommended suppliers?

I'm also looking for third party lease companies - Tesla seem to be quite competitive with their leasing plans, but from experience, has anyone managed to find a cheaper offer elsewhere?

Many thanks!

Ash
 

DaveW

Active Member
May 21, 2019
1,154
915
Beds, UK
Hi Ash,

From everything I read, it's still advised to have GAP for lease. I used ALA and the discount code MSE25 (from MoneySavingExpert) which was the highest discount I could find :)

Lease company wise, I can give you Cyril at Octopus's direct contact details if you want, he was brilliant with me and I get the feeling if you've found cheaper he'll do what he can to try and get a lower price for you, although not a guarantee!

Dave.
 
  • Like
Reactions: Roy W.

Roy W.

Battery running low...
Jun 3, 2019
2,290
2,283
Derby, UK
Hi Ash,

From everything I read, it's still advised to have GAP for lease. I used ALA and the discount code MSE25 (from MoneySavingExpert) which was the highest discount I could find :)

Lease company wise, I can give you Cyril at Octopus's direct contact details if you want, he was brilliant with me and I get the feeling if you've found cheaper he'll do what he can to try and get a lower price for you, although not a guarantee!

Dave.
Hi Ash,

Welcome to the forum!

I don’t know how competitive they are now, but when I got my Model 3 last year the cheapest deal I could find was from Total Loss Gap -

www.totallossgap.co.uk

Cheers - Roy.
 

Ash92

Member
Oct 22, 2020
17
5
Teesside
Hi Dave,

If you could pass me Cyril's details, that would be great thanks!

Hi Ash,

From everything I read, it's still advised to have GAP for lease. I used ALA and the discount code MSE25 (from MoneySavingExpert) which was the highest discount I could find :)

Lease company wise, I can give you Cyril at Octopus's direct contact details if you want, he was brilliant with me and I get the feeling if you've found cheaper he'll do what he can to try and get a lower price for you, although not a guarantee!

Dave.
 

Billbrown1982

TM3 LR 2021 | Red | FSD
Dec 21, 2020
301
145
Basildon
I didn't want to start a new thread so I'll see if I can bump this one up slightly. I'm looking at GAP as well for my finance'd Tesla coming in March (maybe)

The only thing I can't decide between is:

3 Years Return to Invoice
vs
5 Years Return to Finance

The ONLY reason I ever get GAP is incase of uninsured drivers or vandalism or hit and run etc etc that writes off my car and leaves me out of pocket.

Normally get 3 years RTI but due to this being my first long term finance coupled with the seemingly unique way that Tesla's depreciate, I'm wondering if after 3 years i'd be building equity in the car and therefore covered incase of a total loss, or wether I should get the 5 years to be safe.

Any thoughts appreciated! :)
 

Jagdipa

Member
Jan 17, 2021
40
23
Manchester, uk
I know this is an old(ish) thread, but am thinking of a gap insurance (return to invoice).

My guess is that it all depends on price what you get. My insurance is high (£1000/year), but the gap insurance for 4 years return to invoice is only coming out to £399. I had someone call stating she could get it down to £370. That's not too bad for piece of mind!

Note that I haven't bought my Tesla yet. But I'm doing my research first.
 

About Us

Formed in 2006, Tesla Motors Club (TMC) was the first independent online Tesla community. Today it remains the largest and most dynamic community of Tesla enthusiasts. Learn more.

Do you value your experience at TMC? Consider becoming a Supporting Member of Tesla Motors Club. As a thank you for your contribution, you'll get nearly no ads in the Community and Groups sections. Additional perks are available depending on the level of contribution. Please visit the Account Upgrades page for more details.


SUPPORT TMC
Top