GAP Insurance + lease?

[Ash92]

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]

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.

 

[Roy W.]

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]

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.

 

[Ash92]

Roy,

Many thanks - I'll check it out.

Ash

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.

 

[DaveW]

Hi Dave,

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

Dropped you a PM Ash

 

[LA13]

@DaveW Hi Dave, Im actually in the market for a lease on a M3 too, would you be able to fire the contact over to me if possible? Thanks!

 

[DaveW]

@DaveW Hi Dave, Im actually in the market for a lease on a M3 too, would you be able to fire the contact over to me if possible? Thanks!

Just sent them through

 

[Billbrown1982]

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]

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.