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GAP insurance
- Thread starter kingjohno
- Start date
Unless it’s a legal requirement, the decision to purchase insurance is a lot about peace of mind. I did buy some gap insurance for my MY. Note that it can be difficult to get vehicle replacement gap insurance because - not all insurers offer this because vehicle features change all the time so a direct replacement may not be possible. I got the return to invoice version. Consider an independent broker to advise you on the best type for your situation.
Might be worth looking in the various delivery threads. Lots of discussions about GAP there:
guicane
Member
I bought it this week from gapinsurance.co.uk, around £300 for 3 years cover up to 50k. I had questions like you seem to have and called them up and a friendly guy explained everything. Recommended.
100% get gap. I had a tree fall on my last car and it saved me a nightmare shortfall of almost £8,000 on a 13 month old car.
My understanding on policies
Vehicle Replacement - They cover the difference between the insurance pay-out and the cost to replace to a similar vehicle with the same make, spec, mileage and age as your vehicle.
Return to invoice - They cover the difference between the insurance pay-out and the cost of the vehicle on the invoice or the outstanding finance balance, whichever is higher.
Combined return to invoice is both, and you get whichever is higher.
I generally do combined or return to invoice, this time I'm likely to do combined only as the car has increased in price since I ordered it.
As an aside, many insurers provide new for old insurance cover anyway for a new car's first year - so you don't usually need GAP if you only intend to keep the car for the first year - I don't think you generally get the option to purchase VAT for your second year of ownership though so generally if you intend on keeping the vehicle a while get it at the start
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