Member Advice on Insurance

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Member Advice on Insurance

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Review of "Member Advice on Insurance"

published 10/02/2001 | MistyBlueLady
Member since : 11/01/2001
Reviews : 13
Members who trust : 1
About me :
Excellent
Pro Peace of mind
Cons Can be expensive
very helpful

"Mind the Gap"

I may be teaching a few grannies to suck eggs here but I shall stick my neck out anyway. I recently purchased a new car. I took the finance from the dealership, I negotiated a good rate and was happy with my deal. It was then I learned about GAP insurance. Basically, we all know that when you drive your new or nearly new vehicle off the forecourt, you leave a little value behind on the tarmac....its called depreciation. Worst case scenario.....you drive a mile down the road, wham bang someone hits you causing a fair bit of damage. Out comes Mr Assessor who offers you £1,500 less than what you have just paid for it and less than the value of the loan outstanding. This is where GAP insurance comes in....it basically makes up the difference. You could of course battle out the short fall but I know of someone who had to wait nearly 6 months for a deal to be struck and in the mean time had to continue paying for a car she no longer had. I know that new cars are less likely to be written off but its not a certainty. I have only heard of this insurance available with car dealers but it may well be available independently, something worth having if you just take a bank loan out for the purchase. Prehaps pressure should be out on insurance companies that outstanding loans should be taken into consideration when assessing especially when its not the claimants fault. Then again pigs may well fly before that day dawns.

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Comments on this review

  • bazza1603 published 10/02/2001
    YEs, I would strongly recommend gap insurance.I was offered GAp insurance for a one of fee of £249 (payable at time of purchase)when buying a new car.Bear in mind if you pay £13 grand tomorrow for a Mondeo, if someone steals it in 3 years time and the book price if £6000 but you still owe £10000 because of the interest you get hit for £4000 plus you dont have the car.Think about it the above figurres are not to far away. Regards BArry
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Product Information : Member Advice on Insurance

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Ciao

Listed on Ciao since: 02/08/2000