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Thread: GAP Insurance

  1. #1
    Vec-C Facebook Admin thegoldenbullet's Avatar
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    Default GAP Insurance

    Hiya.

    i have just purchased a Kia Picanto 999cc go kart thing for the other half. Due to credit history, the rate is extremely high, but she wants what she wants, and she is paying for it lol

    anyway, they offered me GAP insurance at a whopping £18 per month for the 36 month term of car finance, totalling £648!!!

    Anyway, I know what GAP insurance is and how it works, and found a 2 year deal on www.ala.co.uk for a £56.05 one off payment. Not bothered about the last year, as I'm hoping to have paid the car off by the 2 year point.

    Has anyone had any dealings with www.ala.co.uk? and is the GAP insurance really worth it?

    I want some kind of cover as she passes her test in June and its a lot of money to have to pay out if the worst happens.

    i look forward to any advice (and any jokes about owning a Picanto!)

    Cheers

    Russ

  2. #2
    Forum Moderator John LE's Avatar
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    Can't help with the GAP insurance but she WANTS a kia picanto....

  3. #3
    Vec-C Facebook Admin thegoldenbullet's Avatar
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    Quote Originally Posted by John IS3 View Post
    Can't help with the GAP insurance but she WANTS a kia picanto....

    Basically,

    Car = £2995
    Total cost inc Finance =£5127 (expensive i know)

    if the car gets written off and insurance comany pays out £2000

    I'm stuck with £3127 (minus payments made) to pay ASAP.

    The GAP insurance with pay the £3127 and clear the finance.

    God knows how they can make money on this at £56 for a 2 year policy, unless no one ever needs it!

  4. #4
    Regular Member R-man's Avatar
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    Don't wish to urinate on your deep fried potato bits but I wouldn't be taking finance that sounded like that! Even I'd lend it cheaper!
    Last edited by R-man; 24th April 2012 at 17:25.

  5. #5
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    thats too dear , i got 3 year gap for £400 on a 22k car

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    I bought a brand new Kia Rio in 2010 (outright) however I had GAP insurance on it. Bought direct from ALA for about £120, £8500 return to invoice over a 4 year term.

    No worries!

    Thera are different types of GAP too. I previously thought the GAP was rubbish, but an idiot I know wrote a MINI off and got paid out, so figured £120 was a fair gamble! You will need to be bang on time for ever service too, or its void.

    Hope that helps

  7. #7
    Administrator Big-Pete's Avatar
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    Quote Originally Posted by bembo449 View Post
    thats too dear , i got 3 year gap for £400 on a 22k car
    Yeah same here, I was offered 3 years GAP on my new RRS for less than £400, I took it out even though I have no finance on the car because @ <£400 it was worth having.
    If i were you Russ I'd go with the cheaper option m8

  8. #8
    Vec-C Facebook Admin thegoldenbullet's Avatar
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    I'm aware te finance is expensive, but...
    1. The second car is a must
    2. Planning to pay it off over 2 years rather than 3, thus saving approximately 900 quid according to the loan papers.

    I'll go for the 2 year gap cover at £56.

    Cheers for the advice, sounds like a good thing to have

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    Regular Member rjw's Avatar
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    Gap cover is worth it if its cheap, I'd have it without failure on a car without finance, so in an accident you don't have to worry bout negative equity etc. I'm surprised it doesn't see high level of staged accidents. If my pug is written off in 2 1/2 years time I'll get the 9k I paid for it back, yet if I sell it in good condition it will probably only be worth 4.5k max..

    Sent from my HTC Sensation Z710e using Tapatalk 2

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    Any one with finance would be a fool not to have GAP imo

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