[ColinDuff68]

I'm picking my new car up this week. My dealer has quoted me £799 for Gap insurance
Any recommendations where to purchase from?

[OciWan]

Not sure about the UK but in the US it’s very inexpensive to add via your existing insurance company. Mine was only 15 dollars more for the year

[tiggerii]

Worth first checking your car insurance, my insurance with Aviva guarantee's a new for old replacement for a new car over the first 12 months of ownership. So that removes the need for GAP insurance in year 1. I then took out GAP insurance for my X3 30e to cover years 2-4 only a week ago with ALA who I've used for years and that cost me £307.80 for the three years for a maximum claim value of £35k.

[avi66]

Originally Posted by ColinDuff68

I'm picking my new car up this week. My dealer has quoted me £799 for Gap insurance
Any recommendations where to purchase from?

Try ALA. I pay £352 for Replacement Vehicle GAP covering 4 years. Covers up to £50k difference between total loss payout and a new like car during the 4 year period when purchased for a new car.

https://www.ala.co.uk/gap-insurance/...ment-insurance

[avi66]

Originally Posted by tiggerii

Worth first checking your car insurance, my insurance with Aviva guarantee's a new for old replacement for a new car over the first 12 months of ownership. So that removes the need for GAP insurance in year 1. I then took out GAP insurance for my X3 30e to cover years 2-4 only a week ago with ALA who I've used for years and that cost me £307.80 for the three years for a maximum claim value of £35k.

Does it specify any time limit on the like replacement availability with Aviva ? Often there is a clause that reverts to paying invoice value or market if a replacement can’t be found in a certain timeframe. In my case, a like for like is probably going to be a factory order, potentially 12 months, and I don’t think the insurer will wait.

My ALA covers the difference (up to £50k) between total loss payout and the cost of a new replace like car during the 4 year cover period.

[BigMart]

I had my last policy with totallossgap.co.uk
https://totallossgap.co.uk/

much cheaper at the time .. 2021

hope this helps,
Mart

..... EDIT
Just checked and ALA are cheaper than total loss gap !

[Rbrown]

Definitely don't buy off dealer.

I've used this company 4 times. Well worth getting a quote and a lot cheaper for same cover.

https://gapinsurance.co.uk/about-us.asp

[NM2000]

Check ALA and then see if the dealer will match it. Also check who the dealer is reselling for as your contract would be with the insurer.

[SO8]

I’ve used ALA many times and had a friend actually claim years back from them. All good and very reassuring!

Hugely cheaper than my dealer. Under half the price iirc.

I took out 4 year cover and for the money it was a no brainer.

[The.bands]

ALA but check out Martin Lewis's MoneySavingExpert rather than signing up direct. There is usually a link through to ALA which will save you something like 15%.

[avi66]

Originally Posted by The.bands

ALA but check out Martin Lewis's MoneySavingExpert rather than signing up direct. There is usually a link through to ALA which will save you something like 15%.

MSE25 code on the ALA site got me 25% off. Don’t know if it’s still valid.

Edit still working as of a few seconds ago !

[Keefy]

Originally Posted by avi66

MSE25 code on the ALA site got me 25% off. Don’t know if it’s still valid.

Edit still working as of a few seconds ago !

Still works.

[jsh139]

With the price of used cars nowadays, is gap insurance even really necessary?

[M40i_Leo]

Originally Posted by avi66

MSE25 code on the ALA site got me 25% off. Don’t know if it’s still valid.

Edit still working as of a few seconds ago !

Thank you for the code, it worked for me.

[huggy509]

ALA gap insurance here too, less than half the price dealer offered

[bbb83]

gap insurance is for suckers

[avi66]

Originally Posted by jsh139

With the price of used cars nowadays, is gap insurance even really necessary?

In the UK yes.

[avi66]

Originally Posted by bbb83

gap insurance is for suckers

Lol how would you fund the gap between total loss and buying a brand new like for like in two years time ?

The car I’ve had for a few weeks would cost me £14k more if ordered today.

[jsh139]

Originally Posted by avi66

In the UK yes.

I see.

I guess in the UK what you’d be looking for would be some sort of “new car replacement” policy. In the States, GAP coverage typically just pays the difference in the insurance company’s valuation and the actual bank balance if your car is a total loss (written off). Anything above that is typically added as an additional rider to your insurance policy. At least that’s how I’ve come to understand it.

[bbb83]

Originally Posted by avi66

Lol how would you fund the gap between total loss and buying a brand new like for like in two years time ?

The car I’ve had for a few weeks would cost me £14k more if ordered today.

Having enough cash in the bank and not over extending yourself on credit

[Keefy]

Think I’d rather spend the relatively small amount on GAP insurance (£330 or $400) than have to keep the considerable amount of £14k or $16500 in my bank account just in case my car get’s written off. It’s a no brainer.

[avi66]

Originally Posted by bbb83

Having enough cash in the bank and not over extending yourself on credit

I think you’re missing the point. It has nothing to do with extending yourself with credit.

For me it’s not about over extending it’s simply to cover the increasing difference between insurance payout and the increasing cost of a new like car. If in a years time my car is totalled and the insurer pays market value, say £50k, a new like car at that point would probably cost £70k. Hence, for me, new car replacement gap for the 4 year period is more than worth it to cover £50k difference.