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Discussion Starter · #1 ·
Just interested to hear if anyone has taken out GAP insurance to cover their new purchase?
Not from the dealer but a third party such as the one advertised on the forum.
 

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No Idea how good or bad they are (as no claim made as yet ;O) ) but we did get GAP insurance with Gap4You, the dealer offered a 3-year "return to invoice" for £349 or £399 if I took it with LifeShine (offered @ what a surprise also £349).
Ended up taking a 4-year RTI policy for £189, think it was around £130ish for 3-year.
Hopefully, won't need to use it but £130/£189 for peace of mind we thought it was a no brainer.
 

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GAP insurance is exceptionally profitable for insurers. e.g. when did you last have a total write off for a brand new car?

Many articles on the web, e.g. (scroll down a little)
http://www.telegraph.co.uk/finance/personalfinance/insurance/10689345/The-tricks-insurers-and-retailers-use-to-sell-poor-value-insurance.html

Key point is that they make about a 90% profit margin on this insurance! (inverse of a 10% loss ratio).
Not saying that I'm not going to buy it for the sake of 130 quid, but that's why they make money of of us!!!
 

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Must admit more worried about car being stolen and not getting it back or found burnt out is a field than the writing it off myself :D
 

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kee said:
GAP insurance is exceptionally profitable for insurers. e.g. when did you last have a total write off for a brand new car?
Thankfully I personally haven't, however, my other half's best friend did in her 6 month old Suzuki Swift. Ended up having to be cut out. No GAP cover and it cost her, I quote, "thousands to get out of the finance agreement". She has it now, as does my other half on her brand new Mini. I will be getting it as well.

I only buy house insurance because of the possible total loss scenario of it being burned to the ground. I only buy holiday insurance due to the potential of having a massive hospital or medevac bill. If the big bills didn't exist, I would self-insure.

As you say, for the sake of £130 it's a no-brainer / sleep easy cover. Insurers are in business to make money so forget about their profit and focus on what your protection needs are. After all, it is optional.

I agree that the risk of theft without return is higher, especially with keyless entry. At the moment this seems to happen on the more expensive vehicles as they are more attractive. The BMW X5 has proved very vulnerable in the past. I have no idea how secure the SEAT system is. Is it too easily blocked as you walk away from the car? Who knows.
 

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sure, fair points Toby, but my point stands that this is a lucrative line of business so definitely should shop around to get the cover you want at the best price and imo that isn't at the Seat dealership
 

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Agreed. Mini wanted £499 and were convinced their policy was best value :? . Secured the coverage for £165 over four years from GAP Insurance. Expecting similar for the Ateca.
 

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If you are going to purchase Gap insurance through ALA that is promoted through this forum, use discount code PISTON12 instead as it gives you a 12% discount!
 

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Eshaness said:
Must admit more worried about car being stolen and not getting it back or found burnt out is a field than the writing it off myself :D
'
In that case the min your insurance will do is pay for a direct replacement (you may already be covered for a new car with your insurer).

I just don't get it. What's wrong with accepting a direct replacement - why pay extra money for a brand new car in the VERY unlikely event your car is a total write-off?

If you're unfortunate enough to be involved in a very serious accident and your car is smashed to pieces, you accept it will be repaired... so why do people all of a sudden find the need for a brand new car?

I really don't get this GAP thing - not surprised in the least to learn it's a big profit for insurance companies - just look at the commission the sales folk get for selling a policy!
 

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tobydog said:
Thankfully I personally haven't, however, my other half's best friend did in her 6 month old Suzuki Swift. Ended up having to be cut out. No GAP cover and it cost her, I quote, "thousands to get out of the finance agreement". She has it now, as does my other half on her brand new Mini. I will be getting it as well.

I only buy house insurance because of the possible total loss scenario of it being burned to the ground. I only buy holiday insurance due to the potential of having a massive hospital or medevac bill. If the big bills didn't exist, I would self-insure.

As you say, for the sake of £130 it's a no-brainer / sleep easy cover. Insurers are in business to make money so forget about their profit and focus on what your protection needs are. After all, it is optional.

I agree that the risk of theft without return is higher, especially with keyless entry. At the moment this seems to happen on the more expensive vehicles as they are more attractive. The BMW X5 has proved very vulnerable in the past. I have no idea how secure the SEAT system is. Is it too easily blocked as you walk away from the car? Who knows.
'
I don't mean to be rude but the above is absolute nonsense and shows a complete mis-understanding of what GAP is. You're not the only one- the majority of folk don't actually realise what GAP is.

What on earth has having house insurance or holiday insurance got to do with GAP? Are you suggesting GAP is a replacement for car insurance? Your car insurance covers your car, just like your house insurance covers your house and travel insurance covers your travel. I don't know what point you're trying to make. (If your house burns down your insurer will only pay out the cost of rebuilding your house, they won't pay out the cost of buying a brand new house i.e. it's the complete opposite of GAP).

As for sleep easy cover... for sure. There wil be thousands of people who've tried to claim on their travel or house or car insurance only to be told they're not covered (should have read the small print). GAP is no different. As with you're friends finance agreement which she obviously didn't read, I suspect she's only read the headlines / read the adverts / listened to the salesman and not actually read her GAP policy.

GAP doesn't pay for the replacement cost of your car. What GAP does is pay for the difference between the replacement cost your car insurance pays out and the cost of a new vehicle. (or as is more common, the invoice cost). What if the cost of a new car has gone up since you bought it? What if you bought the car on offer (such as the current £1000 off promotion?) and there's no promotion when you go to buy another car? That's you £1000 down already because GAP only pays the invoice cost. Sleep easy? Err no.

And where does this 'sleep easy' stop. What if your friend finds she has cancer? What if she get's made redundant? Does she now have to go out and buy an insurance policy to cover loosing her job or having a terminal illness? I'm sure there will be insurers queing up to sell her all sorts of policies for 'peace of mind'.
 

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Discussion Starter · #12 ·
Differing views and opinion is split :)

From my own experience, I would definitely purchase it again, if only for peace of mind.

I recently had my 2014 Qashqai written off. I chose to spend £134 on a vehicle replacement GAP policy just as it was the first time I had bought a new car in 18 years and while I understood that the chances of making a claim were small, there is always that possibility.. which in my case did happen.

Long story short, the GAP is due to pay out for buying a like for like replacement, which would now cost 4K more than it did three years ago.

I do hope I don't have to make another claim but for my own peace of mind I am happy to spend another £150 to cover the risk..
 

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Jonny said:
If you are going to purchase Gap insurance through ALA that is promoted through this forum, use discount code PISTON12 instead as it gives you a 12% discount!
Nice one, just used thanks!
 

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Just to add my tuppenceworth, a friend of mine in the motor trade told me some years ago that buying GAP insurance on a new car purchase is a 'no brainer', providing you shop around.
The new car dealers always try to push their policies, but much better (and a lot cheaper ones) can be found with a little research.
Yes, some obligatory car insurance companies offer a new replacement policy (with certain conditions) and I would imagine the vast majority of members of this forum are sufficiently au fait with their policies to know whether or not they've got that cover.
If you haven't, then my advice (and that of a trade 'insider') is 'go for it' !

P.S. 'Golfmk56' - Why do you feel the need to be so critical of others who submit posts with views contrary to yours ? This is a forum for Ateca owners to exchange views on their (intended) purchase to assist others in the same position. It is not a forum for argumentative pontification. It's not just this subject, but others that you have taken the same tone. Please keep your posts positive, on subject and your personal views on others to yourself !
 

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You're better off getting a cheaper quote from someone like Car2Cover or Total Loss Gap, then contacting ALA and asking them to price match, as they'll give an extra 20% off a quote for equivalent cover. Covered my wife's new Xcellence last week for £264 for five years (new vehicle, not just return to invoice) with ALA, after an initial quote from them of £410.
 

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Yes, I saw exactly the same - got the quotes, saved 'em and and mulling over whether to go for GAP or not. Not entirely sure it's right for my circumstances but ALA do have their price match offer and it's definitely cheaper over 5 years on competitors.

Wookiee - how did you find the quote matching service? Were they fairly quick to get back to you?
 

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Etchings said:
Yes, I saw exactly the same - got the quotes, saved 'em and and mulling over whether to go for GAP or not. Not entirely sure it's right for my circumstances but ALA do have their price match offer and it's definitely cheaper over 5 years on competitors.

Wookiee - how did you find the quote matching service? Were they fairly quick to get back to you?
ALA advertise their price promise on all the pages relating to GAP insurance. I ran the quote through and saved it late at night and they contacted me pretty much first thing the next morning to enquire where I was with it. I told them about the quote from Total Loss GAP - they went straight onto the Total Loss GAP website to validate the quote, which took about a minute, then offered the better deal immediately. If you were doing the quotes during office hours, you could just call ALA directly. It was pretty painless, to be honest.
 
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