GAP insurance.

[Deniz94]

I was looking into GAP insurance and was wondering how could it help me?
My car is on finance which i owe roughly £10,000 and im sure the value of my car is worth more than that by the insurers.
So if my car was written off/stolen how would gap help me? The price for the car was just under £16,000 when i bought it and i paid like £3000 deposit cant remember the exact amount.
Does gap give me £5000 back if my insurers give £10000 to the insurers?

[greg7728]

Gap only covers the gap between what your insurers pay you and any outstanding finance or difference between that and market value. It's only really any good for brand new cars for first year and most insurers do new car replacement for first year anyway so it's not really useful - especially if ur car is worth more than any outstanding finance/you think the insurer would pay out more than market value (in good condition or low miles etc) personally it's a bit of a con. So I would swerve it, and it's a ball ache to try and claim on.


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[Brendan1827]

Gap is just another money laundering scheme