Is GAP insurance worth it?

SlyReaper · 26 Apr 2015 at 16:56

So, I'm buying a new car, agreed price of £34,500. The dealer is offering something called GAP insurance for £465, which will last 4 years. If the car is written off in that 4 year span, then they will top up my insurance payout such that the total is what I originally paid.

Good idea? I'm leaning towards getting it, but since I didn't have to decide immediately, I said I'd take advice.

SlyReaper · 26 Apr 2015 at 16:59

I could call them squidaroonies instead? OK, I'll edit my post.

SlyReaper · 26 Apr 2015 at 17:06

I just checked click4gap. Their quotes aren't great. £393 for 3 years cover and a £15k claim limit (which is what I expect my depreciation to be over that period). Given that, £465 from the dealer for a 4 year period seems more attractive.

SlyReaper · 26 Apr 2015 at 17:24

Thanks for pointing me towards ALA, they're giving much better quotes. I wonder if my dealer will match that quote? Given it's less than half the price, I suspect not, and I'll get the ALA insurance.

SlyReaper · 26 Apr 2015 at 17:45

I'm actually going to be paying for mine outright. No loans. Is it still worth getting? I mean, if my 2 year old S3 got trashed because some idiot drove into the side of me, I'd rather replace it with a brand new one than another 2 year old S3 where I have no particularly clear idea of the car's history.