GAP Insurance

Martynt74 · 21 May 2024 at 14:54

Hi All,

I know the old favourite for GAP insurance used to be ALA, but looks like they've stopped offering it anymore

Does anyone else have suggestions? My mother in law is buying a 1yr old Lexus and i said i'd get some quotes for her to compare against the Lexus quote.

tom_e · 21 May 2024 at 15:10

I got mine from Ping insure a couple of months back. £100ish

Maundie · 21 May 2024 at 19:16

That's really strange especially the part about them believing other providers have paused providing GAP insurance as well, we got ours in November from ALA via the PistonHeads link, I'd be interested to see if other providers have indeed paused from providing as that would worry me if no-one is providing cover\quotes currently

tom_e · 21 May 2024 at 19:18

Maundie said:
That's really strange especially the part about them believing other providers have paused providing GAP insurance as well, we got ours in November from ALA via the PistonHeads link, I'd be interested to see if other providers have indeed paused from providing as that would worry me if no-one is providing cover\quotes currently

The regulations changed at the very end of February meaning a lot of places stopped offering it.

I originally had it thrown in with my car as part of the deal but even the company Seat use stopped offering it just before I picked it up

Maundie · 21 May 2024 at 19:22

tom_e said:
The regulations changed at the very end of February meaning a lot of places stopped offering it.

I originally had it thrown in with my car as part of the deal but even the company Seat use stopped offering it just before I picked it up

Hmm must be the regulations mean it's not a licence to print money then as I would imagine GAP insurance isn't claimed on half as much as normal car insurance (am I right in thinking it only comes into play for a total loss\write off?)

johnny6 · 23 May 2024 at 07:04

GAP insurance has stopped for everyone (except for a limited number of providers) while the FCA review if it offers good value to the consumer.

Martynt74 · 23 May 2024 at 07:45

Cheers guys, seems this is a disappointing revelation!

Hopefully she doesn't have any issues!

ristac · 23 May 2024 at 07:59

johnny6 said:
GAP insurance has stopped for everyone (except for a limited number of providers) while the FCA review if it offers good value to the consumer.

No need to review it, it simply doesn’t offer good value

Penfold101 · 23 May 2024 at 08:03

ristac said:
No need to review it, it simply doesn’t offer good value

I dunno - I paid 500 quid for it on my Polestar when it was just over a year old. If it’s written off just before the 3 year point, I get the invoice price plus 15% back.

Seems like a good deal to me personally, but like all insurances it’s about probability.

GravyMonster · 23 May 2024 at 09:57

It was very good value when my wife got t-boned at a junction in her 1 month old Civic. Literally saved us thousands.

[TW]Fox · 23 May 2024 at 10:20

ristac said:
No need to review it, it simply doesn’t offer good value

Why is it not for the consumer to decide this? You were always perfectly able to not purchase it if you felt it didn't offer good value.

tom_e · 23 May 2024 at 10:22

I'd say general motor insurance right now offers much less value but no ones trying to get rid of that :cry:

BDEE · 23 May 2024 at 11:09

Bought my last policy through Chris Knott Brokers. It was decent value and I thought the policy terms were pretty favourable. I didn't need to claim, but I was confident in the policy had I needed to.

Vanquish-Storm · 23 May 2024 at 12:12

When did ALA stop giving quotes for GAP Insurance? My policy ends soon and they sent me an email last week with a discount code to use if I had or plan to change vehicles.