[TallPaul]

Ok, I did a search and I can see some recommendations etc, but I am struggling to work out just how much GAP cover is needed. Any experts on here or real world advice?

Lets say I total it getting home from dealer, I have market value + 24 months PCP payments, probably loose few grand driving it off the forecourt, £5000 or £7500 cover probably ok.

12 months down the line, leaf "market value" probably 60% of the £27,000 invoice OTR price - so GAP is more like £10,000 and the 12 months remaining PCP payments - I need £15,000 cover then? (next step up from £10,000)?

Never bought GAP before as I always buy cars outright usually and don't bother, but with PCP and the, err, creative (optimistic?) GFV I can see on the deal I got I think its worth the £100 or so its going to cost online (not the £300 the dealer quoted I might add!).

Its very confusing... what is everyone else doing?

(and I saw comments check first year insurance may include invoice payout not "market price" but not with our insurer it seems hence 2 year to match 2 year PCP).

 

[Zeno]

I think I selected "return to invoice".... at least I hope I did... that way any o/s finance would be cleared and I might have a little left to pay as a deposit towards a new(er) model.

 

[TallPaul]

Ok makes sense... but they still want me to specify maximum claim?

Will call one of the brokers in the morning and ask I guess.

 

[BlackLeaf]

On the basis that you will presumably have finance around the 20K mark and these cars seem to be worth sub 10K very shortly after purchase (someone just said he was offered 9K trade in on a 2014 one) I would suggest you pick at least 10K as your maximum claim.

 

[Jules]

Hi

I had the same worries last week. I went for 'back to invoice plus' £15k, 3 years. Never done PCP or GAP before either, and insurer doesn't return to invoice.
I clicked through 'quidco' first and got 10% cash back. Policy cost me £136.
So minus 10% cash back - total £122.40 that's worth it in my book. There was may £4 difference between £10k and £15 so I went for the higher. I refused to get the dealer £299 one.

Let's hope we never need it, but I feel happier now I've got it.

 

[gman]

Ok makes sense... but they still want me to specify maximum claim?

Will call one of the brokers in the morning and ask I guess.

I called ALA and found them very helpful on the phone. They were happy to explain everything and also price matched and discounted the lowest quote I found which wasn't just a few quid different. Went for £15k in the end.
When I called back they even agreed to move the start date by over a month for free because of a cock up with the dealer and Nissan's TCU car registration block.

 

[TallPaul]

Thanks all, there really is a small difference between £10K and £15K cover it seems (well, in policy cost, clearly there is a £5000 difference!) so will go with £15K as I can come up with scenarios where the car is easily £10K down very quickly on "market value" verses purchase price or finance remaining. Think I will try the people behind easygap.co.uk, gapinsurance.co.uk seemed ok as well but slightly more expensive.

 

[TallPaul]

Quick update for anyone finding this thread later, Aequitas Automotive Ltd who are behind easygap.co.uk and a number of other gap sites do a "return to invoice" policy for £115 (2 years) with no limit - so I went with that, sounds good value assuming all the T&C's stack up when they arrive.

 

[catherington]

On the basis that you will presumably have finance around the 20K mark and these cars seem to be worth sub 10K very shortly after purchase (someone just said he was offered 9K trade in on a 2014 one) I would suggest you pick at least 10K as your maximum claim.

We were offered between £7000 and £ 8000 on a 16 month old Acenta in metallic . 12000 miles !

 

[TallPaul]

We were offered between £7000 and £ 8000 on a 16 month old Acenta in metallic . 12000 miles !

Some of the prices on autotrader when I looked last night were very scary! That's why I am liking the unlimited GAP cover policy idea, just in case... also suddenly made me wonder why I did not buy a 18-24 month old car instead of taking a new one on PCP? Maybe in two years...

 

[catherington]

Some of the prices on autotrader when I looked last night were very scary! That's why I am liking the unlimited GAP cover policy idea, just in case... also suddenly made me wonder why I did not buy a 18-24 month old car instead of taking a new one on PCP? Maybe in two years...

I think that is very wise . Ours has just gone back after a 18 month pcp. I didn't take out Gap but wouldn't risk that again. We paid a very fair £ 75 at the end for damage ( a broken "day" light and a chip on the rear bumper ) .I realise now it could have been a lot worse.