gap insurance

[Connemmara]

I am filling in my incident report for insurance of my theft of car and they are asking me if I have GAP insurance. Anybody tell me what this is before I say yes or no. Thanks - it is an emergency as I want to get these blasted forms faxed to them asap.

[dotty.]

frpm google:

A GAP insurance policy will cover you against financial loss should your vehicle be written off, filling the gap between the current market value and either:

* Original invoice price
* Replacement new for old
* Finance outstanding

Comprehensive Motor Insurance will not cover this gap!

[micmak]

Look at this link

http://cars.about.com...e/a/gap_insurance.htm

[Connemmara]

thanks for your answers so I say NO I dont have GAP insurance because I paid full cash for the car. Is that right??

[Connemmara]

and I meant to say I have only Fully Comprehensive sorry for being so stupid but I so want to say the right thing on the forms

[redcrx]

no, you say NO if you didnt buy GAP insurance.

did you take out a policy, usually from dealer, in addition to your normal car insurance?

[dotty.]

no, that's not it, it's insurance against losing out financially as far as i read it, so, i the car was 5K 2 years ago and after this the car would only be valued at 3K by the loss adjuster then you are covered or the 2K aswell, is tat not how it works?

[Connemmara]

sorry so what are you saying - no I did not take any other insurance only the Fully Comp. I will say no I dont have GAP insurance. Is that the final answer????

[karenmac60]

I think you only get the option of buying GAP insurance when you buy a new car - so if your car was a used car when you bought it then you won't have GAP insurance. If you did buy it new then you would have been offered this separately by the dealer, not from an insurance company, and you would have had to pay a sum of a few hundred pounds or so up front.

[Connemmara]

thanks karen - I had a friend in last night and he explained GAP and you are right. They - he and his son took GAP on his son's brand new car and dealer offered it to him. So now I dont have GAP cos my car was used mind you if I ever bought a brand new car it is worth paying into as my friend did say it was only a few more pounds. There ya go - you learn everyday. I never ever knew about this as I have bought a cuppla new cars in my day but never knew about GAP. Anyway thanks all for your answers. Bye for now