Gap Insurance

[village idiot]

My insurance company keeps reminding me that I must take Gap Insurance or loose out if my van is replaced or stolen as only its current value will be paid.
They say if I take out Gap Insurance, then in the event of any problems, the van will be replaced with a brand new one. I have my suspicions and declined.
Has anyone any experience in this area? Has anyone taken it and insurance paid out for brand new van?

 

[clarky101]

Had it for the last three cars but never claimed on it....not really much help eh...

 

[townfanjon]

I have it on my new van, it seems to be the next thing in the insurance world, its like any insurance its all risk.

 

[village idiot]

I declined it with my last van.

 

[REDSAW]

its an adjustment between 'market value-trade price' of vehicle and 'actual cost of replacing it for exactly the same-retail.
unless vehicle cost £20k 6 months ago dont bother imo.

some vehicles i.e ferrari may cost £120k new-6months later=£70k leaving you £50k short. thats what its for.

was on t.v earlier lol

 

[lame plumber]

you get nought for free, most folk accept their van is decreasing in value each year, I'd rather save on the insurance and put it towards my next van. Otherwise you could drive like a nun so that any accident isnt your fault and claim like a good'n off whoever hits you

 

[newcastle phill]

I took it on a car once.
Wrote it off. My own insurer paid out within 10 days.

The gap company wouldnt pay out because the original invoice wasnt absolutely complete 100%.
The supplying garage ommitted a few boxes.
Then a complaint to the ombudsman found in my favour.
Almost 4 month and I finally got paid out.

A bunch of crooks.

 

[Millsy 82]

It's just another way of insurance companies taking money out of you. Unless you drive like an idiot then don't bother. Insurance companies have to leave you in the same position as you are so if you have a 2 week old van that is written off with only 1k on it they have to give you a price the same as it.

 

[REDSAW]

dont forget you loose 25% when used