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One for those in the trade...gap insurance.

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  • 04-01-2016 7:30pm
    #1
    Neilw
    Registered Users Posts: 3,777 ✭✭✭


    I've been offered gap insurance on a new car, 36 month policy with a max payout of €25k provided the car is a total loss.

    Are these policies worth looking into?

    Thanks :)


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    #2
    Neilw
    Registered Users Posts: 3,777 ✭✭✭Neilw


    It's a policy to make to make up the difference between market value at the time of total loss and the cost to buy a brand new car.

    So for example, car is €30k new, year two it's written off and my fully comp insurance pays out market value of €20k, gap policy pays €10k so I can buy new again.

    It's for 3 years and the max they will pay on total loss is €25k.


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    #3
    Drummerboy08
    Closed Accounts Posts: 12,102 ✭✭✭✭Drummerboy08


    On a Golf R it's a no brainer. Any of them that I sold the customer always took it. Was the same with BMW customers.

    Wouldn't be interested if it was a standard golf or focus or something but on a car that may attract attention I would.


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    #4
    Neilw
    Registered Users Posts: 3,777 ✭✭✭Neilw


    Drummerboy08 wrote: »
    On a Golf R it's a no brainer. Any of them that I sold the customer always took it. Was the same with BMW customers.

    Wouldn't be interested if it was a standard golf or focus or something but on a car that may attract attention I would.

    Thanks for the advice.

    What do you charge for the policy? ;)


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    #5
    Drummerboy08
    Closed Accounts Posts: 12,102 ✭✭✭✭Drummerboy08


    Neilw wrote: »
    Thanks for the advice.

    What do you charge for the policy? ;)

    Think most places is 399 for 25k cover


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    #6
    Neilw
    Registered Users Posts: 3,777 ✭✭✭Neilw


    Drummerboy08 wrote: »
    Think most places is 399 for 25k cover

    I was quoted €595, then reduced to €485.


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    #7
    Drummerboy08
    Closed Accounts Posts: 12,102 ✭✭✭✭Drummerboy08


    Neilw wrote: »
    I was quoted €595, then reduced to €485.

    Sounds pricey at that. Unless it's gone up in price since....

    Don't sell it in the current place.


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    #8
    dudara
    Registered Users Posts: 33,519 ✭✭✭✭dudara


    Does anyone have other thoughts on gap insurance. We're planning to buy a 131 shortly with deposit and finance. Our dealer has recommended looking into Return to Invoice gap insurance. I can see the benefits, but am not 100% convinced.

    I plan to talk to my insurance company tomorrow anyway in order to start making the arrangements to transfer insurance. But I'd appreciate any thoughts in the meantime.


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    #9
    sillysocks
    Registered Users Posts: 2,634 ✭✭✭sillysocks


    Wondering about this too. Got "offered" it by the finance company today, it's 10.50 per month for 36 months so just shy of 380 eur. The car I bought is a Hyundai Tuscon Exec, 161 and was around the 30k mark. I think it might be worth getting but wanted to see if anyone had any other advice about it.

    *edited to say I've just checked my car insurance and that claims to replace the car new for old writhing the first year so I'm guessing that makes the insurance a bit pointless in year one anyway?


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    #10
    seagull
    Registered Users Posts: 2,340 ✭✭✭seagull


    I'd imagine most places will insist on you taking the policy from when you take the car, and that you can't only start it after the car's first birthday.


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    #11
    Rusky rusky
    Registered Users Posts: 940 ✭✭✭Rusky rusky


    sillysocks wrote: »
    Wondering about this too. Got "offered" it by the finance company today, it's 10.50 per month for 36 months so just shy of 380 eur. The car I bought is a Hyundai Tuscon Exec, 161 and was around the 30k mark. I think it might be worth getting but wanted to see if anyone had any other advice about it.

    *edited to say I've just checked my car insurance and that claims to replace the car new for old writhing the first year so I'm guessing that makes the insurance a bit pointless in year one anyway?
    You can only buy GAP insurance within first 3 months of buying d car.


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    #12
    sillysocks
    Registered Users Posts: 2,634 ✭✭✭sillysocks


    That makes sense.... thanks! Hadn't thought of that :)

    So generally do people think it's a good idea then (and I guess in particular for what I've bought).


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    #13
    Rusky rusky
    Registered Users Posts: 940 ✭✭✭Rusky rusky


    sillysocks wrote: »
    That makes sense.... thanks! Hadn't thought of that :)

    So generally do people think it's a good idea then (and I guess in particular for what I've bought).

    If your car is financed and is written off after d accident, you will owe more to your bank than you'll get from d insurance. It def worth buying.


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    #14
    sillysocks
    Registered Users Posts: 2,634 ✭✭✭sillysocks


    Rusky rusky wrote: »
    If your car is financed and is written off after d accident, you will owe more to your bank than you'll get from d insurance. It def worth buying.

    Thanks! Think I'll go for it. I thought it made sense when they rang about it but wasn't sure was I just falling for a good sales pitch :)


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