A money-saving reminder about GAP cover

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A money-saving reminder about GAP cover

#1

Post by ChrisKnottIns »

Hi, here's just a quick reminder that you could benefit from Chris Knott's highly competitive GAP Cover if you're thinking about buying a new or nearly new car in the coming months. It doesn't have to be a club car - it might be an extra car for your household.

If you're buying from a dealer, the subject of GAP Insurance is bound to come up at some point. Of course, your dealer will have their own product to offer you but is there a better option?

You bet there is!

There’s a good chance you’ll save quite a bit of money over the dealer’s offering when you ask for a Chris Knott GAP quote - check out the testimonials below. And as we’re insurance experts you’ll have the benefit of sound, professional advice too if you need it.

For your no-obligation GAP quote please either call Chris Knott on 0800 917 2274 or use our online Quote & Buy facility at https://www.chrisknott.co.uk/GAP to find out how much you could save.

best,
Nick

USEFUL LINKS
What is GAP?: https://www.chrisknott.co.uk/GAP/CombinationGAP
Online Quote: https://www.chrisknott.co.uk/GAP
Policy Summary: https://www.chrisknott.co.uk/docs/GAPC_Summary.pdf
Full Policy Wording: https://www.chrisknott.co.uk/docs/GAPC_Wording.pdf



******************
TESTIMONIALS about Chris Knott GAP Cover:

"Just took this [GAP] up with Andy when we bought the wife's new Toyota GT86. £151 to cover a £29k car. This is combined cover to clear any finance and most importantly, pay the difference between the insurance settlement and the initial invoice price. Dealer wanted over £400! They also provided car insurance cover for the car. Again, really competitive prices and I know from experience that the cover, should the worst happen, is excellent." Squadrone Rosso, Alfa Romeo Owners Club UK

"FYI guys - just got a very competitive quote for car insurance and GAP insurance on the ultra prestige model from a lovely lady at Chris Knott. Worth checking out!" mjogreen, DS3Club

"I've used Chris Knott for a few years as a direct result of seeing them on here. They do great value GAP insurance too." dagdave, CMax OC

"Just a quick one, covered my ST earlier with Chris Knott's GAP Insurance, £120 for 3 years, it took me 5 minutes for a quote online and about 10 minutes on the phone to finalise. The lady I spoke to was great and managed to answer everything I asked. The purchase of GAP insurance was purely for peace of mind in case the car is ever to go missing and doesn't return. Don't hesitate, £40 per year is nothing for peace of mind. I can't comment on the service in a situation where the car has gone but so far so good!" titchytom86, FiestaST OC


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Re: A money-saving reminder about GAP cover

#2

Post by Lexo »

Only in the insurance industry would companies basically tell you that the product you were sold and told at the time was all you needed is not actually what you thought it was.
(Not just CK, every insurer does it).

Should the day ever come I'll argue that the cars insured for X and I paid premiums based on that. So I'll expect a payout of that much.
Easy enough to argue that if car is insured for X but the payout is only Y cause the insurers think it's worth less then they should still be paying X, after all that's what the contract stated. Anything else is surely a breach of contract, yet folks still fall for the 1st offer nonsense.

I'd put money on Gap cover being the new PPI in a few years time :icon-lol:


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Re: A money-saving reminder about GAP cover

#3

Post by ChrisKnottIns »

You arrange cover on day 1 but the value is dropping continually after that. Most insurance policies will pay new-for-old replacement on vehicles written off in their first 12 months of existence. Thereafter you'll get whatever the market value is. The GAP cover bridges the, err, gap between the new car value (or finance owing which may be greater) and the depreciated value. They're two different things - it's not a weakness in car insurance.
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Re: A money-saving reminder about GAP cover

#4

Post by Lexo »

Oh the debate I could have on this :icon-biggrin:

Quick question tho, if the value is continually dropping then why do premiums not drop to reflect this? Your still paying for the agreed upon valuation which is instantly wrong after you get the policy.


I like my 2 policy's with you tho so I'll be quiet now :icon-lol:
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Re: A money-saving reminder about GAP cover

#5

Post by ChrisKnottIns »

GAP is about getting you a new car again if it's written off in the first 3 years of ownership and paying off any outstanding finance. You car insurance only deals with one year at a time and insures for the value at inception. It won't clear any finance you might owe or get you a new vehicle.
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Re: A money-saving reminder about GAP cover

#6

Post by Lexo »

Ah-hah. I always thought it was to cover the gap between the valuation when you took out the policy and what you get offered if you have a write off.

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Re: A money-saving reminder about GAP cover

#7

Post by JaceMindu »

You don't want to write-off your car when you have finance on it. Any finance is always setup at the market value at the time, so the insurance is never going to cover it. As soon as you drive out the showroom, you lose 20%. Write-off your car and you're looking at paying to get out of your finance and taking a hit off your next purchase. Gap insurance is pretty useful and I'd recommend it for expensive vehicles, but 2 things, first, it's only worth anything in a write-off (which is less likely in expensive/newer cars) and there is a lot of competitiveness in the industry, so shop around.
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Re: A money-saving reminder about GAP cover

#8

Post by Fletch »

Lexo wrote:Quick question tho, if the value is continually dropping then why do premiums not drop to reflect this? Your still paying for the agreed upon valuation which is instantly wrong after you get the policy.
I notice this was not answered or even attempted to be answered. I left CK this year after a £62 A MONTH hike in my renewal premium. That was with the extra year no claims I had got that year.
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Re: A money-saving reminder about GAP cover

#9

Post by Lexo »

To be fair I don't think any insurer would want to answer that one :icon-lol:

Been with CK 2 years now on the coupe and put the work car with them this year too, that policy saved me (well the boss really) over £750 on the previous year.
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Re: A money-saving reminder about GAP cover

#10

Post by ChrisKnottIns »

Fletch26 wrote: I left CK this year after a £62 A MONTH hike in my renewal premium. That was with the extra year no claims I had got that year.
Your premium wouldn't have jumped that much without a change in your circumstances - maybe a claim, change of car, change of address, additional driver, etc. Rest assured we don't just hike rates unnecessarily, we prefer to retain customers for as long as possible.
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