Is GAP insurance a rip off?

Wing Commander · Post by **Wing Commander** » Mon Sep 25, 2023 4:43 pm

Saw this today. Obviously the GAP insurance sold through OPCs has a massive profit margin. I think many forum members have found better value elsewhere (ALA etc).

andreas · Post by **andreas** » Mon Sep 25, 2023 4:56 pm

The usual rule is that if the OPC SE pushes a product heavily, it's likely to be overpriced.

Skyway · Post by **Skyway** » Mon Sep 25, 2023 5:51 pm

I used the ALA car replacement gap policy. With the 25% Martyn Lewis discount, for 4 years it was £352 which I was very happy with.

MooseMiller · Post by **MooseMiller** » Mon Sep 25, 2023 6:08 pm

Skyway wrote: ↑Mon Sep 25, 2023 5:51 pm I used the ALA car replacement gap policy. With the 25% Martyn Lewis discount, for 4 years it was £352 which I was very happy with.

Do you have a link to the Martyn Lewis discount?

Skyway · Post by **Skyway** » Mon Sep 25, 2023 6:35 pm

It is/was MSE25 which you add as you purchase on the ALA website.

Plyphon · Post by **Plyphon** » Mon Sep 25, 2023 6:38 pm

Skyway wrote: ↑Mon Sep 25, 2023 5:51 pm I used the ALA car replacement gap policy. With the 25% Martyn Lewis discount, for 4 years it was £352 which I was very happy with.

Same here. I thought for a couple hundred quid for peace of mind, probably worth it.

Of course, you could argue all insurance is overpriced and useless... until you need it.

Bluesnose1812 · Post by **Bluesnose1812** » Mon Sep 25, 2023 6:41 pm

I went with Direct line as they offered 2 year new for old.

This year when they raised the premium by 50% I moved to Esure.

I'd forgotten about the gap cover until this thread

Wing Commander · Post by **Wing Commander** » Mon Sep 25, 2023 6:53 pm

Bluesnose1812 wrote: ↑Mon Sep 25, 2023 6:41 pm I went with Direct line as they offered 2 year new for old.

This year when they raised the premium by 50% I moved to Esure.

I'd forgotten about the gap cover until this thread

You’re welcome.

Wing Commander · Post by **Wing Commander** » Mon Sep 25, 2023 6:56 pm

Plyphon wrote: ↑Mon Sep 25, 2023 6:38 pm
Skyway wrote: ↑Mon Sep 25, 2023 5:51 pm I used the ALA car replacement gap policy. With the 25% Martyn Lewis discount, for 4 years it was £352 which I was very happy with.

Same here. I thought for a couple hundred quid for peace of mind, probably worth it.

Of course, you could argue all insurance is overpriced and useless... until you need it.

Some policies are more overpriced than others though. 70% of the premium going to pay commission, and claims paid being only 6% of premiums paid = taking the mickey, hence the investigation.

wab172uk · Post by **wab172uk** » Mon Sep 25, 2023 7:30 pm

Never buy GAP from the manufacturer. Always a rip off

Is GAP insurance a rip off?

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