car ready and waiting to pick up on thursday the dealer is now trying to sell me gap insurance

 

We got it on the basis that over the next 3 years - we will have other stuff to spend our savings on, and the insurance never pay out what the car is worth.

It really was an extra bit of peace of mind, as we'd spent so long saving up, we didn't want to have to again if the worse came to the worse.

 

can someone explain the principles of "gap" insurance please?

 

Well basically if you buy a new car for say

 

Check your insurance - you may find you're at least partially protected already. Tesco do a "new for old" if you total your car during the first 12 months (don't they, Mr Armstrong? )

 

Aha! I was already paying for it - just checked!

doesn't cover redundancy though - shame

 

I paid my GAP 2 weeks ago and totaled the S2 last week. insurance has offered me three grand less than I paid therefore GAP is making up the difference meaning I don't have to find an extra 3k and another car. Got a new one on order already and no worries about finding extra cash. Best buy I ever made to be honest.

 

Think I may have found cover for

 

Further to earlier details on GAP. If you have financed the car for say three years - and say you have a write off in the first year of ownership. Your insurance may give you new for old in the first year but you will be left short as the finance company will not refund all of your interest. Gap will cover this.

Don't forget with HP when you drive the car off the forecourt you will owe more than the car is worth.

 

Sorry to here you wrote it off

Have you only had it a week then ??