GAP insurance
 

I am looking at either a new import S2000 or nearly new UK S2000. Can I get GAP insurance for a second hand S2000? Is it worth getting? (I know the problems dreamer has been having)

I have searched the FAQ but couldn't find anything appropriate! :)

I doubt you can get it for a second hand car. In the event of a write off, you'd just have to haggle and show what the true replacement cost is.

You might be able to get it on an import - although I suspect it would have to be a third party insurer since Honda wouldn't offer it and I doubt it's the kind of thing Bob Gerrard or Hondas UK (or the other importers) offer. But then you never know - could be worth asking if you go down that road.

Should you be committing financially to a vehicle you can't bridge the difference between the insurance payout and the vehicle worth yourself?

i.e. You should never buy a vehicle without enough in savings to cover disasters, blowups etc. Those kinds of savings will easily cover the gap between insurance and worth. Insurance companies will always offer below the vehicles worth on write off/stolen/loss payouts and it's down to you to negotiate an acceptable payout from them.

Obviously this is very much my opinion and your mileage may vary.

I agree StuartL and that's why I'm asking whether it is worth the cost. Does the cost of GAP (if ever needed) actually make it worthwhile should the worst happen? I should find out how much GAP insurance would cost first I suppose! :rolleyes:

GAP should be worth it in theory (on a new car) however it is a pile of crap if my ongoing experience is anything to go by

You can get Gap Insurance for a second hand car ...... as long as it's from a Honda dealer as one of their 'approved cars'.

The insurance though still costs the same as on a new car but will only run for whatever part of the first three years of the cars life remain.

I know as we did this with our CTR ..... ex demo at 9 months old. We paid the same as I did for having it on my new S2K .... thought it was worth it for peace of mind - now, after Dreamers problems I'm not so sure !

I brought gap with my used S2000 from Honda dealer even though i brought it out right, theory is if it is written off in say two and a half years time with 90k on the clock i will still get

The GAP insurance purchased through the Honda dealer is fraught with problems - I too thought it bought peace of mine.

As a taster - they have caused 4 weeks delay in processing the claim, caused me large amounts of storage charges I am still haggling about, have lost every single piece of correspondance I have sent them (3 letter and 3 faxes), refused to allow me to speak to a supervisor, and have over-valued the car by

:( sounds like a healthy bank balance is better insurance ;)

:iagree: GAP insurance is great money for the insurance co's and stealers alike. It is a high margin insurance product and unfortunately as Dreamer is discovering a nightmare to actually get a correct claim off of.