GAP insurance
Can anyone recommend a company to provide GAP insurance for a Motorhome (4250kg). I have seen a few that will provide it MH’s with a max weight of 3500kg.
Regards
Comments
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I have used GAP insurance on one of my cars with a company called ALA but don't know if they also insure motorhomes. I was happy with their product and it was good value.
David
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When you take a new vehicle from a showroom forecourt it drops in value on day one. Gap insurance basically provides new for old for a period of time. Drive of forecourt and vehicle totalled and you get back your original purchase price.
Not usually with your main policy but a separate policy usually with a different insurer to main policy
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It's not normally needed for a new car in the first year of ownership as your insurance should (check wording) pay out the full market price. We normally defer our GAP till the second year.
See which for further details.
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'Most fully comprehensive car insurance policies offer ‘new car replacement’ during the first 12 and sometimes even 24 months for new cars, so if yours does and you're still in this period you won't need gap insurance.'
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Assuming that most insurance policies provide new for old insurance for the minimum of the first year GAP insurance covers the second and third year. So if your vehicle is written off in year 2 or 3 the insurance will only pay out the approx trade in value of the car. Given that new cars lose so much of their value during those years you could be left seriously out of pocket. Most cars dealers will try and sell you a policy but they are often twice the price of using an independent company.
David
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When I bought my new car the dealer wouldn’t let me leave until his sales manager had tried to persuade me to take out their gap insurance. A clear demonstration that dealers can make a lot of money out of these extras which also include things like paint treatment cloth/leather treatments and so on. Never buy these from the dealer; if you want them, seek competitive quotes.
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Thank you all for the discussion. I’ve always taken GAP insurance to fully protect the investment and bought it after doing research and not from the dealer (expensive). This time though I’ve found some (ALA) limit the weight to 3500kg so was looking for advice from others who may have come across the same issue and solved it. I’ve found a company ( Easy Gap) that will cover up to 5000kg but limit the payout to 20k above what the insurance would pay. So taking depreciation into account this should cover for the first 5 years or so I think 🤔
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Some very sage advice above - here's an article from "Honest John" specifically about MH GAP insurance, with some estimated costs. The values quoted are a bit low !
Hope this helps. Jim
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