Car leasing (a new one)

[Cool_Blue]

Have always bought used cars for cash previously, but now considering this for the first ever time, but am a bit put off by this GAP insurance idea, which allegedly would cover the difference (gap) in valuations between the finance company and the insurers, if, god forbid, the car was stolen. Does anyone have experience of GAP insurance?
e.g. is it a) Costly? and b) Necessary?

 

[GoodisonRoadSupperBarWool]

Have always bought used cars for cash previously, but now considering this for the first ever time, but am a bit put off by this GAP insurance idea, which allegedly would cover the difference (gap) in valuations between the finance company and the insurers, if, god forbid, the car was stolen. Does anyone have experience of GAP insurance?
e.g. is it a) Costly? and b) Necessary?

I did it with Vaxhuall back in 2016 tbh we ended up buying the car outright which was good as I went over by a considerable amount of miles. Tbh it worked out literally about 1p mile. If my credit wasn’t such a state now I would of got a new car like. Plus covered on the warrntly for thr first year when you go for an MOT.I would recommend anyone to go down that route tbh.

 

[Joey66]

Have always bought used cars for cash previously, but now considering this for the first ever time, but am a bit put off by this GAP insurance idea, which allegedly would cover the difference (gap) in valuations between the finance company and the insurers, if, god forbid, the car was stolen. Does anyone have experience of GAP insurance?
e.g. is it a) Costly? and b) Necessary?

I insured 2 cars on GAP insurance pick a very good bonified firm - I chose three years for each car not that expensive for the outlay of getting 100 percent of what I paid if the worst happened.....be careful before you choose your GAP company as if they go bust you are a loser .....

 

[Ivo]

I've used ALA gap insurance before. They're reasonable and are well thought of on the pistonheads forum.

I think you can get your up front payment insured as well.

 

[Ivo]

I did it with Vaxhuall back in 2016 tbh we ended up buying the car outright which was good as I went over by a considerable amount of miles. Tbh it worked out literally about 1p mile. If my credit wasn’t such a state now I would of got a new car like. Plus covered on the warrntly for thr first year when you go for an MOT.I would recommend anyone to go down that route tbh.

Unlikely to need an MOT on an a lease car unless you lease it for more than three years. I'd say the most common duration to lease is two years. Most manufacturer warranties are at least three years as well.

 

[Joey66]

Have always bought used cars for cash previously, but now considering this for the first ever time, but am a bit put off by this GAP insurance idea, which allegedly would cover the difference (gap) in valuations between the finance company and the insurers, if, god forbid, the car was stolen. Does anyone have experience of GAP insurance?
e.g. is it a) Costly? and b) Necessary?

On GAP insurance - I get back 100 percent of my outlay ......