£151 still seems a touch expensive and you should note that the Chris Knott policy has "Market Value" clauses in relation to both the purchase price of the vehicle (they won't cover any amount by which the purchase price of the vehicle exceeded what Glass' Guide said the vehicle was worth when you bought it) and the Motor Insurer's payout at the time of claim (they won't cover any amount by which the Motor Insurance payout is less than what Glass' Guide say the vehicle is worth at the time of claim) - See https://www.chrisknott.co.uk/docs/GAPC_Wording.pdf - one of these Market Value clauses could see you out of pocket at the time of any claim, but the combination of both of them (particularly if you're buying a used vehicle) could easily see you hundreds of pounds out of pocket at the time of any claim.
Most online providers of GAP insurance dropped Market Value clauses quite some time ago as they're deemed to be unfair to the consumer given that average-joe consumer doesn't normally possess a true awareness of the value of their car and certainly has no influence over what Glass' Guide say it's worth.
Incidentally, if the car is brand new, you're almost always better off with Replacement GAP insurance than Invoice GAP insurance - it's slightly more expensive but the cover is superior.
I'm obliged to reveal that I run one of the online providers of GAP insurance, however as I'm not a sponsor of the forum I'm prevented from revealing which company it is. I have every intention of complying with the rules of the forum and will keep my identity secret until such time as I have an idea of the level of interest at which point, I'll gladly consider becoming a sponsor. Consequently, please don't ask me (even by PM) to reveal my identity.
In the meantime though, I'm more than happy to help anybody out with generic advice about GAP insurance so if you have any questions, fire away.
A significant point to note when comparing GAP quotes is just how long you need the policy to run. I took out a four year Vehicle Replacement + policy with ALA for £212, which was far cheaper than a Ford dealer offer. Obviously, a two or three year policy will cost less, but it's up to the individual to decide how long they want cover for.From a personal perspective, I found them very knowledgable and a pleasure to deal with over the phone, so much so, we've recently took out another GAP policy with them for my wife's Fiesta TX - once again coming out far cheaper than our Ford dealer.
Sorry but I have one more question. I was looking at Invoice gap insurance but as I seen some talk of the Ford Edge being released etc and if I got the replacement GAP through my lack of knowledge would mean I would get another TITX Kuga.
I would rather the cash to allow me to open the option of getting an Edge or a Ford Ranger or even another make of car altogether if the unfortunate was to happen.
Am I right in what i'm saying that replacement is only for the same vehicle and spec old for new and no option of changing car?
someone also mentions replacement GAP is superior, can you expand?
for reference I have ordered a new manufacture KUGA and not taken delivery yet.
Well spoke to ALA this morning, throroughly nice lady on the phone and explained everything exceptionally well. Few questions asked, and ive ended up taking 5 years vehicle replacement for 300, with max limit of 22500.00. Im happy with that and give me the security of getting a higher price if the unfortunate was to occur.
The selling point is that I am not stuck to getting a Kuga as a replacement (if the edge is bit bigger and looks good this would always be an option), I can get any car I want, what they do is get the cost of a new Titanium X with the option on the one you had and give you a cheque for the value difference between insurers payout and a brand new Tit x.
Already onto a winner, as the new tit x is already more expensive than what I've paid.
Edit to add: All above, I still hope I don't have to utilize it.
Glad you got sorted with ALA Heedfirst. Another plus point with them is that if you decide to change your car within your five year period, you'll still have the balance of the GAP period 'in the bank' so to speak, to continue with the next car.As you say, I hope none of us ever need to use it though.