Watch this before you lease or buy a new or used car with finance or cash

Watch this before you lease or buy a new or used car

A stark reminder about the importance of answering car insurance questions correctly and the importance of considering Gap Insurance whenever you lease or buy a new or used vehicle.

#carfinance #carleasing

🚗🚗 𝙈𝙔 𝙇𝙄𝙉𝙆𝙎 🚗🚗

❤️ 𝘾𝙃𝘼𝙉𝙉𝙀𝙇 𝙎𝙋𝙊𝙉𝙎𝙊𝙍𝙎 ❤️

🔥🔥 𝘼𝙁𝙁𝙄𝙇𝙄𝘼𝙏𝙀 𝙇𝙄𝙉𝙆𝙎 🔥🔥

Important : This channel tries to deliver honest advice for real people. Remember that I am not a financial advisor or car finance professional and am therefore not qualified to give any kind of financial advice, views shown here are purely my own but you must make your own financial decisions. Always seek professional advice before entering a finance arrangement of any kind and seriously consider your financial position and the long-term affordability of any deal that you may enter into.

All music used in this video is written, recorded, and produced by me.

𝙋𝙡𝙚𝙖𝙨𝙚 𝙡𝙞𝙠𝙚 𝙖𝙣𝙙 𝙨𝙪𝙗𝙨𝙘𝙧𝙞𝙗𝙚! ;)

[ajh]

Just a point to add, if you buy a pre reg car, you are actually the second owner and most insurance companies will not replace your car if it is written off in the first 12 months. You have to be the first and only owner to qualify for a brand new replacement car. Not a lot of people know this. Hence why in this case you will be better off buying a gap insurance policy the day before you collect your pre reg car.

[mikeg]

Hi Jim, Thanks for uploading this video and for the viewer who suggested it. I have had a lease car ( my 3rd) for just over a month and was thinking about gap insurance as i didnt have it on the last one but purchased it from the dealer for the first one. Just got a quote via your link, and it is half what I paid in 2016! I couldn't get my discount, unfortunately, as phone lines are closed for Christmas, but I have a long journey planned, so thought I would get it sorted. One thing I have noticed with lease cars is that increasing number of insurers, particularly if you go via cashback/ comparison sites, can't cope with the insured not being the registered owner/keeper. Direct Line dont have an issue with that, so i have stuck with them for the time being.
Anyway, thanks for all the content over the year. I will be catching up over the Christmas break. Best wishes for a relaxing Christmas and look forward to more content next year. Mike.

[Joe-lbqn]

very interesting, thank you. My daughter bought a new car earlier this year i made sure she got gap insurance.

[jsouto]

I would recommend GAP for what it costs, specially if you bought new or used either cash or finance and on a budget or simply just want peace of certainly consider it well...

[thesilverfox]

Hi Jim, I’ve been an insurance claims manager for over 25 years and I just wish it was mandatory for every motorist to view your videos especially around insurance as it would make life easier for all. I also add that insurers could and should do more to make it clearer what’s covered and what’s not. Insurance is price sensitive and people mostly buy the cheapest policy instead of a policy that fits their needs and financial circumstances. The number of complaints we receive around excess, people don’t read the details that mandatory excess is added to voluntary excess when making a claim. Anyway well done great job you and your channel are doing, streets ahead of some of the other car review channels that only bang on about 0-60 times.

[davidgregory]

Jim great video. Gap insurance is valuable I 😊took it out on a Maserati which I sold a year later and was able to transfer the remaining term onto a Porsche which aquaplaned into a hedge The Gap insurance company did all the value negotiations with my insurer and I was paid out within days of the insurance settlement. Best financial product I have ever bought

[keithbrown]

Alway brought gap insurance . Never buy from dealer last time dealer offered it to me for 750 per year I kid you not . I bought through a different Brooker it cost me 189 for 3 years (next car will use car2cover) Thanks Jim

[msjcars]

GAP insurance every time - not dealer provided however unless they ask a reasonable cost

[maff]

I've always bought GAP when buying with a PCP. I think this is especially important now with new car prices so high and the current drop in used car values. How many bought in the last couple of years, paying full list for new cars and inflated used prices. They could be in for a shock if their car is written off if they don't have GAP.

[chrisjgill]

I bought GAP cover using your code. I hope this will cover me if the worse happens. My car is on lease

[mustafaassad]

Thanks, Jim. I used your code to buy GAP insurance so thanks for the tena 😂👍

[jimbo]

Looking to lease a car under your link -Very Useful info thanks mate and thanks "Steve"!

[brianiswrong]

I think gap cover should be included in every lease / pcp deal.
Gives companies a reason to get the cost down as you would be comparing apples to apples when cross shopping.

[andrewjones]

Cheers Jim, I sleep a lot better knowing my lease car has gap coverage insurance 👍👍

[andym]

Interesting you mention if the car is less than a year old the insurance will replace with a new one. A lady I work with had exactly that happen. Only issue is the car was wetting off around spring time and they have only got a replacement car coming this week as nothing the same was available. Seems crazy you can be left without a car for so long

[jamescarter]

Wow I didn’t actually know you could get GAP insurance for cars paid for in cash. You learn something new everyday.

We bought a second hand fiesta from a Ford main dealer last summer and he tried selling us GAP insurance which I thought was wrong on all levels. Although he could technically have ‘flogged’ me one as there are products available, still not convinced he knew what he was selling 😂

[kammy]

6 lease vehicles and I’ve never took gap. Luck of the draw I suppose

[bloodstockvip]

If its a contract hire and you inusre it with Admiral, you can't drive any other car 3rd party, also worth noting. Doesn't affect me however might others. I got my car from Vanarama who were great and I got a year's free insurance too back then so no issues until renewal where I found this out.

[Superman-nnnw]

I assume with a £100k Tesla the gap insurance is paying up to 50k shortfall from the amount your car insurance company pays out?

[diydetail]

Excellent video, is it worth getting GAP ins for a 6 months lease its not a brand new car but its a 2023 year BTW we already have the car