anyone got any experience or used this?
It's an extra policy to your usual fully comp to cover any gap between the book value of your car and the price you paid, so that the finance and depreciation costs etc. don't put you into negative equity if it was written off. I'm being offered a deal with the car I'm buying for £350 down to £250 but online I can get similar for about half that price.
I've asked the dealer for his views on why the policy is that much higher (dealer commission I assume, mainly) but does anyone have any experience or used any insurers that they would / wouldn't recommend?
Your insurance is for market value (Not book), would go with a big company which has a tie in with the credit company if possible.
How much is the cover for? I.e. what is the maximum payout and over what term? It's usually better to go with the dealer, you might pay more but if you have to claim and the insurer gets shitty then you can get the dealer to argue your case. The internet won't do that for you.
I cannot say get gap enough, I had my 6 month old car stolen on new years eve and the difference between the insurance payout and what the car cost new was £7500. Thankfully all covered by the gap insurance.
I paid £399 for a 4 year policy that would pay out up to £20,000 at any time during that 4 year period.