Gap insurance, tyre, allow, cosmetic insurance. New car and massively overthinking

[Pippatpip]

I’ve splashed out and bought a new car. The idea being to get something middling sized, hybrid, good rep with long warranty while I am still working to see me through the next ten years or so. I would like to retire summer next year or just have a very part time job. I don’t think I can sustain my current, very stressful jobfor longer than that. I picked up new car yesterday and it is lovely. Ive paid for it outright and will pay myself back also part ex my old car. Because it is rather more swanky than I would normally buy, I am now overthinking whether I should have gap insurance and or tyre/alloy insurance and cosmetic damage insurance for those little dinks and scratches that inevitably cars get. I’ve never had Gap, did take out tyre on my last car and needed it twice. I’ve found good quotes from a company - not the dealership - that is stupid money. Has anyone used Gap or these other products? I’ve never met anyone who has used gap insurance.
just feeling wibbly cos I think I need to protect my purchase - which is big money for me or am I just massively being daft. I’ve never been like this before with cars but put it down to post menopausal anxiety.

Never drive a new car off the forecourt without gap insurance, it is immediately worth far less then you paid for it so you need insurance to cover that gap

As for tyres etc I wouldn’t be arsed with it.

@dalmationtux. Thank you. I’ve purchased gap insurance for well under £200 for three years now and feel a bit more relaxed. I was going to spunk some money on a half price spa visit but instead have bought piece of mind instead. This post menopausal anxiety is a complete bugger!

I thought gap insurance was to cover the difference you owed on any outstanding finance?

Check you have alloys before you buy the insurance 🤣

it’s offered automatically- I bought a cheap runaround for my teen a couple of years ago and was offered alloy insurance- a basic fiat 500 definitely did not have alloys!

I got gap insurance because a couple of big dents would probably write the car off as beyond economical repair, and the difference between insurance price and dealer price is a fair chunk.

If you have paid for the car outright (not on finance) you don’t need gap insurance.

So GAP insurance (guaranteed asset protection) comes in 2 forms. Return to invoice - you get what you paid and normal gap (forget the term) which covers any shortfall on your finance payment. Definitely worth getting for a brand new car I'd get return to invoice. So not a silly purchase at all x

Of course you do. If OP buys a car for say £30k and writes it off within a months its value won’t be anything near the full price paid. Gap insurance will make up the difference so OP can go and replace her car like for like with £30k

My mistake. I have been misinformed. Makes sense to get the insurance for the reason above.

I bought my car outright and paid Gap insurance.