Have to say I've got gap insurance on our daily's.
Expensive from the dealers- yes. Give them a poke and tell them you'll buy it elsewhere and they generally yield. As others have said make sure it's return to invoice price cover.
I haven't had to claim personally, but my business partner had a car damaged by the floods just before Xmas last year, which fortunately was covered by gap insurance.
The car an audi s4 was bought new, and financed on a pcp arrangement. With options the car was around £45k - the gap insurance from the dealer he negotiated to £200. The car was his pride and joy, it was immaculate, and only had done around 10k miles. He's very careful with any of his cars. He's the type if he goes shopping at supermarket the car is parked in the far corner of the car park to avoid being marked or dented.
When the car was flooded it was just under 2 years old and immediately declared a insurance write off - his insurance company valued the car at £4500 under the settlement that was owed to the finance company. A good chunk in anybody's wallet.
As the car was immediately written off - all was settled with 4 weeks, both insurances paid out, the gap insurers paying also paying out the £4500 to the finance company and essentially almost 2 years of payments that he had made on the car back to him. Consequently he was left with a healthy deposit to allow him to step into a new car almost immediately. Needless to say with gap insurance.
My car bought earlier this year has gap - from the dealer - just in case.
_________________
1976 Taihiti Sprint
2020 Jaguar iPace ev400
2011 Landrover Defender pickup - twisted
2023 Porsche 911 Carrera T Manual!!
2021 Toyota Yaris GR-Four
2011 Super Skoda Fabia 1.2 S HTP
Gone but not forgotten 2008 BMW M5 (E61) Touring (George, as in Best, as it likes a Drink) to be replaced soon...... Epic epic car