keep up at the back

No link so I provided one  Former Mod/Member, with the most post & Chicken George Arch nemesis

I have always had GAP, although fortunately I have never had to use it.

I know of people that have had nightmares with Internet GAP companies in the event of a claim.

Most dealers start high then come down. When my father in law bought his XF three months ago, the Jag dealer wanted £600 for GAP. I mentioned to them that they had clearly added a major mark up and did it for £299 for three years which we paid.

£20k to £25k is the normal figure offered as it is only the short fall your after being covered. CG is dead right about ensuring it is a back to invoice policy.

The best example I know of a GAP claim was my cousin.

Back in 2009, he bought a brand new Vectra VXR Estate with every option going and it had a list price of £31000. Now he didn't do very well in the deal and only got a 10% discount with bought cost to £27900. Paid £5k deposit and financed the remainder over 3 years.

I thought he was mad paying over £600 a month for a car, but as he got £650 net a month allowance from work, he didn't care.

Anyway, 2 years and 11 months after buying the car, with only a month to go on the gap he got hit up the rear end by a cement lorry and pushed into the back of a Police car. So no worries about blame.

Car had done 78000 miles and was valued at £5800 by the insurance, and they eventually paid out £6200. He had a £25k GAP policy, so the shortfall of £21700 back to invoice was covered by GAP.

He only had one payment left on the car of £636.11! So by the time it was all settled which took approx. 4 weeks from the date of the accident, he had no car but had £27263 sitting in his bank!

So where he had just £5k as a deposit on the Vectra when he bought it, he now had £27263 as a deposit plus his £650 a month allowance from work!

He now has an Insignia VXR Estate which had a £43000 list price with every option, got a 15% discount which bought it down to £36550. Put down the £27000 he had from the GAP and insurance which left him with a balance of £9550, which over three years is £265 a month zero percent.

So he has £385 a month in his pocket from his £650 allowance!!

So the GAP long term has made all the difference!

He is banking the extra £385 a month towards the next car! Freelander 2 HSE Lux 2013MY - Barolo Black with Ivory Leather. Alpine DVD - Privacy -Evoque 20" Dynamic Wheels and more to come.........

until this thread i had never heard of gap insurance

npinks wrote:

Try Kam100 gap insurance, his well regarded on RRSport

http://www.gapinsuranceuk.net/

http://www.ala.co.uk
Cover with these guys. * GONE. GS TD4 Manual MY2013. Orkney Grey with privacy, cold and clearview packs, armrests (a must!) and a spoiler.
* 2011 4.4 TDV8 Full Fat. Amazing piece of kit.
* GONE.2012 RR Sport HSE SDV6 Orkney Grey. Rocket ship. 33mpg.
* Range Rover Classic '93 200Tdi Factory fit
* 1949 80" in family since 1975

No Kam no longer does GAP

I too looked to him first, then looked at others before opting for ALA also

Opted for the Plus level of cover too, as for the few extra quid it will pay out to the selected level of cover if the deal you got on the FL2 isn't available anymore, or the car itself is no longer available

plenty of 10% discounts been offered also with them, just ask  Former Mod/Member, with the most post & Chicken George Arch nemesis

In my motoring career my family has had two cars written off. The first car I had only had for a month and the insurance company paid me what I had paid for the car. The second I had bought 4 years previously and I was initially offered a low value for the car so I disputed it and sent in a number of examples of similar cars on Autotrader. They matched the examples. So since then I haven't bothered with gap insurance.

Also remember that the higher the value of the car the less likely it is to be written off. Evidently it's very difficult to write off a high end Porsche or Ferrari for instance as they are always worth repairing.

But i will be able to go out and buy something near new in X years, not just if its written off, but stolen and not recovered etc

Lots of money tied in to the the car, better to spend a few hundred than not to cover it for 4 or 5 years

to be honest its my first time doing GAP, but reading all the thefts of RRS etc and the easy of it, thought better safe than sorry Former Mod/Member, with the most post & Chicken George Arch nemesis

Am I missing something here? The way that it has been described to me by dealers is that Gap Insurance enabled you to buy an equivalent undamaged car to the one you have already (which is usually more than the current "book price" of yours as a trade in) and not to insure the initial sale price. If I had a 10 year old car which was then written off can you really see them paying for a new one (assuming they are still in production)?

My GAp insurance is RTI (return to Invoice)

as an example in 3 years time my £30,000 car is worth £20,000, its written off and the insurance company pays out as they do £18000

I then have £18000 to go buy the same car, but since i took a GAP RTI policy out they pay the difference from £18k and the purchace invoice of £30,000, so i also received a cheque from them for £12,000

So now for my £300 outlay I have another £30K to buy the new car

If i had finance on the car, say £5000 outstanding, GAP would pay them that and the balance to me

HTH  Former Mod/Member, with the most post & Chicken George Arch nemesis

Interesting but RTI was never mentioned or described to me like that. It was to replace the car with an equivalent. So what is to stop you keeping the car for a few years and then parking it in a flood zone to write off then?

nothing, apart from insurance fraud  Former Mod/Member, with the most post & Chicken George Arch nemesis

Quote:

So what is to stop you keeping the car for a few years and then parking it in a flood zone to write off then?

Excellent idea, thanks for the tip

Pay a little more on the GAP RTI and you can be compensated for the rise in price of your car, allowing you to buy the same again with no extra outlay.

Seems to me that with gap insurance you are paying twice for insurance so I ask myself why don't the insurance companies offer RTI as an extra on a fully comp policy? If they did then they would be even less likely to write off an expensive vehicle perhaps. Conflict of interest ?