GAP Insurance

[alanshaw]

My OPC has sent through details of "return to invoice GAP insurance", for my Car it's coming out to £1019.........for 3yrs

The chances of me writing off the car would be limited as I will only be doing less than 5k miles per year, although will be taking to France in June.

Is it really worth the £1019 for a 60k Cayman ?

[Porsche911R]

nope A good insurance company will give you return to invoice in the first 12 months anyway.

After that taking market value is fine imo.

Why pay for another insurance on top of insurance unless you are the type of person you pays for protected no claims etc etc year on year.

[Pinball]

Market value isn't helpful for anyone purchasing on finance as it won't help cover interest owed. Irrespective of how the car is funded I would get GAP, but much cheaper from a third party. I'd imagine just a lump fee like £10k would be about £200 for 3 years.

[Maxym]

How many times have you - or anyone on here - had a new or newish car written off? Thought so. IMO most 'gap' insurance is a rip-off (rather like warranties for home appliances). However, if around 300 quid gives you a bit more peace of mind, I could understand that.

[Twinfan]

Not just written off, it'll cover theft and non-recovery as well.

[n_const]

alanshaw said:

Is it really worth the £1019 for a 60k Cayman ?

Definitely not. Is it worth £350 then absolutely. 36 month policy is £9.72 a month, piece of mind for £9 is a no brainer IMO.

[JayK12]

I see no point in it. I didn't bother. If i wreck mine then I'll claim of my insurance.

[tyrrell]

Get GAP from ALA especially if you are on a PCP type agreement, I am with NFU Mutual on a McLaren 570S and they cover new for old up to twenty four months after purchase. The Porsche GAP has a built in £600 commission to your local OPC, so if you love your local OPC go ahead.

You will make the business manager a very happy man along with the salesman and dealer principle, you could really make their day by enquiring about their RIP OFF Alloy Wheel and Tyre insurance at the same time

[Maxym]

Twinfan said:

Not just written off, it'll cover theft and non-recovery as well.

OK, let's say total loss. Same principle though.

[MM57]

I got my GAP and Wheel/alloy insurance from the OPC by asking them to match ALA's prices - which they did (and by a bit more as well )

[Armara]

alanshaw said:

My OPC has sent through details of "return to invoice GAP insurance", for my Car it's coming out to £1019.........for 3yrs

The chances of me writing off the car would be limited as I will only be doing less than 5k miles per year, although will be taking to France in June.

Is it really worth the £1019 for a 60k Cayman ?

Hi guys, I've just joined the Ph community so hello all!

I collect my car this weekend and have been quoted £599 for 4 years by my OPC, however, after reading Fourpots post I got an online quote from ALA - £346!

Edited by Armara on Tuesday 6th December 19:24

[mdianuk]

Another recommendation for ALA. The OPC's are just after the margin, no one should pay those prices.

[Armara]

FourPotPorsche said:

Glad to have saved you some dosh and welcome aboard

Thanks Fourpot.

Just posted on the 'Let's see you newly delivered Cayman' thread if you interested in seeing the car

Edited by Armara on Tuesday 6th December 19:51

[dreamcar]

alanshaw said:

My OPC has sent through details of "return to invoice GAP insurance", for my Car it's coming out to £1019.........for 3yrs

The chances of me writing off the car would be limited as I will only be doing less than 5k miles per year, although will be taking to France in June.

Is it really worth the £1019 for a 60k Cayman ?

Dealers make huge margins on these products. Don't even think of paying the asking price. You should be able to get something approaching 50% off that figure, particularly if bundled up with other high margin products such as wheel & tyre insurance, and Autoglym or similar paint protection. I took all three and paid 50% of the total asking price when I purchased my BGTS.

[dreamcar]

JayK12 said:

I see no point in it. I didn't bother. If i wreck mine then I'll claim of my insurance.

If you are unfortunate to write off your car the insurance will only pay out trade valuation, so potentially a huge loss. Could make the difference of being able to afford a new replacement or not, depending on your financial situation, naturally. Additionally, if you've financed your car and write it off within the first year you could find yourself in negative equity and not only having lost your car but have to pay out the finance company as well.

[alanshaw]

[quote=FourPotPorsche]Definitely take it. Do not rely on insurance companies assessments of market value and also be very careful of the small print regarding the 12 month vehicle replacement terms offered by them. Here is a quote I just run which is for ALAs (site sponsor) top GAP policy called Vehicle Replacement Plus:

Vehicle Replacement Plus
Invoice price: £60000
Max Payout: £50000
Term of cover: 3 years
GAP Premium: £340.56

Many thanks FourPot, am getting quote from ALA........another option on the car paid for !..........thx again

[mikefocke]

My philosophy has always been to insure only what I can't afford to pay for and to self insure for all the rest. Thus I had life insurance when the kids were little, now in my old age the wife can survive just fine without it on what we have saved. I have medical insurance (US, ya know), liability insurance, house insurance and what we call a personal liability floater that covers me over and above any specific insurance (individual policies pay first).

What i can pay out of pocket, I don't insure. Things like computers, appliances, etc. Even though today I paid for a heater coil in my HVAC ($1440) over my long life I am so far ahead I think it was the right thing to do.

Oh at times, some item has failed but I always look at it this way.

An insurance policy has to pay:
1. actual expenses
2. administrative expenses
3. sales expenses.

So why not duck the admin and sales and take the risk on the actual repairs.

Anything sold by a dealer (OPC) has to be paying something to the salesperson, the manager, the owner, the admin, the sales staff for the insurer, the admin for the insurer.

I can get better odds in a casino.

Now my risk tolerance is high and my pocketbook is surely different from yours.