Discussion
Zyp said:
Mine was Return to Invoice, David, and as you say - set in stone (well, print).
That didn't stop them querying the insurers valuation.
Same on mine. They don't query the invoice cost, they query the value of your car when it's written off.That didn't stop them querying the insurers valuation.
e.g. car value 10k, invoice cost 20k. Clear gap of 10k. But if the GAP insurers debate it, and say your car is actually worth 15k, then the gap is only 5k.
Stressful battle, but well worth it in the long run.
5678 said:
Zyp said:
Mine was Return to Invoice, David, and as you say - set in stone (well, print).
That didn't stop them querying the insurers valuation.
I always go for a RTI product too. But this doesn't make a difference as you say. There will always be squabbles over the value. Paying more for your policy will not change this one bit.That didn't stop them querying the insurers valuation.
It's just that for £100 more I prefer to buy it from a face - i.e the finance guy at an OPC.
If the worst happens, at least I've got someone I can shout at face to face and not just some entity on the end of a 'phone...
Hey guys,
I bought a Gap Insurance policy some time ago now from www.gapinsurance.co.uk.
They relaunched recently, and are now offering Invoice and Replacement Gap Insurance on vehicles up to £100k, but unlike most other Gap Insurance companies they claim they can do claim limits in excess of the usual £25k limit.
I'm not in the market right now, so I haven't looked, but I got an email from them recently explaining how a £25k claim limit was allegedly not enough over say, three years, for a vehicle purchased in excess of £50k... so they now offer a £50k limit and also an "unlimited" option where you can have the claim limit match the purchase price of the vehicle (up to £100k).
Given the vehicle values being discussed here, it may be worthwhile checking them out.
I bought a Gap Insurance policy some time ago now from www.gapinsurance.co.uk.
They relaunched recently, and are now offering Invoice and Replacement Gap Insurance on vehicles up to £100k, but unlike most other Gap Insurance companies they claim they can do claim limits in excess of the usual £25k limit.
I'm not in the market right now, so I haven't looked, but I got an email from them recently explaining how a £25k claim limit was allegedly not enough over say, three years, for a vehicle purchased in excess of £50k... so they now offer a £50k limit and also an "unlimited" option where you can have the claim limit match the purchase price of the vehicle (up to £100k).
Given the vehicle values being discussed here, it may be worthwhile checking them out.
Could somebody exlain to me what GAP insurance is? When I bought my 430 the salesman offered it to me. When he explained what is was it sounded so absurd I thought he was 'avin a larf'!
Seemed I would be paying a premium so I would be paid more than my car was worth in a total loss situation? Is that the case?
Thanks
Piers
Seemed I would be paying a premium so I would be paid more than my car was worth in a total loss situation? Is that the case?
Thanks
Piers
roygarth said:
Could somebody exlain to me what GAP insurance is? When I bought my 430 the salesman offered it to me. When he explained what is was it sounded so absurd I thought he was 'avin a larf'!
Seemed I would be paying a premium so I would be paid more than my car was worth in a total loss situation? Is that the case?
Thanks
Piers
In the event of an insurance loss of your vehicle, GAP insurance pays out the difference between the value of your car at payout and when you bought it. Usually up to the value of £25k. Seemed I would be paying a premium so I would be paid more than my car was worth in a total loss situation? Is that the case?
Thanks
Piers
OPC tried charging me £850 for GAP when buying my CR; went with ALA (great communication) at £199, less 8% cashback with full GAP cover of £25k back to invoice value (of which I've retained all the documentation and made sure my car is insured fully comp for the same value).
Obviously the proof will be if a claim is required, though hope it isn't, but feel happy with that price covering the car for 3 years. The OPC prices are nothing more than a huge mark up, the policy is usually underwritten by the same company as most of the online sellers.
Nowt you can do about the insurer and GAP company battling it out over valuation though, but no doubt gets sorted in the end. Bit of hassle to recover £k's is worth it in my book.
Obviously the proof will be if a claim is required, though hope it isn't, but feel happy with that price covering the car for 3 years. The OPC prices are nothing more than a huge mark up, the policy is usually underwritten by the same company as most of the online sellers.
Nowt you can do about the insurer and GAP company battling it out over valuation though, but no doubt gets sorted in the end. Bit of hassle to recover £k's is worth it in my book.
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