GAP Insurance for a Ferrari owned over 365 days?

[GusB]

Having tried Google and this site I cannot find anyone who can provide GAP Insurance for my 599 that I have had for 3 years....

Anyone able to offer any advice, it would be much appreciated...

GusB

[Slickhillsy]

Does gap insurance cover appreciation as well as depreciation?

[Jockman]

Quick google gave me this.

https://easygap.co.uk/331/ferrari-gap-insurance

[Jockman]

Slickhillsy said:

Does gap insurance cover appreciation as well as depreciation?

Interesting point and covered recently on the Aston forum as DBS and V12V values rise. I remain of the opinion...There would be no Gap?

Why not go for Agreed Valuation with your current insurer?

[GusB]

Thanks, however they don't offer it if you have owned the car for more than 365 days...

[Jockman]

GusB said:

Thanks, however they don't offer it if you have owned the car for more than 365 days...

It would have surprised me if they did, Angus. The last one I used on a DBS had to be done within 6 months of purchase.

Speak to your Insurer about Agreed Valuation, perhaps?

[GusB]

I did find a GAP Insurance company that does cover you if you have owned a car for more than 365 days and up to a value of £240,000, however not for Ferrari...

Talking to my insurer now...

Thanks again.

GusB

[SL550M]

Hello Angus, hope all is well with you. When I bought my 599 the salesman said GAP insurance was not really necessary as it covers the shortfall between the price paid for the car to the market value at the time of the loss. That could be significant in a quickly depreciating asset. However, in a car such as the 599 which is arguably appreciating in value, or at the very least holding steady, there is essentially no shortfall to cover. You'd get the market value from the insurer, which would be a higher figure than the original purchase price.
PS. I'm no insurance expert, so I stand to be corrected.

[GusB]

Thanks mate for your input, much appriciated as that is what my insurance chap said today. They would look at what the current replacement cost is and pay that...

GusB