GAP Insurance - Original Purchase Price
Discussion
I'm reading through the T&Cs of various GAP Insurance policies.
WRT "Original Purchase Price" or "Invoice Price" they seem to refer to a maximum of 105% or 110% of the market value of the vehicle as stated in Glass's Guide Retail at the time of purchase.
Now, where this seems to fall down is if the invoice price of the car (including options) is greater than 110% of the price of the basic car (not hard to do with a lot of marques!)
Does Glass's Guide Retail take into account the optional extras specified on the invoice when giving the market value?
For example:- if you are buying a car with a base price of £25k, the "Original Purchase Price" would be limited to £25k + £2.5k (10%), even if you put £5k of options on it.
I guess what I'm really asking is how does Glass's Guide Retail work out the price of a car - do they take into account all the optional extras?
WRT "Original Purchase Price" or "Invoice Price" they seem to refer to a maximum of 105% or 110% of the market value of the vehicle as stated in Glass's Guide Retail at the time of purchase.
Now, where this seems to fall down is if the invoice price of the car (including options) is greater than 110% of the price of the basic car (not hard to do with a lot of marques!)
Does Glass's Guide Retail take into account the optional extras specified on the invoice when giving the market value?
For example:- if you are buying a car with a base price of £25k, the "Original Purchase Price" would be limited to £25k + £2.5k (10%), even if you put £5k of options on it.
I guess what I'm really asking is how does Glass's Guide Retail work out the price of a car - do they take into account all the optional extras?
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