Gap insurance for a Boxster

[petestorey]

Hi

I've got a new Boxster S coming in the next few weeks, and having specced it to within an inch of its life (£71k...), thinking about GAP insurance as most of the extras will be 'written off' market value the moment I pick it up. The dealer (Silverstone/Sytner) wants a mighty £1019 I think for it, which is wildly more than online ones (for obvious reasons), however the spec of mine is so high that finding a policy online which will do an RTI on the whole value is a tad tricky - after 3 years I'd imagine I'll lose 40k or so.

Any ideas a) what I should pay for it from the OPC or b) where I can get a good policy elsewhere? The OPC wants to lump in with a 'deal' on Supagard. I managed not to laugh but have ignored it for the moment.

cheers
Pete

[GuillaumeB]

petestorey said:

Hi

I've got a new Boxster S coming in the next few weeks, and having specced it to within an inch of its life (£71k...), thinking about GAP insurance as most of the extras will be 'written off' market value the moment I pick it up. The dealer (Silverstone/Sytner) wants a mighty £1019 I think for it, which is wildly more than online ones (for obvious reasons), however the spec of mine is so high that finding a policy online which will do an RTI on the whole value is a tad tricky - after 3 years I'd imagine I'll lose 40k or so.

Any ideas a) what I should pay for it from the OPC or b) where I can get a good policy elsewhere? The OPC wants to lump in with a 'deal' on Supagard. I managed not to laugh but have ignored it for the moment.

cheers
Pete

£1019?! That is outrageous.

First of all most (if not all) policies only provide £25k of cover.

Second - do a quick search online and you'l find tons of alternative providers. Many of which will only charge £300 or less. Some obviously more reputable than others.

I recommend ALA. When I bought my new 991 a month ago they even allowed me to roll over my premium from my previous GTS and consequently I only paid an extra £100 or so. My GAP policy is around £300 for 25k over 3 years.

[535dBoy]

Paid £800 with Porsche for £62k S for mrs

Started at same £1019

[petestorey]

Yup, the thing is 25k of cover just isn't enough - if I write it off a mile down the road from the dealer, it's going to be worth 50 right then according to the insurer no doubt so do need the top up, but not wsure who else would do such a big level of RTI cover. Will see how far I can get with the OPC, there's clearly at least 50% in it for them.

[bacardii]

car2cover say they will cover 50k for £299 (car value £50K-£75k so you fall in that bracket)

[rob.kellock]

I would check with your normal insurers first - what does the policy actually say? Many policies will replace a car younger than 12 months old with a new one.

You may not need gap insurance at all for the first year.

If 25k cover is not enough - what's next? Gap insurance gap insurance???

[Ady128]

I paid £576 for my £84k 991 at my OPC. They swore they couldn't go any lower. Methinks they're trying to overcharge you. Happy days.

[thegoose]

When shopping around do be sure to compare apples with apples - RTI cover is not the same as GAP cover.

GAP cover makes up the difference between an insurance payout in the event of a total loss, and the amount required to settle the finance - so because depreciation is very much front end loaded, the amount at risk reduces over time (as well as the risk being lower in the first place in proportion to the amount of deposit paid).

RTI (Return to Invoice [price]) makes up the difference between an insurance payout in the event of a total loss, and the amount you paid for it (when brand new in this particular case), so the amount at risk increases over time. There is also a greater incentive to commit fraud e.g. your car is a few years old and worth £10k but you paid £30k for it: "I wonder what would happen if I spilt really strong vodka all over the seats and then went to light a cigarette and accidentally dropped a match?? - Hello, ABC Insurers? What, you'll only pay out £8k because you think that's all it's worth? Oh well, never mind, I'll just claim £22k off the RTI cover and be off shopping for a £30k again - it was nice to use that last one for free for x years .


RTI cover should cost more than GAP cover because it covers a greater risk, one where you would make a net benefit out of losing your car.

[petestorey]

Pioneer said:

If you wrote it off a mile down the road then insurance would pay put for a new car wouldn't it?

As nice as the new boxster is you are mad spending 71k on one IMHO!

I'm with Admiral currently, and no, I don't believe that's the case - in particular they won't necessarily do like for like and cover all the options. Which, having had a good day when I went to tick boxes, turned out to be most of them. Even an average spec S is the thick end of 60k though, without the silliest seats and ceramic brakes...

bacardii said:

car2cover say they will cover 50k for £299 (car value £50K-£75k so you fall in that bracket)

OK thanks will look into that

[Pickled Piper]

rob.kellock said:

I would check with your normal insurers first - what does the policy actually say? Many policies will replace a car younger than 12 months old with a new one.

You may not need gap insurance at all for the first year.

If 25k cover is not enough - what's next? Gap insurance gap insurance???

This exactly. Most decent motor insurance policeies will replace a car under 12 months old with an identical new one. There are hoards of people buying GAP insurance on new cars that simply do not need it.

pp

[onesickpuppy]

Pickled Piper said:

rob.kellock said:

I would check with your normal insurers first - what does the policy actually say? Many policies will replace a car younger than 12 months old with a new one.

You may not need gap insurance at all for the first year.

If 25k cover is not enough - what's next? Gap insurance gap insurance???

This exactly. Most decent motor insurance policeies will replace a car under 12 months old with an identical new one. There are hoards of people buying GAP insurance on new cars that simply do not need it.

pp

You can buy 'deferred' GAP, which is designed for this very situation.

[Far Cough]

petestorey said:

Hi

I've got a new Boxster S coming in the next few weeks, and having specced it to within an inch of its life (£71k...), thinking about GAP insurance as most of the extras will be 'written off' market value the moment I pick it up. The dealer (Silverstone/Sytner) wants a mighty £1019 I think for it, which is wildly more than online ones (for obvious reasons), however the spec of mine is so high that finding a policy online which will do an RTI on the whole value is a tad tricky - after 3 years I'd imagine I'll lose 40k or so.

Any ideas a) what I should pay for it from the OPC or b) where I can get a good policy elsewhere? The OPC wants to lump in with a 'deal' on Supagard. I managed not to laugh but have ignored it for the moment.

cheers
Pete

Haha ... Had the same and once questioned it immediately dropped to a discounted rate of circa £700 which was still way to high. Reputable places online for £299 for exact same cover RTI for 3 years £25k

Dont get ripped off and dont get the sureguard either ( another non necessary add on for the dealer )

[mrdemon]

forget GAP I am still in shock about a 71k Boxster lol.

[petestorey]

mrdemon said:

forget GAP I am still in shock about a 71k Boxster lol.

And you don't even have to pay for it

[GC8]

petestorey said:

OK thanks will look into that

Are you sure? Within the first year Id always expect a brand new car.

[leemanning]

As I understand it, the gap cover will give you a maximum of £25k onto of the insurance payout.

So if you went down the road on day 1 and wrote your car off and insurance were to pay out £50k, as far as I know, you would be covered as £50k + £25k is more than enough for your £71k car.

Get this clarified as others think differently, but if the above is the case then I would definitely buy it.

As others have said though, there is a deal to be had on it.

[bacardii]

Car2cover say you can have a 50k claim limit

£15,000 claim limit £199.00
£20,000 claim limit £209.00
£25,000 claim limit £219.00
£50,000 claim limit £299.00