'market value' gap insurance
Discussion
I have an 09 plate 4.7L V8 Vantage roadster manual with around 28,000 miles on the clock and quite a few optional extras. I have just been looking at similar cars for sale and they are being advertised at considerably more than Parkers 'book price'.
They appear to be holding their value pretty well.
If anything happened to the vehicle and it was written off, I'd struggle to buy an equivalent replacement (by a long way) with a 'book price' insurance payout - so i'm now wondering whether gap insurance is the way to go.
Has anyone had any experience of this. How do you go about obtaining a "market value" valuation?
They appear to be holding their value pretty well.
If anything happened to the vehicle and it was written off, I'd struggle to buy an equivalent replacement (by a long way) with a 'book price' insurance payout - so i'm now wondering whether gap insurance is the way to go.
Has anyone had any experience of this. How do you go about obtaining a "market value" valuation?
If you car was stolen or written off you negotiate settlement with your own insurer for adjusted market value at that point in time. They pay you enough for a similar replacement car.This will be stated somewhere in your policy small print.
Gap insurance really came into its own as a product for people buying on PCP deals with little equity in the car,hence a total loss would leave them in debt. As per most of these kinds of "extra" insurance they play on your fear of "what if" versus relative small cost per year i.e add 10% to your yearly insurance. A nice earner for insurance companies
Your regular insurance should be enough - dont judge by what you see advertised prices or parkers guides. Parkers is always well off for niche vehicles.
Gap insurance really came into its own as a product for people buying on PCP deals with little equity in the car,hence a total loss would leave them in debt. As per most of these kinds of "extra" insurance they play on your fear of "what if" versus relative small cost per year i.e add 10% to your yearly insurance. A nice earner for insurance companies
Your regular insurance should be enough - dont judge by what you see advertised prices or parkers guides. Parkers is always well off for niche vehicles.
The other avenue to explore is 'Agreed valve' insurance, I've just changed cars and had the discussions with my broker regarding it, for an additional £20 in my case the insurance company will accept an agreed valuation of the car from a third party, and this would be your payout in the event of a write off.
Yes, agreed value is well worth having if you have an older car, that may have had a lot of money spent on mods or improvements, that you otherwise would not see back.
I had agreed value on my old Elise - when I wrote it off, the book guide was £8k but I had agreed value of £25K due to the mods/condition. The insurer paid out no fuss within a couple of weeks (chaucer, now Zenith who Im still insured with 10 years later via Pace ward)
The "agreed value" is not that much more cost, just need to get pics and valuation.
I had agreed value on my old Elise - when I wrote it off, the book guide was £8k but I had agreed value of £25K due to the mods/condition. The insurer paid out no fuss within a couple of weeks (chaucer, now Zenith who Im still insured with 10 years later via Pace ward)
The "agreed value" is not that much more cost, just need to get pics and valuation.
I wouldn't be so harsh on GAP insurance... at the right price.
Following older recommendations on this forum, I eventually lumped for GAPInsurance.co.uk
Claim Limit: £37,500.00
Premium Paid: £260.59
Cover Period: 3 years
This cover also works for increased and decreased vehicle values.
Agreed value car insurance (AFAIK) won't accommodate increased vehicle values without continuous updates on the policy.
Following the Le Mans results, I fully expect to buy 10sq miles of prime London real estate following the trading-in of my V8V
Following older recommendations on this forum, I eventually lumped for GAPInsurance.co.uk
Claim Limit: £37,500.00
Premium Paid: £260.59
Cover Period: 3 years
This cover also works for increased and decreased vehicle values.
Agreed value car insurance (AFAIK) won't accommodate increased vehicle values without continuous updates on the policy.
Following the Le Mans results, I fully expect to buy 10sq miles of prime London real estate following the trading-in of my V8V
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