Gap insurance for GT3?

[RankAmateur]

Regular insurance policies will pay "market value" for your car in case of a total loss. For normal cars, this naturally means a heavy discount against the invoice price. However what does it mean for a 991.2 GT3, or any GT3 for that matter, when market price is higher than list price??

Is there a point to getting a Gap insurance? Or will the insurance company simply apply an arbitrary discount to list given "illiquidity" of second-hand stock (and hence difficulty in establishing market price)? Or will they only pay the base list price of £118k and exclude the value of options?

So is it worth getting gap insurance for my new 991.2 GT3 or not?

Tricky all this.

[Porsche911R]

GAP is normally for bad insurance cover, most good cover gives back to invoice for market value for 12 or even 24 months.

I see gap as a PCP insurance when you rent a car, it drops and you owe more than the car is worth market value.

On cars that go up or non PCP I see GAP as a rip off.

[BubblesNW]

On a purely literal basis the GAP insurance is the list price minus the actual worth of the car. If the car goes up in value then you could owe them the difference...so not worth it

[Cheib]

You need an Agreed Value policy...the better insurers offer this. I have a policy with Aviva Private Client...it has GAP as standard for two or three years (if car is bought new) or you can go for Agreed Value.

[RBT0]

Just to see if I understand correctly this, basically as long as there is an agreed car value on the policy and I am happy with it, then in case of total loss I should be covered, so no need of GAP insurance?

Also found yesterday ALA doesn't quote for value > £125k...

[alscar]

Providing the Agreed value is just that then you dont need Gap.
Obviously the Agreed value needs to be " sensible " but as long as the Insurance company agrees it then in the event of a Total Loss thats the cheque you get.
Not all companies will provide it and in many cases its best going to a broker to let them do all the work.
As soon as you stray into the high value insurers like Chubb ,Aviva , Zurich or Hiscox etc then getting Agreed value policy wont be an issue anyway.

[RBT0]

Thanks, I am currently with Porsche Insurance Aviva so it should be fine if I keep them, I'll ask...