V8 Vantage Roadster Bullet Proof Depreciation
Discussion
Two years ago since I bought my 2008 MY V8 Vantage Roadster for £41.5K.
At the time I bought GAP Insurance on the internet (Not from the dealer) for a 2 year period cover (return to Invoice value) with a claim limit of £15K at a very reasonable cost of £115.
Last weekend I phoned the GAP insurance people to renew the policy and was told they could not renew the "return to invoice" policy but could offer an "agreed value" policy, but they would have to get the car valued by an underwriter via Glasses guide.
They phoned back and the underwriter valued the car at retail price of £38,680 but the GAP insurance policy allows 5% on top of the Glasses guide retail valuation.
So the agreed value is now £40,614 two years after paying £41,500.
The cost to cover the car for a further 3 year period with a £20K limit is still a very reasonable £151.
So if the car gets stolen or written off the Insurance company will offer "current market value" and the GAP insurance top this up (max £20K) to the Agreed Value
I was really pleased that the car seems to have pretty much bottomed out in terms of the depreciation curve
At the time I bought GAP Insurance on the internet (Not from the dealer) for a 2 year period cover (return to Invoice value) with a claim limit of £15K at a very reasonable cost of £115.
Last weekend I phoned the GAP insurance people to renew the policy and was told they could not renew the "return to invoice" policy but could offer an "agreed value" policy, but they would have to get the car valued by an underwriter via Glasses guide.
They phoned back and the underwriter valued the car at retail price of £38,680 but the GAP insurance policy allows 5% on top of the Glasses guide retail valuation.
So the agreed value is now £40,614 two years after paying £41,500.
The cost to cover the car for a further 3 year period with a £20K limit is still a very reasonable £151.
So if the car gets stolen or written off the Insurance company will offer "current market value" and the GAP insurance top this up (max £20K) to the Agreed Value
I was really pleased that the car seems to have pretty much bottomed out in terms of the depreciation curve
Edited by Manwhoneverwas on Thursday 13th November 15:48
Manwhoneverwas said:
Two years ago since I bought my 2008 MY V8 Vantage Roadster for £41.5K.
At the time I bought GAP Insurance on the internet (Not from the dealer) for a 2 year period cover (return to Invoice value) with a claim limit of £15K at a very reasonable cost of £115.
Last weekend I phoned the GAP insurance people to renew the policy and was told they could not renew the "return to invoice" policy but could offer an "agreed value" policy, but they would have to get the car valued by an underwriter via Glasses guide.
They phoned back and the underwriter valued the car at retail price of £38,680 but the GAP insurance policy allows 5% on top of the Glasses guide retail valuation.
So the agreed value is now £40,614 two years after paying £41,500.
The cost to cover the car for a further 3 year period with a £20K limit is still a very reasonable £151.
So if the car gets stolen or written off the Insurance company will offer "current market value" and the GAP insurance top this up (max £20K) to the Agreed Value
I was really pleased that the car seems to have pretty much bottomed out in terms of the depreciation curve
While its great news on the lack of depreciation whats the point of GAP insurance if the book value of the car isn't really changing? At the time I bought GAP Insurance on the internet (Not from the dealer) for a 2 year period cover (return to Invoice value) with a claim limit of £15K at a very reasonable cost of £115.
Last weekend I phoned the GAP insurance people to renew the policy and was told they could not renew the "return to invoice" policy but could offer an "agreed value" policy, but they would have to get the car valued by an underwriter via Glasses guide.
They phoned back and the underwriter valued the car at retail price of £38,680 but the GAP insurance policy allows 5% on top of the Glasses guide retail valuation.
So the agreed value is now £40,614 two years after paying £41,500.
The cost to cover the car for a further 3 year period with a £20K limit is still a very reasonable £151.
So if the car gets stolen or written off the Insurance company will offer "current market value" and the GAP insurance top this up (max £20K) to the Agreed Value
I was really pleased that the car seems to have pretty much bottomed out in terms of the depreciation curve
Edited by Manwhoneverwas on Thursday 13th November 15:48
What will happen is the values of the older more raw cars will start to increase, like what has happened to Porsche. People will want that mechanical sensation when driving. No doubt the next cars will be awesome just like the new 991 is, but they won't be as special as the old ones.
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