GAP insurance and agreed value

[cowboyengineer]

Ok, I'm picking up my GT3 tomorrow. I have an agreed value with the insurance company of the sticker price of the car.

Do I need return to invoice gap insurance?

[w5pwr]

Depends on what the market doing if you need to make a claim, I have got £100k Gap policy on mine and it was £380 for three years, seemed good value......

[nrated]

If the agreed value is to return to sticker price , could you replace the car for that amount ? With my RS I have an agreed value considerably above the invoice price . Yet amazingly OPC still tried to sell me gap cover ! I would suggest you look at the price your GT3 would cost to replace and agree this value with your insurance co .

[cowboyengineer]

Well I paid 137k for it, which is the agreed value. It's also how much it would cost to replace it, so I can't see any eventuality that I would need it.

The only time I would need it is if they deem the value to be lover then 137k and then gap would return the payout to 137k

[jackliebling]

What happens in 2 years if the car is worth £160k and a total loss?

[ashleyman]

RTI is probably best.

They'll cover your losses up to and beyond what you paid 'invoice' to get you into a new car.