GT3.2 Insurance

[Tony 1234]

Just wondered what other soon to be recipients are insuring their car for, i.e list plus 35-40K???

Don't want to be caught if the worse should happen!

[RankAmateur]

Insurance companies will simply ignore whatever number you stick on your policy, and work off blue book values instead if your car is stolen or written off. When they do, they'll assume you've got a bog-standard, no-option extras car. So they'll pay you all of £118,000 less depreciation. You'll be free to point to no end of listings on Autotrader for cars at £50k premium if it happens, they'll simply not pay any attention to that. If you want to get back to invoice level, you'll need to take out a separate GAP insurance policy, which will cover the difference between what you paid and what the insurance say they owe you. Nobody will pay you invoice plus £30-40k.

[Foxmod]

RankAmateur said:

Insurance companies will simply ignore whatever number you stick on your policy, and work off blue book values instead if your car is stolen or written off. When they do, they'll assume you've got a bog-standard, no-option extras car. So they'll pay you all of £118,000 less depreciation. You'll be free to point to no end of listings on Autotrader for cars at £50k premium if it happens, they'll simply not pay any attention to that. If you want to get back to invoice level, you'll need to take out a separate GAP insurance policy, which will cover the difference between what you paid and what the insurance say they owe you. Nobody will pay you invoice plus £30-40k.

Unless you get an agreed value policy like I have with Chubb via locktons on my GT4

[Cheib]

Foxmod said:

RankAmateur said:

Insurance companies will simply ignore whatever number you stick on your policy, and work off blue book values instead if your car is stolen or written off. When they do, they'll assume you've got a bog-standard, no-option extras car. So they'll pay you all of £118,000 less depreciation. You'll be free to point to no end of listings on Autotrader for cars at £50k premium if it happens, they'll simply not pay any attention to that. If you want to get back to invoice level, you'll need to take out a separate GAP insurance policy, which will cover the difference between what you paid and what the insurance say they owe you. Nobody will pay you invoice plus £30-40k.

Unless you get an agreed value policy like I have with Chubb via locktons on my GT4

Indeed. Clearly you're not a rank amateur....

I insure with Aviva....you can either have an Agreed Value or they include three year's GAP insurance as part of the policy on new cars.

[tree7777]

Mate Locktons for porsche you can name the price and they will pay it out. Had my GT3RS 991 at £250,000 and that would be paid if it had been stolen or written off.

[flow99]

Foxmod said:

RankAmateur said:

Insurance companies will simply ignore whatever number you stick on your policy, and work off blue book values instead if your car is stolen or written off. When they do, they'll assume you've got a bog-standard, no-option extras car. So they'll pay you all of £118,000 less depreciation. You'll be free to point to no end of listings on Autotrader for cars at £50k premium if it happens, they'll simply not pay any attention to that. If you want to get back to invoice level, you'll need to take out a separate GAP insurance policy, which will cover the difference between what you paid and what the insurance say they owe you. Nobody will pay you invoice plus £30-40k.

Unless you get an agreed value policy like I have with Chubb via locktons on my GT4

Exactly, get an agreed value policy, pay more, but get peace of mind.

[Tony 1234]

Thanks for all the comments, never been in the position where after I drive out of the showroom the car hasn't lost an instant £20k+ !!!!