Agreed Value vs. Gap Insurance

[Ikemi]

I have just bought a car from a dealership and GAP insurance was explained as part of the buying process. I am aware of GAP insurance, but my Lotus is currently covered by Adrian Flux with an agreed valuation - I had to submit photos and all sorts!

As such, can I not just cover the car with an agreed valuation policy? Is it likely that the insurers can change their mind, whereby in a write off situation, GAP insurance would have been the better idea?

For reference, my premium on the new car is £500/annum and GAP is being sold to me by Jaguar for £850 for 3 years cover.

Just do it?

[Pica-Pica]

GAP is covered as standard on my NFU Insurance. It covers the first two years from new.

[SteBrown91]

Pica-Pica said:

GAP is covered as standard on my NFU Insurance. It covers the first two years from new.

Unless you are the poor soul on here with the mustang who did the same and his damaged mustang was a written off due to parts delays (but less than 60% value) so his insurance wouldn’t honour it.

For the small amount RTI costs from the likes of ALA it’s a no brainier really.

[Terzo123]

£850 for 3 years. Someone is making alot of commission.

Think Ipaid about £140 for3 years RTI cover through ALA for my C63

[dhutch]

Watching this closely, I believe sometimes standard insurance plus gap cover is a better deal than a specialist policy, but I don't really know when that is that case and would not be at all supprised is the dealership is making a good cut.

[Jamescrs]

I don't know about agreed valuations but in terms of the Gap cover I'd recommend a company called Direct Gap, I got three years cover for a 14k Audi A4 Sline for around £120 on a return to invoice policy.

Dealership markup is huge on Gap insurance

[RammyMP]

I’ve just bought a used A6, Audi wanted £500 for gap, I paid £200 to ALA. Hope I never need it!