GAP Insurance - new replacement car
Discussion
New car arriving next week (separate thread).
RTI gap doesn’t really help as the invoice value is significantly lower than list (over 20% discount) and the price would be extremely difficult to repeat (especially under the time pressure that a write off creates - been there and had wife commuting in taxis).
The replacement car GAP quotes seem to cap payout at current invoice value as do the RTI quotes so the insurer says they are taking more risk but the cap to their risk is the same.
I appear to be taking the risk that the cars value will fall and the price of the replacement will have risen leaving the gap bigger than the invoice value……. If we were paying closer to list I wouldn’t be so concerned.
Anyone know of a GAP insurer that doesn’t do this?
RTI gap doesn’t really help as the invoice value is significantly lower than list (over 20% discount) and the price would be extremely difficult to repeat (especially under the time pressure that a write off creates - been there and had wife commuting in taxis).
The replacement car GAP quotes seem to cap payout at current invoice value as do the RTI quotes so the insurer says they are taking more risk but the cap to their risk is the same.
I appear to be taking the risk that the cars value will fall and the price of the replacement will have risen leaving the gap bigger than the invoice value……. If we were paying closer to list I wouldn’t be so concerned.
Anyone know of a GAP insurer that doesn’t do this?
https://totallossgap.co.uk/vehicle-replacement-ins...
"Unlike many Vehicle Replacement GAP '3-in-1' policies, our version pays you the highest of:
The equivalent replacement cost
The original invoice price you paid
Your outstanding finance settlement"
"Unlike many Vehicle Replacement GAP '3-in-1' policies, our version pays you the highest of:
The equivalent replacement cost
The original invoice price you paid
Your outstanding finance settlement"
There are various GAP providers most of whom do seem to offer different alternatives.
Click for Gap for instance says it offers vehicle replacement irrespective if the price has increased.
ALA was a previous sponsor I think and they also used to offer alternatives.
Your own car insurance might also offer new for old cover within the first 12months and I believe there are some who even extend this to 24.
Click for Gap for instance says it offers vehicle replacement irrespective if the price has increased.
ALA was a previous sponsor I think and they also used to offer alternatives.
Your own car insurance might also offer new for old cover within the first 12months and I believe there are some who even extend this to 24.
silentbrown said:
https://totallossgap.co.uk/vehicle-replacement-ins...
"Unlike many Vehicle Replacement GAP '3-in-1' policies, our version pays you the highest of:
The equivalent replacement cost
The original invoice price you paid
Your outstanding finance settlement"
"Unlike many Vehicle Replacement GAP '3-in-1' policies, our version pays you the highest of:
The equivalent replacement cost
The original invoice price you paid
Your outstanding finance settlement"
That fits the bill.
Working through their terms has opened another issue, when we renewed in April new for old wasn’t a concern but is now so we need to change insurer.
alscar said:
There are various GAP providers most of whom do seem to offer different alternatives.
Click for Gap for instance says it offers vehicle replacement irrespective if the price has increased.
ALA was a previous sponsor I think and they also used to offer alternatives.
Your own car insurance might also offer new for old cover within the first 12months and I believe there are some who even extend this to 24.
But you need to look at their maximum liability as well. Thy may y they fund a new vehicle but the limit may not be enough to cover the gap.Click for Gap for instance says it offers vehicle replacement irrespective if the price has increased.
ALA was a previous sponsor I think and they also used to offer alternatives.
Your own car insurance might also offer new for old cover within the first 12months and I believe there are some who even extend this to 24.
IJWS15 said:
alscar said:
There are various GAP providers most of whom do seem to offer different alternatives.
Click for Gap for instance says it offers vehicle replacement irrespective if the price has increased.
ALA was a previous sponsor I think and they also used to offer alternatives.
Your own car insurance might also offer new for old cover within the first 12months and I believe there are some who even extend this to 24.
But you need to look at their maximum liability as well. Thy may y they fund a new vehicle but the limit may not be enough to cover the gap.Click for Gap for instance says it offers vehicle replacement irrespective if the price has increased.
ALA was a previous sponsor I think and they also used to offer alternatives.
Your own car insurance might also offer new for old cover within the first 12months and I believe there are some who even extend this to 24.
Usually purchasable limits seem to be in the £25k to £50k max variety.
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