Discussion
Hi everyone,
Just trying to arrange all the bits of insurance I might need for the car and tried to buy GAP insurance. I've had this for all other cars I've bought in the past. I tried surf&protect and they say they can't cover Invoice GAP insurance on Nobles as they don't appear on Glass's guide.
Has anyone managed to get invoice GAP or any other GAP insurance on a Noble?
Any info would be greatly appreciated.
Alex
Just trying to arrange all the bits of insurance I might need for the car and tried to buy GAP insurance. I've had this for all other cars I've bought in the past. I tried surf&protect and they say they can't cover Invoice GAP insurance on Nobles as they don't appear on Glass's guide.
Has anyone managed to get invoice GAP or any other GAP insurance on a Noble?
Any info would be greatly appreciated.
Alex
alex_123_fra said:
Hi everyone,
Just trying to arrange all the bits of insurance I might need for the car and tried to buy GAP insurance. I've had this for all other cars I've bought in the past. I tried surf&protect and they say they can't cover Invoice GAP insurance on Nobles as they don't appear on Glass's guide.
Has anyone managed to get invoice GAP or any other GAP insurance on a Noble?
Any info would be greatly appreciated.
Alex
Just trying to arrange all the bits of insurance I might need for the car and tried to buy GAP insurance. I've had this for all other cars I've bought in the past. I tried surf&protect and they say they can't cover Invoice GAP insurance on Nobles as they don't appear on Glass's guide.
Has anyone managed to get invoice GAP or any other GAP insurance on a Noble?
Any info would be greatly appreciated.
Alex
When my son and inlaws purchased cars recently they were told dealers have to offer it by law now????
pbsaxman said:
alex_123_fra said:
Hi everyone,
Just trying to arrange all the bits of insurance I might need for the car and tried to buy GAP insurance. I've had this for all other cars I've bought in the past. I tried surf&protect and they say they can't cover Invoice GAP insurance on Nobles as they don't appear on Glass's guide.
Has anyone managed to get invoice GAP or any other GAP insurance on a Noble?
Any info would be greatly appreciated.
Alex
Just trying to arrange all the bits of insurance I might need for the car and tried to buy GAP insurance. I've had this for all other cars I've bought in the past. I tried surf&protect and they say they can't cover Invoice GAP insurance on Nobles as they don't appear on Glass's guide.
Has anyone managed to get invoice GAP or any other GAP insurance on a Noble?
Any info would be greatly appreciated.
Alex
When my son and inlaws purchased cars recently they were told dealers have to offer it by law now????
I think you might be right Peter, all dealers I've used in recent years have offered it. This car was a private purchase however so I'll have to sort something out without involvement of a dealer.
No, me neither.
Anyway, when I crashed mine I did it quickly enough after buying it to have not lost any value.
So they gave me the full purchase value back. Moral: crash it quick and forget the GAP!
Seriously tho, I was offered it by the dealer and didn't think much of it.
They take into account depreciation as far as I can tell. So your 30K motor bought two years ago will only be worth 30-XK, where X is their perceived deprecation amount. In which case, provided the insurance company give out a reasonable valuation (which I know is not always the case), it's a bit pointless.
Maybe I'm being a bit cocky because I got away with it, but I remember thinking at the time of being offered it that, for the price, it was a bit of a rip off.
Anyway, when I crashed mine I did it quickly enough after buying it to have not lost any value.
So they gave me the full purchase value back. Moral: crash it quick and forget the GAP!
Seriously tho, I was offered it by the dealer and didn't think much of it.
They take into account depreciation as far as I can tell. So your 30K motor bought two years ago will only be worth 30-XK, where X is their perceived deprecation amount. In which case, provided the insurance company give out a reasonable valuation (which I know is not always the case), it's a bit pointless.
Maybe I'm being a bit cocky because I got away with it, but I remember thinking at the time of being offered it that, for the price, it was a bit of a rip off.
You are spot on.
Essentially as insurance companies will pay full list price for the first 12 months for a total lost, you are insuring against an unrealisable loss. Couple that with the fact that on total loss insurance companies are legally oblidged to pay you the forecourt dealer price, and then you are free to purchase privatly, there is no situation if you just use your statutory rights that you could ever have a 'gap'
Doesn't stop it being sold, nor people buying it though. Does actuaries heads in though as they will always calculate a non-loss situation and hence will tell you you don't need insurance!
It's enshrined in laws written in the 1600's.....
J
Essentially as insurance companies will pay full list price for the first 12 months for a total lost, you are insuring against an unrealisable loss. Couple that with the fact that on total loss insurance companies are legally oblidged to pay you the forecourt dealer price, and then you are free to purchase privatly, there is no situation if you just use your statutory rights that you could ever have a 'gap'
Doesn't stop it being sold, nor people buying it though. Does actuaries heads in though as they will always calculate a non-loss situation and hence will tell you you don't need insurance!
It's enshrined in laws written in the 1600's.....
J
joust said:
pbsaxman said:
Didn't say we bought it just that they have to offer it by law! 
My comment was aimed at Alex. J
I know. In my usual clumsy manner I was agreeing with you
. My inlaws were in insurance for all their working lives and some of the insurance discusions we have are hilarious!!
pbsaxman said:
joust said:
pbsaxman said:
Didn't say we bought it just that they have to offer it by law!
My comment was aimed at Alex. J
I know. In my usual clumsy manner I was agreeing with you
. My inlaws were in insurance for all their working lives and some of the insurance discusions we have are hilarious!!Tell us more!
Ash M400 said:
pbsaxman said:
joust said:
pbsaxman said:
Didn't say we bought it just that they have to offer it by law!
My comment was aimed at Alex. J
I know. In my usual clumsy manner I was agreeing with you
. My inlaws were in insurance for all their working lives and some of the insurance discusions we have are hilarious!!Tell us more!
You had to be there, they are in their eighties after all! Apart from that only I'm allowed to laugh at my inlaws. Except that is when they are driving so safely (
) that insurance companies give them special deals, when everyone laughs or swears or something 
Is it still not risky leaving the valuation in the hands of your primary insurer? Surely even if you argue their valuation is wrong...who can prove it either way if there is no Glass's or Parker's guide standard. Is one then meant to assume that dealer forecourt prices are a correct valuation in the event of a total loss?
alex_123_fra said:
....if there is no Glass's or Parker's guide standard....
I think this is a good thing. Means they HAVE to use forecourt prices for their valuation, and not some dodgy tables. Maybe that was why I got lucky. If it had been the Fiat then maybe I'd have had more trouble getting a fair price. I still don't see the benefit though. Don't forget that that a lot of people probably over-value their car, so when they get what might be a more realistic price it seems like they're being diddled. Extra insurance in my experience is sold using fear tactics and unfortunately it often works.
Edited by nobleguy on Friday 22 September 12:01
alex_123_fra said:
Is it still not risky leaving the valuation in the hands of your primary insurer? Surely even if you argue their valuation is wrong...who can prove it either way if there is no Glass's or Parker's guide standard. Is one then meant to assume that dealer forecourt prices are a correct valuation in the event of a total loss?
The valuation is NOT in the hands of the insurer. It is in the hands of you to just demonstrate the reasonable price for you to purchase a replacement. If that happens to be at urber expensive dealer, then that's what the insurance company has to, by law, pay.
3 letters, 2 weeks and the payment on my stolen X5 3.0i rose from £30,500 to £38,750, and whilst they wiggled a little bit, they had no legal choice.
J
joust said:
alex_123_fra said:
Is it still not risky leaving the valuation in the hands of your primary insurer? Surely even if you argue their valuation is wrong...who can prove it either way if there is no Glass's or Parker's guide standard. Is one then meant to assume that dealer forecourt prices are a correct valuation in the event of a total loss?
The valuation is NOT in the hands of the insurer. It is in the hands of you to just demonstrate the reasonable price for you to purchase a replacement. If that happens to be at urber expensive dealer, then that's what the insurance company has to, by law, pay.
3 letters, 2 weeks and the payment on my stolen X5 3.0i rose from £30,500 to £38,750, and whilst they wiggled a little bit, they had no legal choice.
J
Justin is 'the man'
pbsaxman said:
joust said:
alex_123_fra said:
Is it still not risky leaving the valuation in the hands of your primary insurer? Surely even if you argue their valuation is wrong...who can prove it either way if there is no Glass's or Parker's guide standard. Is one then meant to assume that dealer forecourt prices are a correct valuation in the event of a total loss?
The valuation is NOT in the hands of the insurer. It is in the hands of you to just demonstrate the reasonable price for you to purchase a replacement. If that happens to be at urber expensive dealer, then that's what the insurance company has to, by law, pay.
3 letters, 2 weeks and the payment on my stolen X5 3.0i rose from £30,500 to £38,750, and whilst they wiggled a little bit, they had no legal choice.
J
Justin is 'the man'
I think he's probably convinced me now
nobleguy said:
[quote=alex_123_fra]....if there is no Glass's or Parker's guide standard....[/quote
I think this is a good thing. Means they HAVE to use forecourt prices for their valuation, and not some dodgy tables. Maybe that was why I got lucky. If it had been the Fiat then maybe I'd have had more trouble getting a fair price. I still don't see the benefit though. Don't forget that that a lot of people probably over-value their car, so when they get what might be a more realistic price it seems like they're being diddled. Extra insurance in my experience is sold using fear tactics and unfortunately it often works.
Any guide is irrelevant as far as the law on insurance goes. I think this is a good thing. Means they HAVE to use forecourt prices for their valuation, and not some dodgy tables. Maybe that was why I got lucky. If it had been the Fiat then maybe I'd have had more trouble getting a fair price. I still don't see the benefit though. Don't forget that that a lot of people probably over-value their car, so when they get what might be a more realistic price it seems like they're being diddled. Extra insurance in my experience is sold using fear tactics and unfortunately it often works.
Insurance law, since it was invented in the 1600s, is based on the principle of indemnity. Namely, that after the event you have to be put back in exactly the same financinal position as you were before the event.
So, it's irrelevent what a guide says. If there is a car, available for sale that is the same specification as yours (even if it isn't, if the +/- of the extras can easily be calculated you can still use the car), and even if that costs, say, £10,000 more than the 'guide' price, then unless the insurance company wishes to find another car, purchase it, and deliver it to you then they have to, under laws dating back to the 1600s, pay you that price.
So, as with the X5, they 'found' a car that was a private sale that they thought was of similar spec for £30k. I 'found' the same car at my local dealer for £38k.
And they paid......
Now, perhaps given that, you'll see how irrelevent GAP insurance is... However, if you don't want to enforce your legal rights, and have a hassle free closedown of the finance, then pay for your GAP insurance. I just hope the GAP people pay out....
Oh, in case you are wondering, all my cars are financed on 3+36 PCPs.
J
alex_123_fra said:
Justin, I am convinced now, thanks for the info. Won't be going for GAP. The only time I've experienced it being effective was, as you say, for a hassle free closure of my wife's M3 payout...at which point they paid approximately an additional £1.5k to the insurance offer.
Did you work out what it cost you for the insurance.... Bet it was worse odds than Red Rum.... If you could have been arsed you could have closed that gap with one or two letters to the insurance company.
J
joust said:
alex_123_fra said:
Justin, I am convinced now, thanks for the info. Won't be going for GAP. The only time I've experienced it being effective was, as you say, for a hassle free closure of my wife's M3 payout...at which point they paid approximately an additional £1.5k to the insurance offer.
Did you work out what it cost you for the insurance.... Bet it was worse odds than Red Rum.... If you could have been arsed you could have closed that gap with one or two letters to the insurance company.
J
You're most probably right...she paid 38k for the M3 and was offered 32k back on the first attempt. Then after a couple of letters she got it up to £36.5k and the GAP paid the rest. Original value of GAP was £350. As you say, had she tried to push it further they would probably have paid out the full £38k
Gassing Station | Noble | Top of Page | What's New | My Stuff