new vxr8 insurance valuation

[stigmundfreud]

based on the fact the 24k asking price is a special offer, should I insure on that value or 36k?

[Bonnie and Clyde]

stigmundfreud said:

based on the fact the 24k asking price is a special offer, should I insure on that value or 36k?

Good question. Its a like for like isnt it? So if you were to write off yours and the only ones for sale were 36K would they have to replace yours or give you what you pay

[ads_green]

You wouldn't get a new car as this wouldn't be a like for like comparison. Even driving off the forecourt effectively makes the car secondhand.

They'd look for cars of a similar age and mileage - if these are being offered up on the secondhand market for 20k-25k then thats what they will argue its worth. What you pay originally doesn't come into it.

The value part always goes against you - you can't claim for more than the stated value but they will claim to pay out fair market value which is always generally lower than what you think it's worth.

[Well_Fans]

thats where GAP insurance comes in to make up any shortfall - 300 quid or so used to cover you for full replacement for 3 years. With you being used to driving like miss daisy in the hairdryer for a while now I'd suggest GAP insurance a worthy addition in case you stuff your nice new VXR8 into a wall/ditch/tree and write it off.

[Bonnie and Clyde]

£300's a lot of extra cash

[After_Shock]

Bonnie and Clyde said:

£300's a lot of extra cash

It is but it can also return you a huge sum of money for the price of an extended warranty on your washing machine, worth having in my opinion.

Insure it for the full £36k, it doesnt matter they value them as is at the time anyways, if you said 24k and wrote it off and the only car they could find was 28k gives them the chance to ask you for the difference.

[ads_green]

the only other thing is that specifying 36k would mean you pay higher premium.

[After_Shock]

ads_green said:

the only other thing is that specifying 36k would mean you pay higher premium.

Not necessarily value has very little effect on the premium its all to do with the car itself and the person based on risk, as I say insurers value the cars themselves anyways if anything happens so the value you give is thrown out the window!

[tattooboy]

As far as I'm aware, and I have only taken Gap Insurance once, the Gap Insurance only covers you for the price you pay for your car, if the car's worth £38K but you get a decent deal and pay £23k the gap will only pay up to £23K. I got a deal on a brand new Astra VXR 2 years ago and paid £15,700 instead of around £20K with a few options, took out gap ins, and it would only cover me up to £15,700, but it is worth taking the gamble and paying for it. If in year 3 you wrote your VXR8 off and market price is say £10K, for the sake of £300, the gap ins will pay out £13K !!! Well worth a £300 punt in my view.

[chr15b]

I thought a lot of policies replaced a new car with another new car in the first 12 months? i'm pretty sure mine does (not that i bought mine new)

also, be careful with GAP products, there are two, one will only return the difference between insurance payout and invoice price.

[broadslide]

Some GAP products will only pay out up to a preset max depending on premium paid. ie £300.00 might only give you a max of £10,000.00 cover

[stigmundfreud]

on the ro I had click4gap, very cheap and brilliant cover. Think it was an oversight on their part as that policy soon got removed and a new max limit policy which is 5k introduced

[crisisjez]

I got gap on the Insignia from picadors, its a full value policy for £325.00