PhilA

As EVERYONE knows, when you make a total-loss claim (write off) you always get your eye ***** ripped off. The insurance company will always try and pay the minimum amount to replace your car. As yet I have never met anyone who has went through this procedure and been happy with the end result.
I'm currently battling with my insurance company and I'm not happy.
Anyway, just discovered these GAP insurance policies. Thinking about getting onw for my next purchase, just in case. Anyone have any experience or thoughs on these?

IN THE STICKS

I took one out when I bought my MY99 as a used car from a Subaru dealer , I think it lasts for 3 years and worked out about £100 a year , if the car gets stolen and not recovered or written off they pay the difference between my insurance pay out and the price I payed for the car , seemed like a good idea to me , as long as you plan to keep the car for a while . I wonder how many cars go 'missing ' after 2 years and 11 months . I think mine is with the AA by the way

Dave

chiark

Gap insurance only covers the gap between the value offered by the insurers and the finance outstanding on the car.

It does not give you back the price paid for the car, unless I've grossly misunderstood what you're saying, or the AA has launched a new product. As you say, the incidence of cars written off deliberately would be simply massive.

It doesn't give you the difference between what the insurers are offering and the market value of your car. It is up to you to negotiate with the insurance company and provide examples of the market value in order to get them to offer you a decent settlement.

Check what AA say about GAP insurance on their webtsite

If I'm wrong, then I apologise, but I can't see any insurer taking the risk you mention as it's an absurd risk to take.

Cheers,
Nick.

TonyBurns

iTrader: (3)

Nicks right,
It covers any outstanding finance, so if you pay for your car over 2 years its not really worth it, if you pay for your car over 5 years then it could be worth your while

Tony

PhilA

Sorry guys, crossed wires here. GAP insurance that the AA do and many others, does just cover the difference between the pay out and the finance short fall. However, there are policies that give you THE ORIGINAL INVOICE PRICE, not the current market value. Check out http://www.gap-insurance.net/ for more details. You do not need finance on your car to qualify, but you must have purchase your car within the last 30 days.

IN THE STICKS

Bought my car with no Finance , and I got this insurance ,(don't know if it's called gap or not ), as I explained above , it pays out the difference between purchase price and insurance payout . I thought it was too good to be true , but I think you can only get it through dealers IIRC (perhaps this is why it's not on the AA web site ) ....you've got me thinking now ...off to double check tonight

Dave

chiark

Cheers Phil - I never realised that there were many different gaps available.

That site lists -
- Finance repayment (as described by me and others above)
- Invoice Price protection (as described by In the sticks)
- Vehicle Replacement protection (like the above, but gives you more money if the cost of replacing the vehicle to the same spec has gone up)

Wow. I'm amazed, and surprised at the pricing too!

I've checked the T&Cs, and I'm surprised how lenient they are generally. There's exclusions that only apply if you're found to be over the legal limit, or if you're found with non-prescription drugs in your bloodstream, or for fraudulent claims.

One absolute biggie though is the following exclusion: any vehicle which has been
modified other than in accordance with the manufacturers specifications and any make of vehicle not builtfor principal sale in UK.

If anyone has this insurance, I'd check out the T&Cs, especially if you're modding your car.

Pass the humble pie, I learn something new every day

Cheers,
Nick.

PhilA

I've checked with the Invoice one. You can purchase private as long as you get a signed and dated receipt from the seller.