GAP insurance

[Don H]

Morning all
I’ve decided it might be a good idea to purchase gap for my im6, has anyone else on here purchased and if so can you give me an idea of cost - perhaps also a steer on who I should go with.
I’ve had a look online and there are loads to choose from but they are all offering different things ( I.e return to invoice etc ?), I haven’t got a clue about gap.
Cheers all

 

[MikeJS]

Google Google Search

Then use something like moneysupermarket

 

[Don H]

Thanks for that MikeJS
Yes I been through google and there are lots on offer, I was hoping someone on here may have purchased gap and could give me an idea of what type is best ( and the costs involved ).
Thanks anyway

 

[rokfor2000]

Quote from a dealer at the time of purchase.

£420 for 4 years, £320 for 3 years. With this offer they also cover £500 insurance excess, so you can bump it up and bring the insurance price down. So not a bad deal all in all.

 

[MikeJS]

Thanks for that MikeJS
Yes I been through google and there are lots on offer, I was hoping someone on here may have purchased gap and could give me an idea of what type is best ( and the costs involved ).
Thanks anyway

Vehicle Replacement is ‘Best’ as show on that link. As that gives you the same vehicle and spec back no matter what has happened to the price since purchase.

Quote from a dealer at the time of purchase.

£420 for 4 years, £320 for 3 years. With this offer they also cover £500 insurance excess, so you can bump it up and bring the insurance price down. So not a bad deal all in all.

For what? Vehicle replacement or Return to Invoice?

 

[Don H]

Quote from a dealer at the time of purchase.

£420 for 4 years, £320 for 3 years. With this offer they also cover £500 insurance excess, so you can bump it up and bring the insurance price down. So not a bad deal all in all.

That sound quite good ( depending on what the cover is) my dealer didn’t offer GAP, he said they didn’t offer it.

 

[rokfor2000]

Vehicle Replacement is ‘Best’ as show on that link. As that gives you the same vehicle and spec back no matter what has happened to the price since purchase.

Is it really the case? Vehicle replacement will give you a 2 year old car if the accident happens in 2 years, whereas return to invoice will pay on top, allowing you to buy a new one (not accounting inflation), but considering how EV depreciate I'd 100% go return to invoice. This is what I got.

 

[MikeJS]

Is it really the case? Vehicle replacement will give you a 2 year old car if the accident happens in 2 years, whereas return to invoice will pay on top, allowing you to buy a new one (not accounting inflation), but considering how EV depreciate I'd 100% go return to invoice. This is what I got.

Other way around I think:

Return to Invoice (RTI)

• What it covers: The difference between the insurance payout and the original invoice price you paid for the car. It can also cover the outstanding finance balance, whichever is greater.
• Best for: Situations where you want to be returned to the original purchase price, which is useful if you want to clear any outstanding finance.
• Cost: Typically less expensive than Vehicle Replacement.

Vehicle Replacement (VR)

• What it covers: The cost to replace your car with a new, equivalent model (same make, model, age, and mileage) at the time of the claim.
• Best for: Protecting against rising vehicle costs, as it covers the difference between your insurer's settlement and the cost to buy an identical car today, even if that cost is higher than what you originally paid.
• Cost: More expensive than RTI due to offering greater cover.

 

[mystreet]

Vehicle Replacement (VR)

• What it covers: The cost to replace your car with a new, equivalent model (same make, model, age, and mileage) at the time of the claim

How can it be new, but also the same age and mileage?

The are using new, as in new to the driver of the replacement car.

 

[Porsche944]

I have bought from ALA before, never used it touch wood but much cheaper than the Jaguar dealer offered. reminds me I need to sort it for the S5

 

[rokfor2000]

How can it be new, but also the same age and mileage?

The are using new, as in new to the driver of the replacement car.

Yeah, this is exactly how I understood it. With "same mileage" doesn't sound right to me for a better version. Curious

 

[MikeJS]

All the quotes I got were only offering Return to Invoice.

 

[Don H]

So guys I finally went with total loss gap.co.uk
This is what I got:
Your policy will pay the difference between Your motor insurance settlement and the higher of
1.- The amount outstanding on finance.
2.- The original purchase price you paid.
3.- The replacement cost of another vehicle the same age, mileage, and condition as yours was on the day that you first drove it home. If that model is no longer available, then settlement would be based on the superseding model. If there is no superseding model the replacement cost would be deemed to be the invoice price you paid and an extra 10% on top.

Total cost: £318.98 ( 4 years cover)
I think it’s a good deal

 

[MikeJS]

So guys I finally went with total loss gap.co.uk
This is what I got:
Your policy will pay the difference between Your motor insurance settlement and the higher of
1.- The amount outstanding on finance.
2.- The original purchase price you paid.
3.- The replacement cost of another vehicle the same age, mileage, and condition as yours was on the day that you first drove it home. If that model is no longer available, then settlement would be based on the superseding model. If there is no superseding model the replacement cost would be deemed to be the invoice price you paid and an extra 10% on top.

Total cost: £318.98 ( 4 years cover)
I think it’s a good deal

Often best not to buy it for the 1st year as your normal insurance should cover it.

 

[Bigbullhead]

I used these 3 years 115 pounds

 

[Skydiver7]

Often best not to buy it for the 1st year as your normal insurance should cover it.

Only if the car is registered in your own name. If it's a lease car, the normal insurance companies won't pay out for a new car.