General Gap Insurance

[arorat]

Hi guys... Last thread on this was a bit old and i wanted your opinion on Gap Insurance and if any new owners have taken it out ?

Spoke to Admiral Multicar policy today and they said they don't offer GAP and furthermore they will only offer "Market Value" for the new car, more of a reason to take it out.

If anyone could help me with guidance to non fiat deals out there and what to look for, unless fiat deal is best.

Best answer gets to go out for a 2am ride with Multispoke and dodge police

 

[rallycinq]

Search online, one absolute certainty is that the dealers deal will not be the cheapest.

Cheers

D

 

[arorat]

Search online, one absolute certainty is that the dealers deal will not be the cheapest.

Cheers

D

I did a search online and got bored in Insurance Wonderland, I wanted some new 500 owners to share their recent experiences which were relevant.

 

[RobinPJ]

Maxi is an evangelist for GAP insurance - he will fill you in.

 

[306maxi]

I got my cover from these guys http://www.surfandprotect.com

Are you sure admiral don't offer new for old cover for the first year? I thought all insurers did?

My cover is £7500 cover for 3 years (+1 year on the insurance so a total of 4 years) and it's replacement gap cover so it covers the difference between the payout and the cost of a new car regardless of price rises Cost £202.36

 

[arorat]

I got my cover from these guys http://www.surfandprotect.com

Are you sure admiral don't offer new for old cover for the first year? I thought all insurers did?

My cover is £7500 cover for 3 years (+1 year on the insurance so a total of 4 years) and it's replacement gap cover so it covers the difference between the payout and the cost of a new car regardless of price rises Cost £202.36

Thanks Maxi... site and costs noted.

I will check with Admiral again and see what their policy is as it would be good to have a 4 year cover like you.

 

[arorat]

Thanks Maxi... site and costs noted.

I will check with Admiral again and see what their policy is as it would be good to have a 4 year cover like you.

Admiral only do Market Value and advise taking out GAP.

do you suggest taking out a 3 or a 4 year policy for replacement or invoice ?


Replacement 3 yr = £204.29
Replacement 4 yr = £272.77

Invoice 3 yr = £140.77
Invoice 4 yr = £190.74

 

[306maxi]

Admiral only do Market Value and advise taking out GAP.

do you suggest taking out a 3 or a 4 year policy for replacement or invoice ?


Replacement 3 yr = £204.29
Replacement 4 yr = £272.77

Invoice 3 yr = £140.77
Invoice 4 yr = £190.74

Why not take insurance cover out with someone else then? Most other companies will do new for old.

 

[arorat]

Why not take insurance cover out with someone else then? Most other companies will do new for old.

Agree, as we have multicar policy with Admiral to break away will cost £60 for both policies and then all the issues of new quotes and adding two young girls,one passed a few years back and one learning.

I will go for 4 years replacement, thanks for the pointers.

 

[wigit]

been recommended surfandprotect and worth giving them a call as known to do discounts, i few others are:

click4gap.co.uk
ala.co.uk
directgap.co.uk

i'll be looking into this as failed to get it thrown in by the stealer on mine

 

[RUI]

I used click4gap on my TT but did not bother on the Fiat

 

[arorat]

cheers guys.

 

[lilrachiebaby89]

I got my cover from these guys http://www.surfandprotect.com

I've just got a quote from that website, as usual apologies for being stupid but what does it mean when it says 'claim limit'? The standard is set as £5,000 but does this want to be set to the value of the car? Please help!

 

[jrkitching]

I've just got a quote from that website, as usual apologies for being stupid but what does it mean when it says 'claim limit'? The standard is set as £5,000 but does this want to be set to the value of the car? Please help!

No, the 'claim limit' only needs to cover the difference in value between the settlement you get from the insurance company, and the cost of replacing the car (assuming you go for Replacement Gap).

This website may be worth a look too:

http://www.directgap.co.uk

 

[lilrachiebaby89]

No, the 'claim limit' only needs to cover the difference in value between the settlement you get from the insurance company, and the cost of replacing the car (assuming you go for Replacement Gap).

That's what I don't understand, the different types of GAP insurance, what is the difference between replacement and invoice gap insurance? why can't there just be one?! And how would you know what the difference in value between the settlement and the cost of replacing the car was unless you'd just received the settlement? Although the car is £10000 at cost so I suppose it would ok to go with £5000 Claim Limit for me.

 

[jrkitching]

That's what I don't understand, the different types of GAP insurance, what is the difference between replacement and invoice gap insurance? why can't there just be one?! And how would you know what the difference in value between the settlement and the cost of replacing the car was unless you'd just received the settlement? Although the car is £10000 at cost so I suppose it would ok to go with £5000 Claim Limit for me.

Replacement GAP gets you a new car, Invoice GAP just gets you the price you paid for the old one - if new car prices have gone up since you bought it, you have to pay the difference, hence replacement GAP is usually more expensive. A £5000 claim limit should be fine for your needs.

 

[arorat]

No, the 'claim limit' only needs to cover the difference in value between the settlement you get from the insurance company, and the cost of replacing the car (assuming you go for Replacement Gap).

This website may be worth a look too:

http://www.directgap.co.uk

Sorry, I need some more help to finalise this.

Car is TA Lounge with extras, total £13900. I am looking at taking out "Replacement" for 4 years.

If you can help me, what will the car be worth in 4th year? do I take out Claim Limit as £7500 or £10,000 ? prices are £225 for 3 yrs and £242 for 4 years.

Picking up tomorrow.

 

[306maxi]

Sorrt, I need some more help to finalise this.

Car is TA Lounge with extras, total £13900. I am looking at taking out "Replacement" for 4 years.

If you can help me, what will the car be worth in 4th year? do I take out Claim Limit as £7500 or £10,000 ? prices are £225 for 3 yrs and £242 for 4 years.

Picking up tomorrow.

Does your car insurance cover you for the first year? Most policies do. Only some sites will allow you to delay the start of your gap insurance policy for that first year.

Firstly it's always better to have too much cover rather than too little. For 5 years (4 years gap + 1 year insurance) I would probably say that 7500 would more than likely be enough but 10k certainly would be a better option.

 

[arorat]

Thanks again Maxi. our insurance does not cover and suggested Gap (see previous page, but don't bother).
Thinking about this, if TA looses 60% in 3 years we will be out of pocket on £7500 cover. So taking your advice will go for £10k over 4 years in this.

Just deciding between www.directgap.co.uk and www.surfandprotect.com

 

[306maxi]

Thanks again Maxi. our insurance does not cover and suggested Gap (see previous page, but don't bother).
Thinking about this, if TA looses 60% in 3 years we will be out of pocket on £7500 cover. So taking your advice will go for £10k over 4 years in this.

Just deciding between www.directgap.co.uk and www.surfandprotect.com

Hopefully you'll never have to claim anyway