Greencode, doesn't the approach to pre-reg vehicles by gapinsurance 123 give you what you want? Extract from the information at the link I posted yesterday is below.
I'm assuming that as their approach is probably different (and better from the customer's perspective) to most GAP insurers for pre-reg vehicles, their basis of claims settlement for Vehicle Replacement Insurance cover would be outlined in their policy documentation. Therefore if the worst was to happen, you'd have it in print that they'd pay the difference between your motor insurer's claim settlement (market value at time of loss) and the cost of replacement with a new vehicle.
This suggests that you might need to state the value as list price of the car before discounts as that's what their claim settlement would be based on, and not the price you paid, but only gapinsurance 123 can confirm this.
Gapinsurance 123 do make the proviso that the car was originally registered in the dealers name, and you are now shown on the V5 as the (2nd) registered keeper and I understand this is the case in your situation.
Extract from gapinsirance 123 website;How would Gap Insurance at GapInsurance123 treat the vehicle if it were pre-registered?
The specific type of cover which is most affected by this could be Vehicle Replacement Insurance cover. This type of gap would protect the difference between the vehicle's market value, when it is written off, and the cost of replacing the vehicle with one equivalent to the vehicle you bought the policy for. With regards to pre-registered vehicles, this can cause a slight issue, how can you value a vehicle that is say 3 months old with one previous owner on the V5 logbook?
Well with a GapInsurance123 policy we try to make life a bit more straightforward.
If the vehicle is less than 90 days old, with the supplying dealer as the previous owner, we will treat the vehicle as a brand new vehicle for the purpose of Vehicle Replacement Insurance*.https://m.gapinsurance123.co.uk/518/gap-insurance-and-pre-registered-cars/
