GAP Insurance - Which company?

[CarbonGreyGTD]

I've just been looking at ALA GAP insurance and not sure what cover to go for.
It asked for car value and I assume this means the cost of the car before any discount you negotiated or am I wrong?
I've looked at vehicle replacement cover and it asks what level of cover you need, it defaults to £17500. Is this enough?
It's all a tad confusing and I don't want to pay for cover that's not necessary.

I've just sorted mine, I inputted the full on the road price for car value, I manually upped the cover to £20000 to be safe as it only added £1 to the premium.

I took out vehicle replacement plus and the premium was £186.30 using the discount code VP10.

[SRGTD]

I've just been looking at ALA GAP insurance and not sure what cover to go for.
It asked for car value and I assume this means the cost of the car before any discount you negotiated or am I wrong?

Yes, the car value should be list price and not be reduced to reflect any discounts you may have negotiated.

I've looked at vehicle replacement cover and it asks what level of cover you need, it defaults to £17500. Is this enough?
It's all a tad confusing and I don't want to pay for cover that's not necessary.

Worth clicking on the blue boxes with the question mark mext to the various data input fields as they provide more information. Based on the information you have input, the £17,500 figure is ALA's assessment of the level of cover required so that motor insurer's claim settlement plus GAP policy payout would be adequate to fund the purchase of a new car of the same model and spec as yours at the time of total loss.

If you feel that £17,500 isn't an appropriate figure, you can select an alternative amount from the drop-down pick list, and the premium will be adjusted to reflect the revised figure.

[kalimon]

I've just been looking at ALA GAP insurance and not sure what cover to go for.
It asked for car value and I assume this means the cost of the car before any discount you negotiated or am I wrong?
I've looked at vehicle replacement cover and it asks what level of cover you need, it defaults to £17500. Is this enough?
It's all a tad confusing and I don't want to pay for cover that's not necessary.

I've just sorted mine, I inputted the full on the road price for car value, I manually upped the cover to £20000 to be safe as it only added £1 to the premium.

I took out vehicle replacement plus and the premium was £186.30 using the discount code VP10.

Thats exactly what I did and I received the same quote. I'll sort it out tomorrow.
 Thanks for all the replies

[dipstick]

Pretty sure they use invoice price.
Then, if you get the vehicle replacement plus and wrote the car off, they'd pay the difference between invoice and on the road (or whatever negotiated price for a replacement).

If you try and claim OTR price for their normal return to invoice cover, could that not  potentially be classed as fraud?

[p3asa]

Pretty sure they use invoice price.
Then, if you get the vehicle replacement plus and wrote the car off, they'd pay the difference between invoice and on the road (or whatever negotiated price for a replacement).

If you try and claim OTR price for their normal return to invoice cover, could that not  potentially be classed as fraud?

I thought the whole point of vehicle replacement plus was they made up the difference for you to buy exactly the same vehicle.

Say you have bought a VW recently with the £1000 loyalty and £1250 pcp contribution that put the price of the car down to £24,000.   If you put that as the vehicle price value for GAP and your car gets stole and those financial contributions have stopped then you would effectively still be out of pocket by £2250 plus any discount you had received.

Would they not be at liberty to say to you "Well £24,000 is what you told us the car costs to replace"
The more you put as an invoice price the more the cover costs so you are actually paying for it.

Taking it to the extreme, imagine you had bought a car at half price because you were the 100,000th customer!! 

As far as I know they just pay you by cheque for the difference so you can go and get any car you want. They don't actually "wait for a negotiated price"

If I was still going to be out by a few thousand, Then I wouldn't see the point of GAP.


EDIT: I've just had a look at ALA and it does seem quite confusing. On the first page of finding out more https://www.ala.co.uk/gap-insurance it asks for an On The Road price.

Then if you click quote me and select "Vehicle Replacement Plus" https://www.ala.co.uk/quote.php?action=goto&prod=GAP&group=cars&options=1&qual_gap=1  It states "Full list price of car: The price of your vehicle before deducting any discounts."

I still definitely wouldn't go with the price I paid.

[wantmygti]

I've got a vehicle replacement policy with ALA and instead of taking the policy out online I talked to an agent to make the most of their price matching policy.

My certificate of insurance refers to the vehicle value, and shows the price paid after discounts. But it does seem a bit odd and I might call them tomorrow to confirm all is well...

[davewilliams000]

I went with ALA after recommendations on here. I wasn't sure what to put in either as mine is pre-reg so technically used. I emailed them with a couple of questions and got the following reply:

"Hi Dave,
 
Many thanks for your enquiry.
 
When setting up a back to invoice policy you would enter the invoice price if you are going with the Vehicle Replacement Insurance then you would enter the price before any discount not the list price of a new car as your isn’t a brand new car. Just confirm Sundry costs such as service plans and finance costs would not be included when entering the appropriate price.
 
I hope this helps but if I can assist further please just let me know"

I got VRI for 5 years (to match my finance) which came out at aprox £300. The one arnold clark offered me when I bought the car would have worked out near £600 for 4 years cover and was only back to invoice.

[wantmygti]

Seems I owe you all a thanks. I spoke to ALA today who confirmed that my VRI insurance was based on the wrong car value (should be on the rrp as discussed) but to their credit they admitted the agent I spoke to had taken the wrong details and upped the cover free of charge.

Would have got interesting if I had made a claim but they said they would of honoured it.

[greencode]

Sorry, realise this is an old thread but thought best to add to it rather than starting a new one.

Unsure of what price to add? The list price of my R (once I sign on the dotted line on Friday) is £32,340 (looking at the VW RRP price) however, I'm getting it pre-registered for £25,000. So, which do I enter? I would have though the RRP but looking at another GAP Insurance site it states to enter the price you paid. 

[SRGTD]

Sorry, realise this is an old thread but thought best to add to it rather than starting a new one.

Unsure of what price to add? The list price of my R (once I sign on the dotted line on Friday) is £32,340 (looking at the VW RRP price) however, I'm getting it pre-registered for £25,000. So, which do I enter? I would have though the RRP but looking at another GAP Insurance site it states to enter the price you paid. 

It depends who you take out GAP cover with as different companies adopt different approaches to pre-registered cars. Two of the more well known GAP insurers' approach to pre-registered cars below;

From ALA's FAQ's on their website;

I'm looking at a Vehicle Replacement Plus quote. What figure do I use as my purchase price?
This should be the price of your vehicle before deducting any discounts you have received from the dealer or manufacturer. These are sometimes VAT free offers or shown on your invoice as a deposit contribution. For new vehicles you can use the list price and include any factory or dealer fitted extras.

If the vehicle is pre-registered you would use the net price for the vehicle rather than the list price. If you have had any extra discounts these can be added back on.

If you would like any assistance with a quote please contact our team on 01653 916304.

gap insurance 123
The approach to pre-registered cars taken by gapinsurance 123 is at the link below. From a claims settlement perspective, they treat them as a new car, but it's not clear from the information at the link below what value you should use; new car list price or price paid. Simplest way to find out would be to phone and ask them.

https://m.gapinsurance123.co.uk/518/gap-insurance-and-pre-registered-cars/