GolfGTIforum.co.uk
Model specific boards => Golf mk6 => Topic started by: p3asa on 05 November 2009, 12:33
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GAP insurance, has most folk got it?
Autotrader are doing it for £129 for £10k so I'm tempted.
You reckon it is the done thing to do?
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I have it. When buying new depn in first 3 yrs is horrific. So in extreme case of car being written off this top up is defo worth it.
I have 15k cover iirc for about 190 quid which lasts 3yrs. I also went through autotrader so curious what your 129 quote covers (period and back to invoice?)
Anyway, defo required and is reasonably cheap.
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yup defo worth it, i have 20k cover. its a must as you never know.
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Worth having. On collection day I went along with a couple of online quotes for GAP and the dealer matched them as they still get their commission for the sale!
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Yes return to invoice Gap Insurance is a must for me,
1st new car i bought was a mk5 gti for 26k 18mnths later got wrote off in the floods, insurance co paid 18.5k for the car and gap insurance paid out another 7.5k so got a new R32 happy days, 18mths free motoring and a new R32 :laugh: :laugh:
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I did the same as AlanH, took some quotes to the dealer and they dropped from 300 to 199. I noticed that some policies don't cover if the your keys are stolen, i.e. a crook nicks your keys then trashes your car so best to check.
Definitely worth having though I reckon.
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Definately worth £300 or so in my opinion.
I bought my Ed30 for £23000ish, had it for about 20 months in IMMACULATE condition with only 9000 on the clock - and some w@nkstain ran into the back of me. Insurance company are only willing to pay back 'market value' which was £16325 - which I eventually got upped to £16855.
If I had GAP, they'd have given me a cheque for the difference straight away - instead of me fighting with the insurance company for the last 8 months!
GAP is a must for me this time!
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Thanks guys.
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I've recently looked into this as we've just bought a brand new 1 series BMW :lipsrsealed: and I found the best site was this one and looked good prices https://www.directgap.co.uk/ The dealer wanted £499 ! :shocked:
Just a thought, why do people get cover for as high as 15k ? (Unless you've highly specced cars that will depreciate loads). Surely its "GAP" insurance, so if the insurance company will only give you 15k but you say owe 20k on the never never then you only need 5k of insurance to cover the difference ? Anyone got experience of how this works and what's the best amount of cover to get ?
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^thanks for the link. :smiley: As this is something im looking into at the moment myself. :nerd:
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The stealers get it for approx £150 so I have paid that on all of my cars from VW and Audi (BMW don't budge) and with the GTi I got the return to invoice policy for free.
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I've recently looked into this as we've just bought a brand new 1 series BMW :lipsrsealed: and I found the best site was this one and looked good prices https://www.directgap.co.uk/ The dealer wanted £499 ! :shocked:
Just a thought, why do people get cover for as high as 15k ? (Unless you've highly specced cars that will depreciate loads). Surely its "GAP" insurance, so if the insurance company will only give you 15k but you say owe 20k on the never never then you only need 5k of insurance to cover the difference ? Anyone got experience of how this works and what's the best amount of cover to get ?
The "gap" I'm interested in is the "back to invoice" gap, not just the gap between insurance payout and outstandng finance. This can easily be around £15k after 3 yrs.
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Return to invoice Gap is deffo the one to go with, if something was to happen in say 3 years time you get all the money back to the original invoice you paid for the car and not to the current market value or finance etc, it worked for me :wink:
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Return to invoice Gap is deffo the one to go with, if something was to happen in say 3 years time you get all the money back to the original invoice you paid for the car and not to the current market value or finance etc, it worked for me :wink:
and look at your wheels now! hubba hubba! :laugh:
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Return to invoice Gap is deffo the one to go with, if something was to happen in say 3 years time you get all the money back to the original invoice you paid for the car and not to the current market value or finance etc, it worked for me :wink:
May i ask who you went through and how the claim went?
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Well worth having GAP IMHO, especially as there is no premium for having a more "nickable" car like the GTi and R32.
Most policies do NOT cover modified cars though, so be careful if you intend to mod.
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Return to invoice Gap is deffo the one to go with, if something was to happen in say 3 years time you get all the money back to the original invoice you paid for the car and not to the current market value or finance etc, it worked for me :wink:
May i ask who you went through and how the claim went?
I cannot remember the name of the Co. but the insurance took about 6 weeks to pay out and a week later a cheque from Gap, my car was modded and ins not notified but no problems, Apr remap, reiger splitter, Reiger rear bumper, quad Milteks etc, they just collected the car and auctioned it, it is back on the road 2mnths and a bit of carpet freshner :grin:
water was half way up the windows in the floods someone paid 7k for it?
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^ Shame you could not remember the name of the company as it would be nice to go with one that actually does what it says they will.
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Interesting MR Bond, though what is the difference between Vehicle replacement, Return to invoice and Finance product ?.
I asked for £10000 cover and the charges are all different for the premium ?
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Interesting MR Bond, though what is the difference between Vehicle replacement, Return to invoice and Finance product ?.
I asked for £10000 cover and the charges are all different for the premium ?
Im sure others may know better as im just currently looking at this myself and not alot of experience with it but the jist i get is.
Return to invoice: Pays the difference from what your car insurance company pays out ie trade value at the time of the write off and the GAP pays the difference between that trade value and the price you paid for your car as listed on your invoice. So say at time of the write off your car insurance company says your car is only worth £10K but you paid £15K for it. The Gap insurance pays you the difference ie £5K.
Vehicle replacment: Is same as Return to invoice except it includes extra cost of a new version of your car. So same as back to invoice but As an example say the price has gone up £500 from when you bought your car, it covers that price rise.
Finance product: pays the difference from the trade value your insurance comapny pays out and whatever outstanding finance you have on the car. So say you have £10K finance on your car left to pay when its wrote off. But the insurance company pays you only £6K you are left with £4K this is the value gap will cover.
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Would the difference in price between between what the insurance company reckon it is worth and what the trade reckon it is worth, ever be as much as £10K? I reckon £7.5k would cover it no problem, possibly even 5?
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Would the difference in price between between what the insurance company reckon it is worth and what the trade reckon it is worth, ever be as much as £10K? I reckon £7.5k would cover it no problem, possibly even 5?
agree prob not a massive difference in your example, but... for only a little extra you could get a payout back to the invoice price. wouldn't that be much better? iirc the difference in premium can only be a matter of 20-30 quid over 3 yrs, but the payout you get (and for the same event dont forget) could be worth thousands more.
no brainer surely?
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Cheers snoopy makes sense I'm going to ring the gap people on Monday as the whole thing make 100% sense, another good point keelaw who wants to loose out.
One possible small point could be and please everyone check your own insurance company. My partner works for Aviva and she thinks that my car policy for the first year only on a new car may have this included, ie if the new car is a write off in the first 12 months they will replace it with the same car. I'll also look into this and post my findings.
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I think that if you wrote it off in the first year you get a replacement vehicle (but check your individual insurance), but by the look of it you need to get your gap insurance within three months of the first registration of a new vehicle (for return to invoice anyway). So you can't just take it out after the first year. That's what I seem to have found anyway.
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^ Shame you could not remember the name of the company as it would be nice to go with one that actually does what it says they will.
Had a look through old paperwork and it was Pinnacle that i was with before, had no problems with them and they always kept you upto speed what was going on :wink:
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I didn't opt for it, but one of the three dealers I was discussing \ haggeling prices over for the new car offered to throw it in for free as an alternative to lowering the price of the discount further. So if you reach a stage in the negotiations when you're almost there but want just that little more off, then ask for it to be thrown in as a deal maker (it' cost them bugger all, plus they get brownie points for selling it etc so it's an easy on for them to bundle in to sweeten\close a deal). Didn't go with them as got a way better cash discount from one of the other 2 dealers.
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^ Shame you could not remember the name of the company as it would be nice to go with one that actually does what it says they will.
Had a look through old paperwork and it was Pinnacle that i was with before, had no problems with them and they always kept you upto speed what was going on :wink:
Thank you very much for looking that up. :cool: Much apreciated.
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Would the difference in price between between what the insurance company reckon it is worth and what the trade reckon it is worth, ever be as much as £10K? I reckon £7.5k would cover it no problem, possibly even 5?
If i understand your reply properly i think you may have misunderstood what i tried to explain.
As an example
Say you wrote your brand new car you just bought now off in 4 years time.
The insurance company pay you 'Trade value'. This is normally similar to the 'trade in value' in glases guide or parkers etc. This in the case of a GTI maybe only around £10K in 4 years time.
If you had 'back to invoice' and you paid £22K for your car, the gap would pay the £12K difference.
It all depends how long you may keep your car and the term you get the gap for.
EDIT: Im sorry i just reread your post i misunderstood what you ment. DOH!
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£10k in 4 years' time is a bit conservative i hope! Looking at prices of 4 year old MkV GTIs, they're commanding a few grand more than that for a good example :smiley:
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I was guessing lol. :wink: and trying to keep the numbers simple :smiley:, But not a bad guess when i just checked glasses and it says 3door 2005 55 with 40K on, trade in value is £10300 in excellent condition.
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interesting... anyway, i guess it shows the potential value of gap insurance.
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Would the difference in price between between what the insurance company reckon it is worth and what the trade reckon it is worth, ever be as much as £10K? I reckon £7.5k would cover it no problem, possibly even 5?
If i understand your reply properly i think you may have misunderstood what i tried to explain.
As an example
Say you wrote your brand new car you just bought now off in 4 years time.
The insurance company pay you 'Trade value'. This is normally similar to the 'trade in value' in glases guide or parkers etc. This in the case of a GTI maybe only around £10K in 4 years time.
If you had 'back to invoice' and you paid £22K for your car, the gap would pay the £12K difference.
It all depends how long you may keep your car and the term you get the gap for.
EDIT: Im sorry i just reread your post i misunderstood what you ment. DOH!
No Snoopy I think you did read my reply right. I thought the Gap would only cover you for the difference between what the insurance company would be willing to pay and what the cost of a replacement car would be ( the same age as the car that has just been written off / stolen ) Hence why I wondered why you would ever need £10k worth!
So what you are saying is, if I buy Return to Invoice Gap insurance and my car is written off in 3 years time, they will pay the difference between the book price of what the insurance company pay out and the price I originally paid for the car?
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So what you are saying is, if I buy Return to Invoice Gap insurance and my car is written off in 3 years time, they will pay the difference between the book price of what the insurance company pay out and the price I originally paid for the car?
Correct - hence the need for potentially more than 10k's worth! :nerd:
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Would the difference in price between between what the insurance company reckon it is worth and what the trade reckon it is worth, ever be as much as £10K? I reckon £7.5k would cover it no problem, possibly even 5?
If i understand your reply properly i think you may have misunderstood what i tried to explain.
As an example
Say you wrote your brand new car you just bought now off in 4 years time.
The insurance company pay you 'Trade value'. This is normally similar to the 'trade in value' in glases guide or parkers etc. This in the case of a GTI maybe only around £10K in 4 years time.
If you had 'back to invoice' and you paid £22K for your car, the gap would pay the £12K difference.
It all depends how long you may keep your car and the term you get the gap for.
EDIT: Im sorry i just reread your post i misunderstood what you ment. DOH!
No Snoopy I think you did read my reply right. I thought the Gap would only cover you for the difference between what the insurance company would be willing to pay and what the cost of a replacement car would be ( the same age as the car that has just been written off / stolen ) Hence why I wondered why you would ever need £10k worth!
So what you are saying is, if I buy Return to Invoice Gap insurance and my car is written off in 3 years time, they will pay the difference between the book price of what the insurance company pay out and the price I originally paid for the car?
Yes return to invoice gap is the difference from what the ins Co pay(market value) and the price you paid for your car (price that is on your invoice) :wink:
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Decided to protect my investment a little and took out the gap
Type of cover Return To Invoice
Term 3 Years
Claim Limit £10,000.00
Date policy purchased 09/11/2009
Date policy starts 09/11/2009
Premium (inc IPT) £141.00
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Decided to protect my investment a little and took out the gap
Type of cover Return To Invoice
Term 3 Years
Claim Limit £10,000.00
Date policy purchased 09/11/2009
Date policy starts 09/11/2009
Premium (inc IPT) £141.00
What company was that with, if you don't mind me asking?
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Decided to protect my investment a little and took out the gap
Type of cover Return To Invoice
Term 3 Years
Claim Limit £10,000.00
Date policy purchased 09/11/2009
Date policy starts 09/11/2009
Premium (inc IPT) £141.00
Wise move,
i got mine through dealer, return to invoice 20k limit told dealer i had a quote for £150 he matched it, (Result) :lipsrsealed:
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Decided to protect my investment a little and took out the gap
Type of cover Return To Invoice
Term 3 Years
Claim Limit £10,000.00
Date policy purchased 09/11/2009
Date policy starts 09/11/2009
Premium (inc IPT) £141.00
What company was that with, if you don't mind me asking?
From the one at the start of the thread http://www.directgap.co.uk/.
I have no intention of smashing it up (just yet :evil:) kidding, so I thought this would be best for me and its the one they recommended, Good deal me thought as the last gap insurance I had was £300+. Strange the VW dealer never mentioned it ?
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Dealers original quote was £450 until i told him i could get it for £150 (just a figure that came into my head :wink:)
And hey presto i can match that Mr.......... if you sign here, if pushed maybe of got it free, but they know you want the car anyway !!
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Pays to shop around or just make things up :laugh: :cool:
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Pays to shop around or just make things up :laugh: :cool:
Just make it up as you go along :grin:
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http://www.ala.co.uk (http://www.ala.co.uk) are doing £10k cover for £129
Plus if you go through www.quidco.com (http://www.quidco.com) you also get another 10% back so that works out at £116
I've not looked at the T&C's closely yet.
They are also the company autotrader use for their GAP quotes.
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Had a look at their FAQ and it seems to cover everything the others do, Keys stolen, 105% of Glass’s Guide retail price, named drivers, pays the insurance excess.
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i think i had a good result here
surf and protect are the company, and you can buy 3years of gap, but delay the start date by a year if you want (IE sheila and her wheels will look after the 1st year with new for new cover) so I kind of have 4years gap for the price of 3 years, and just hope and pray that it gets nicked 3.75 years down the road.
15 grand limit , £230, back to replacement invoice cost.
Bob's your uncle