Gap Insurance

[R32UK]

problem is that most insurance companies dont take into account for extras you have fitted, and will usually want to give you bottom price for a car the same model and year.

with gap it means you would get a car exactly like your last one was spec'd up to. So like for like.... not bad if you write off your 5yr old gti

[keelaw]

If the market value is 12,000 and the insurance company gives you 12,000 then you could replace you car like for like without gap insurance.It should be called gap bonus because if you write your car off or it gets nicked you would actually gain from the gap.

isn't this a form of gambling?  pay 400 quid now, you might get 10-15k in 3 yrs time!

[Rolfe]

Sounds useful.

What's always bugged me is the difference between what they'll give you as a write-off value, and what it would cost to buy the same vehicle second-hand, at the time of the accident.

It's never happened to me with a car, but I wrote my motorbike off in about 1984.  There was a similar bike on sale second-hand at the dealer's at the time, but with what they gave me there was no way I could afford to replace the written-off bike like-for-like.  In the end I took what they were prepared to offer to keep the bike, and just repaired the necessities - it had a dent in its tank for the rest of the time I had it.

I think this is a serious deficiency in the insurance system.  Anything else, home insurance for example, will pay to get you back to where you were before the accident, flood, burglary or whatever.  Motor insurance, by only giving you what you'd have been able to sell it for on a bad day, not what you need to buy one just the same, leaves the customer high and dry.

So, never mind the new cost, does it cover this gap?

Rolfe.

[R32UK]

If the market value is 12,000 and the insurance company gives you 12,000 then you could replace you car like for like without gap insurance.It should be called gap bonus because if you write your car off or it gets nicked you would actually gain from the gap.

isn't this a form of gambling?  pay 400 quid now, you might get 10-15k in 3 yrs time!

BINGO!! 

[simonpolly]

Yes my point, its not really a insurance but a bonus scheme that only pays out if you write off or lose you car.

[R32UK]

the truth is that by refusing the insurance companies first offer and seeking out similar spec'd cars will go a long way to increasing your insurance companies writeoff value.

One of the ed30 guys on here did push and get what he though was reasonable value for his car to be replaced, but at a guess its time consuming and often involves a bit of give from both sides. They will try it on at any given opportunity.. but you have your rights and if you stick to your guns you will be ok....

the only problem is that without gap you get to drive someone elses car.. with gap your back in a new version of your car

[simonpolly]

Give us a call in 2 years and i`ll pinch your car for you

[herbie911]

How about if I wrote off my car and they find my car was modded. Will they still 'plug the gap'?

[keelaw]

Yes my point, its not really a insurance but a bonus scheme that only pays out if you write off or lose you car.

simon - didn't you write off your ED30?  did you have gap insurance?  perhaps they have blacklisted you now!
 

[simonpolly]

Not me never had a golf before