GAP insurance

[p3asa]

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?

[keelaw]

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?

[flc1962]

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.

[gibby]

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.

[Neil gti]

^ 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 

[JellyCat]

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.

[Snoopy]

^ 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 

Thank you very much for looking that up.  Much apreciated.

[Snoopy]

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!

[keelaw]

£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 

[Snoopy]

I was guessing lol. and trying to keep the numbers simple , 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.