GAP insurance

[mags]

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.

[keelaw]

I've recently looked into this as we've just bought a brand new 1 series BMW and I found the best site was this one and looked good prices https://www.directgap.co.uk/ The dealer wanted £499 !

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.

[Neil gti]

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

[keelaw]

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

and look at your wheels now!  hubba hubba!   

[Snoopy]

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

May i ask who you went through and how the claim went?

[JonnyG]

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.

[Neil gti]

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

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
water was half way up the windows in the floods someone paid 7k for it?

[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.

[flc1962]

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 ?

[Snoopy]

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.