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Thread: GAP Insurance

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    GAP Insurance

    Does anyone on here have any experience on GAP Insurance.

    I have a 2.0TFSI Sportback on order from Audi and the salesman tried to punt me Gap Insurance for 399.00, think this covers me up to the original value of the car.

    Does anyone know if this is a good price ?

    Never taken it before but for reason I'm thinking of going for it this time for peace of mind.

    Any advice appreciated.

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  3. #2
    Quote Originally Posted by NorthernSoul View Post
    Does anyone on here have any experience on GAP Insurance.

    I have a 2.0TFSI Sportback on order from Audi and the salesman tried to punt me Gap Insurance for 399.00, think this covers me up to the original value of the car.

    Does anyone know if this is a good price ?

    Never taken it before but for reason I'm thinking of going for it this time for peace of mind.

    Any advice appreciated.
    GAP insurance is generally a good idea, just in case your car gets written-off for same reason. The most common is 'return to invoice' which covers the 'gap' between what the insurance company will pay you for your car and the original invoice value.

    399 is Audi's standard price but I did get a quote recently on the internet for the same cover from www.surfandprotect.com for 3 years with a 15k cover limit for 205.

    Audi's cover is a little better with a 25k limit and 3 years, but it's very unlikely that you would need more than a figure more than 15k to cover the gap.

    When I purchased my current A3 two years ago I took along a S+P internet quote and got the Audi GAP Insurance down to 225 for 3 years.
    Dave R (h5djr)
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    A3 8V 2.0 TDI-184 Sportback Sport s-tronic quattro - Silver + lots of options - my 9th A3

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    Go to Car-finance.net their gap cover is provided by Hitchi Capital and costs 149 for cars between 7500 & 35k!

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    Quote Originally Posted by h5djr View Post
    GAP insurance is generally a good idea, just in case your car gets written-off for same reason. The most common is 'return to invoice' which covers the 'gap' between what the insurance company will pay you for your car and the original invoice value.

    399 is Audi's standard price but I did get a quote recently on the internet for the same cover from www.surfandprotect.com for 3 years with a 15k cover limit for 205.

    Audi's cover is a little better with a 25k limit and 3 years, but it's very unlikely that you would need more than a figure more than 15k to cover the gap.

    When I purchased my current A3 two years ago I took along a S+P internet quote and got the Audi GAP Insurance down to 225 for 3 years.
    Nice one Dave...will give it a try and see if Audi will come down on the price..if not then will go for the best commercial alternative.

    Cheers

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    Quote Originally Posted by woohoo View Post
    Go to Car-finance.net their gap cover is provided by Hitchi Capital and costs 149 for cars between 7500 & 35k!
    WOW - Cheers. Looks like I defo need to investigate a bit more into this...

    Thanks

  7. #6
    Just had a look at the Hitachi Capital website and to get 3yrs cover on my new A3 with a 20k limit would cost 190. Best to have a search around to see what anyone else can offer.
    Dave R (h5djr)
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    A3 8V 2.0 TDI-184 Sportback Sport s-tronic quattro - Silver + lots of options - my 9th A3

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    This conversation has been had before but there is option to take replacement car instead of back to invoice - & some also do cover for 4 years too which is what I am looking at...the reason I may choose replacement car is that I have paid around 12% less than the RRP.... at the moment whos to say these deals will be around still in say 12-18months + cars are still going up in price & always will. I think you have to look at it if your car was stolen/written off would you want it replaced with what you had again or have the money to choose something upto the value that you paid as I keep my cars for a while replacement car suits me better.

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    Check click4gap as well
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    It is also worth while noting that a lot of insurance companies include the new for old scenario in the first year of registration. I insured with esure who do already include this in the policy price. After the first year I will then look at GAP
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    i got mine from direct GAP via the internet, 10k, three years RTI for 164 which I think is good value. I think most policies are underwritten by Hitachi finance anyway, which i believe is the same a the Audi policy.

    direct line I think will replace with a new car in the first year if you have a total loss, but generally you will need to claim on your insurance, get the GAP company to agree to the claim value, then get the GAP to settle the difference (less any purchase costs, road tax, extras etc).

    goes without saying that the audi policy is probably 50%+ commission for the stealer

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    Quote Originally Posted by mac1403 View Post
    It is also worth while noting that a lot of insurance companies include the new for old scenario in the first year of registration. I insured with esure who do already include this in the policy price. After the first year I will then look at GAP
    A lot of the time though you can only take out GAP within a certain period of purchasing the vehicle so it may be worth checking out!!
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    Hello all.

    I noticed some traffic coming from this forum to our website and having read some of the posts I thought I'd jump in and clarify a few things.

    I hope this is ok with you all.

    Quote Originally Posted by woohoo View Post
    Go to Car-finance.net their gap cover is provided by Hitchi Capital and costs 149 for cars between 7500 & 35k!
    Quote Originally Posted by h5djr View Post
    Just had a look at the Hitachi Capital website and to get 3yrs cover on my new A3 with a 20k limit would cost 190. Best to have a search around to see what anyone else can offer.
    Quote Originally Posted by Slipp Digby View Post
    i got mine from direct GAP via the internet, 10k, three years RTI for 164 which I think is good value. I think most policies are underwritten by Hitachi finance anyway, which i believe is the same a the Audi policy.

    direct line I think will replace with a new car in the first year if you have a total loss, but generally you will need to claim on your insurance, get the GAP company to agree to the claim value, then get the GAP to settle the difference (less any purchase costs, road tax, extras etc).

    goes without saying that the audi policy is probably 50%+ commission for the stealer
    Our policy prices are the subject of our price promise. If a competitor of ours offers a comparable policy to ours at a lower price, you can (after generating a quote on our website) reduce our price to be 5 lower than the competitors price, by hitting the "I've been quoted less" button and following the onscreen prompts.

    Quote Originally Posted by Dave1000 View Post
    the reason I may choose replacement car is that I have paid around 12% less than the RRP.... at the moment whos to say these deals will be around still in say 12-18months + cars are still going up in price & always will.
    Our Replacement GAP Insurance policy is indeed perfectly suited to your circumstances in relation to the cost of the vehicle. Rather than being limited by the discounted price you bought the vehicle for it pays (subject to the claim limit) the difference between your motor insurance payout and the equivalent cost of replacing the vehicle new-for-old at the time of claim, even if the cost of replacing the vehicle exceeds the original purchase price.

    Quote Originally Posted by mac1403 View Post
    It is also worth while noting that a lot of insurance companies include the new for old scenario in the first year of registration. I insured with esure who do already include this in the policy price. After the first year I will then look at GAP
    If you wait a whole year to take out the GAP Insurance you're likely to find that you wouldn't be able to take out most forms of GAP Insurance. For example our Invoice and Replacement GAP Insurance policies must be purchased within 105 days of buying the vehicle (in terms of Replacement GAP Insurance it's also 105 days of the date of first registration - whichever is the earlier date). There are some companies who can do Invoice GAP Insurance up to 180 days after buying the vehicle, but I'm not aware of anyone who will do longer.

    12 months after you have bought the vehicle, you're only likely to be able to get GAP Insurance in the form of Retail Value GAP Insurance. E.g. we would determine the value of your vehicle (according to Glass' Guide) at that time and you would then secure that value for the term of a GAP Insurance policy (maximum 4 years).

    This could obviously be a much lower level of cover than either Invoice or Replacement GAP insurance bought within the first 105 days of buying the vehicle... So in answer to this you can defer the start date of our Invoice or Replacement GAP Insurance policies so that it starts the day after your vehicle is 12 months old.


    I hope this helps and if anyone has any questions about GAP Insurance please post them up and I'll be glad to assist.

    Regards

    David

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    Thanks, what company are you from?

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    Surfandprotect.com ......the username kinda gives it away. ;-)
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    Quote Originally Posted by SurfandProtect View Post
    Hello all.

    I noticed some traffic coming from this forum to our website and having read some of the posts I thought I'd jump in and clarify a few things.

    I hope this is ok with you all.





    Our policy prices are the subject of our price promise. If a competitor of ours offers a comparable policy to ours at a lower price, you can (after generating a quote on our website) reduce our price to be 5 lower than the competitors price, by hitting the "I've been quoted less" button and following the onscreen prompts.



    Our Replacement GAP Insurance policy is indeed perfectly suited to your circumstances in relation to the cost of the vehicle. Rather than being limited by the discounted price you bought the vehicle for it pays (subject to the claim limit) the difference between your motor insurance payout and the equivalent cost of replacing the vehicle new-for-old at the time of claim, even if the cost of replacing the vehicle exceeds the original purchase price.



    If you wait a whole year to take out the GAP Insurance you're likely to find that you wouldn't be able to take out most forms of GAP Insurance. For example our Invoice and Replacement GAP Insurance policies must be purchased within 105 days of buying the vehicle (in terms of Replacement GAP Insurance it's also 105 days of the date of first registration - whichever is the earlier date). There are some companies who can do Invoice GAP Insurance up to 180 days after buying the vehicle, but I'm not aware of anyone who will do longer.

    12 months after you have bought the vehicle, you're only likely to be able to get GAP Insurance in the form of Retail Value GAP Insurance. E.g. we would determine the value of your vehicle (according to Glass' Guide) at that time and you would then secure that value for the term of a GAP Insurance policy (maximum 4 years).

    This could obviously be a much lower level of cover than either Invoice or Replacement GAP insurance bought within the first 105 days of buying the vehicle... So in answer to this you can defer the start date of our Invoice or Replacement GAP Insurance policies so that it starts the day after your vehicle is 12 months old.


    I hope this helps and if anyone has any questions about GAP Insurance please post them up and I'll be glad to assist.

    Regards

    David
    Hi David, I am the original poster of this thread.

    Could you PM me with the details you require to advise me of your price pls.

    Pls note that I am purchasing the vehicle under a PCP agreement.

    Thanks

  17. #16
    I looked in to the Surf and Protect website this morning to get a quote for GAP insurance for the new A3 I'm about to order.

    The quote for 3 years Return to Invoice was 190.88 and the Replacement (New-for-Old) was 238.38, both with a 20,000 claim limit (the same as the Audi policy). The basic Audi price is 399 although I did get that down to 225 Return to Invoice on the purchase of my present A3.

    I also noticed that S+P will defer the payment of the premium for 12 months if you have an normal car insurance policy that gives New-for-Old for the first 12 months.
    Dave R (h5djr)
    ----------------------------------------------------------------------------------------------------
    A3 8V 2.0 TDI-184 Sportback Sport s-tronic quattro - Silver + lots of options - my 9th A3

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    Quote Originally Posted by h5djr View Post
    I looked in to the Surf and Protect website this morning to get a quote for GAP insurance for the new A3 I'm about to order.

    The quote for 3 years Return to Invoice was 190.88 and the Replacement (New-for-Old) was 238.38, both with a 20,000 claim limit (the same as the Audi policy). The basic Audi price is 399 although I did get that down to 225 Return to Invoice on the purchase of my present A3.

    I also noticed that S+P will defer the payment of the premium for 12 months if you have an normal car insurance policy that gives New-for-Old for the first 12 months.
    Good info - thanks. You just going to take the Audi option for ease then ?

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    Have you already negotiated and put a deposit down on the car? If so thats a shame because Audi are giving GAP insurance away at the moment to sell cars. Obviously that doesn't help you but i recommend anyone to push for it to be included in the deal if you're negotiating a car at the moment.
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  20. #19
    Quote Originally Posted by PNH80 View Post
    Have you already negotiated and put a deposit down on the car? If so thats a shame because Audi are giving GAP insurance away at the moment to sell cars. Obviously that doesn't help you but i recommend anyone to push for it to be included in the deal if you're negotiating a car at the moment.
    Thanks for that information. I have been negotiating with several dealers and so far my local dealer has come up with the best deal but I have not yet placed an order. I will probably be doing that this afternoon as there is a 2% price increase across the Audi range effective from Monday, but I have been told if they place the order with the factory on-line by the end of Friday I will get it at the current price. I will see be taking my S+P quote for Gap Insurance with me and see what they say.
    Dave R (h5djr)
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    Quote Originally Posted by h5djr View Post
    I looked in to the Surf and Protect website this morning to get a quote for GAP insurance for the new A3 I'm about to order.

    The quote for 3 years Return to Invoice was 190.88 and the Replacement (New-for-Old) was 238.38, both with a 20,000 claim limit (the same as the Audi policy). The basic Audi price is 399 although I did get that down to 225 Return to Invoice on the purchase of my present A3.

    I also noticed that S+P will defer the payment of the premium for 12 months if you have an normal car insurance policy that gives New-for-Old for the first 12 months.
    just a question, why do you need 20k worth of GAP on an A3. the car cant be worth much more than that new.

    RTI pays the difference between you insurance claim on a total loss and the original invoice value.

    is this not overinsuring by about 2 x ?

    surely you want to work out the likely depreciated value of the car at the end of year 3 and then insure that GAP?

    ficticious example:-

    20k new car with 3 years RTI for 10k max claim
    end of year 3 crashed and declared a total loss.
    standsrd car insurance settles for 10k market value
    GAP settles for 10k difference from settlement to original invoice value

    hence a tailored product to nearer the correct value will be cheaper, unless you get the stealer to throw it in for freeeee
    Last edited by Slipp Digby; 19th February 2009 at 15:35.

  22. #21
    Quote Originally Posted by Slipp Digby View Post
    just a question, why do you need 20k worth of GAP on an A3. the car cant be worth much more than that new.

    RTI pays the difference between you insurance claim on a total loss and the original invoice value.

    is this not overinsuring by about 2 x ?

    surely you want to work out the likely depreciated value of the car at the end of year 3 and then insure that GAP?

    ficticious example:-

    20k new car with 3 years RTI for 10k max claim
    end of year 3 crashed and declared a total loss.
    standsrd car insurance settles for 10k market value
    GAP settles for 10k difference from settlement to original invoice value

    hence a tailored product to nearer the correct value will be cheaper, unless you get the stealer to throw it in for freeeee
    I agree with you. I only used the $20k limit to get a direct comparison with the Audi product. On the S+P website you can specify any limit from 5k upwards. I will probably go for something like 10-15k.

    Having just come back from the dealers they are not offering the Audi Gap insurance for nothing. Perhaps if they were giving me less discount and a lower trade-in value they may well have done but I happy with my deal and I will purchase the Gap Insurance, probably from S+P when I get the car.
    Dave R (h5djr)
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    A3 8V 2.0 TDI-184 Sportback Sport s-tronic quattro - Silver + lots of options - my 9th A3

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    Quote Originally Posted by h5djr View Post
    I agree with you. I only used the $20k limit to get a direct comparison with the Audi product. On the S+P website you can specify any limit from 5k upwards. I will probably go for something like 10-15k.

    Having just come back from the dealers they are not offering the Audi Gap insurance for nothing. Perhaps if they were giving me less discount and a lower trade-in value they may well have done but I happy with my deal and I will purchase the Gap Insurance, probably from S+P when I get the car.
    sounds about right. I went for 10k over 3 years on an s3

    sytners offered me an 'unlimited' GAP policy when i bough my car for about 499 - i asked them wtf use that was on a car which only cost 25k new anyway!

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    Audi only do 3 years cover as I am aware & only back to invoice also you may aswell go for a safe figure I notice there is not much difference even if you go for the full 25k difference

    Also I am not sure whether you can take Gap Insurance if you have a modified car not that it bothers me as I keep mine standard anyway but worth finding out if you do modify your car.

    Pick my S3 up on Sunday the 1st can't wait !!!!!

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    Quote Originally Posted by h5djr View Post
    Having just come back from the dealers they are not offering the Audi Gap insurance for nothing. Perhaps if they were giving me less discount and a lower trade-in value they may well have done but I happy with my deal and I will purchase the Gap Insurance, probably from S+P when I get the car.
    Dave they already know you want the car so no of course they're not 'offering' GAP inclusive in the deal.
    But believe me if it's a deal breaker they will include it rather than lose the sale. I know for a fact other forum members have recently bought cars and pushed for GAP to be included....and they have buckled.
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  26. #25
    Quote Originally Posted by PNH80 View Post
    Dave they already know you want the car so no of course they're not 'offering' GAP inclusive in the deal.
    But believe me if it's a deal breaker they will include it rather than lose the sale. I know for a fact other forum members have recently bought cars and pushed for GAP to be included....and they have buckled.
    Maybe, but my dealer is offering a much better trade-in (500 more than the next best offer) than any other I've been offered so I'm happy with the deal I've got. I have no wish to walk away from what I consider a good deal for the sake of 199. The S+P Gap insurance is better cover than the Audi policy and I can delay paying for it for 12 months if I want to.
    Dave R (h5djr)
    ----------------------------------------------------------------------------------------------------
    A3 8V 2.0 TDI-184 Sportback Sport s-tronic quattro - Silver + lots of options - my 9th A3

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    Quote Originally Posted by NorthernSoul View Post
    Hi David, I am the original poster of this thread.

    Could you PM me with the details you require to advise me of your price pls.

    Pls note that I am purchasing the vehicle under a PCP agreement.

    Thanks
    NorthernSoul,

    My apologies for the lack of response, I hadn't received notification of any new posts in this thread and I've been a little busy.

    I'll PM you the details now.

    David

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    Surf and Protect website down at the moment. David, any response please?

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    Another advantage of the GAP insurance is that they do the wrangling with the normal insurance company. The insurance obviously wants to give you as little as possible for the car - but instead of having to argue it yourself, the GAP insurance will have a legal team that deals with it. It makes no odds to you, but it's nice to know that somebody is keeping them honest.
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