Yes PA's figures do not take into account the uninsured losses if your car is written off through no fault of your own...
And insurance companies don't make loads of money either by ripping us off either? I've never seen a policy that extends new for old after the first year so maybe, as you are working on the inside, you could reveal which one that is?
You've also listed reasons why we choose GAP and I don't think that paying £6.20 a month, or £74.00 a year, is much of a premium to pay.
And insurance companies don't make loads of money either by ripping us off either? I've never seen a policy that extends new for old after the first year so maybe, as you are working on the inside, you could reveal which one that is?
You've also listed reasons why we choose GAP and I don't think that paying £6.20 a month, or £74.00 a year, is much of a premium to pay.
But when you decide to sell the car, that is YOUR choice, and obviously you can stomach the depreciation otherwise you wouldn't buy a new or nearly new car to begin with. But if someone crashes into you, perhaps even when your car when parked in a car park or on a road, and your car is written off, this could be 2 months or even 2 years into ownership and then you are penalised because you have to buy a used car, which could have 1-2 previous owners more than yours did, an unknown history (who knows if it's been in an accident?) and probably a lower spec....then that is a risk which I would rather be insured for, especially when we're talking the cost of 2 tanks of fuel which covers you for 3-4 years.
Got mine for free! Wouldn't buy it.
What's this insurance! I don't get this... Is it the regular car insurance that you guys are talking about or what...?
it...
Not sure options makes any difference to settlement figure. I have questioned this and been reassured.
Insurers should pay out market value, not book price!! If you do happen to smash your car up, arm yourself with printouts from Autotrader etc of similar spec and mileage cars and don't accept their 1st offer. They should be paying what it costs like for like, but many try and screw you down. I suppose we do it with dealers on price, as every other business does too.
A decent insurer will want to keep you happy, as they'll want you to stay with them and help pay some of the claim back in premium, so just negotiate in a professional manner and you'll be fine.
Decent insurers when it comes to claims are few and far between.
They will pay market value, but market trade value, where options don't make any difference.
But you lose most of the value of options as soon as you drive it away from the showroom, so Autotrader prices already have that hit or they are overpriced and will likely not sell.
Options are personal choice, with probably only top level sat nav making any difference.
The difference to that rule is an options package such as "Plus" models as adding that package changes the model effectively and therefore the ROTR base price.
AP, LV are filling your head full of mince. Hopefully you never have to find that out.
Not paying that much insurance ! It's all down to risk and if our 3 year old car gets written off and we get offered 20 k settlement and a replacement is 22k so be it . I have no intention of paying £100 a year to reinstate invoice price of 34k.
Thats my thoughts exactly Pilot! But then that's just our opinion, and I appreciate others have differing views which is why forums are generally good reading.
I have GAP insurance on my existing 8P Sportback and will probably take it out on the new 8V I have on order, although not with Audi. It cost me £215 for 3 years cover starting from the end of the first year which is covered by my normal insurance on a car replacement basis. To me the problem is not so much the difference between what the insurance will pay out and the cost of buying a used replacement but the cost of buying another new car as there is no way I would find a used car with anything like the spec I would want. If you buy a car that is the current trend in colour and options buying a similar used one would probably be quite easy, but in my case it would me ordering another new car. Therefore I would need to find the difference between the current value as determined by the insurance company and the cost of another new A3 which could be up to around 50% of the cost of the new one. To me personally, the extra £215 for three years cover on a £26k car is well worth it.
I normally buy cars for cash, so havent bothered with GAP before.
However, a business colleague has just had a bad experience having had his E-class written off in an accident - which was a lease car. He lost out when the insurer and lease company disagreed.
On the new S3, I have therefore elected for GAP for the first time. I went with vehicle replacement and wheel/tyre cover.
Interestingly, the clincher was the optional excess cover. It only cost £35 to cover a £500 excess. The saving with my insurer bringing the excess up to £500 was considerably more than this.
Having been in a couple of unpleasant incidents in which insurers were involved (2 aggrevated burglary thefts and a serious accident with car impounded for months) - I don't pi55 about scrimping on insurance.
To me the problem is not so much the difference between what the insurance will pay out and the cost of buying a used replacement but the cost of buying another new car as there is no way I would find a used car with anything like the spec I would want.
That is true Dave I doubt there are many around with your spec!!! BUT scenario could be you have Gap insurance and then have to wait 3/6/9 months before your new Silver A3 with 'SE' suspension and quieter music system etc arrives.. what do you do in the meantime? You may just have to get something you do not like or maybe track down one of your old silver A3's and try to buy it back..
I think what we are saying is that folks are happy spending several hundreds of pounds insuring for a total loss that is unlikely to happen and giving the ability to buy a new car (with long delays)... Free to do what you like but I reckon on our various cars (we have a few) we must have saved enough to buy a new A1 :-o
In answer to soulboy.. we don't pi55 about with insurance.. just want good cover appropriate to our needs at a bargain price.
Ok so feel free to challenge my logic.
Car costs £30k (after discount)
Sell after 3 years for 18k
End of year one value Circa 25k
End year 2 value circa 21k
If the car is a Total right off I get back £30k. Car worth between 18-25k when it happens. So for £400 I am insuring a highly unlikely loss of between 5-12k.
Over 50 years I could spend £6800 17x400 on Gap insurance.
I love statistics 97% of the time but don't see this as good value. I might consider if I could buy years 2/3 for about. £100 however!
There is of course no right answer Dave, just informed opinion.
Yes, I think your spot on there. Autotrader & forecourt prices are all you have to negotiate with though, so use them if required.
Bearing in mind I've seen people paying £250 -£300 a year for their S3 insurance, then I'm really not surprised that people get offered cr$p money in the event of a write off. Those are amazingly cheap premiums, and I'd be concerned at that money!
flawed logic as its not £400/year
nearer £400 for 3 years which is approx. £130 a year. however you can get it for between 1/3 and half that
For me Gap Insurance is invaluable for buying a car on finance especially at my age, luckily i found out that my insurance will do new for old in the first year to match, make model and spec, saved me some coins on the gap anyway as now i can defer for a year, saved me £60 anyway. RTI for 3 years insured up too £20000 for £104.
Where did I ever say £400 a year ;-(