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Does anybody have the "asset protection"?

Discussion in 'New A3/S3 (8V Chassis)' started by brad9753, Jun 14, 2013.

  1. brad9753
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    brad9753 Member

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    [Jun 14, 2013]
    I guess it's not something that you know is worth while until it's needed but does anybody else have it? Is it popular or did I just fall for the Salesmen's bigging up of it?

    Thoughts?
    #1
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  3. RossR
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    RossR Active Member

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    [Jun 14, 2013]
    Sounds like GAP insurance. Can be worth having (I'm getting it on my A3, bit didn't on my previous car). However, dealers are rarely the cheapest way to get it.
    #2
  4. cemerson
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    cemerson Well-Known Member

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    [Jun 14, 2013]
    Yeh, my dealer was trying to charge £500 for Gap insurance, can be got FAR cheaper elsewhere afaik.
    #3
  5. JossyB
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    JossyB Member

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    [Jun 14, 2013]
    My understanding is, that it covers the "gap" btwn the market value and the cost of a like for like replacement vehicle (new) should it be written off or stolen. I believe that most fully comp insurance policies offer this anyway for the first year of the vehicles life.

    I would read the small print and see what exactly is covered. Also, a call to your insurer might help.
    #4
  6. cemerson
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    cemerson Well-Known Member

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    [Jun 14, 2013]
    You can get it for 3 years for ~£150 or so
    #5
  7. mjcourtney
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    mjcourtney Well-Known Member

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    [Jun 14, 2013]
    Dealer quoted me £700. I went through ALA for £150. Dealer came down to £500..... Shows you how much mark up is in this for them....

    Anything over £200 is a rip off.
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  8. brad9753
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    brad9753 Member

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    [Jun 14, 2013]
    Thats interesting. Just tried ALA as suggested. £123. So is it pretty much the exact same thing (back to invoice plus) and lasts the whole 3 years?
    #7
  9. cemerson
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    cemerson Well-Known Member

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    [Jun 14, 2013]
    I don't know if gop insurance is what 'asset protection' is - worth checking with your dealer, could be something else entirely! For the small amount extra it costs I think I'll go for the 'like for like' option instead :p
    #8
  10. 16Klappe
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    16Klappe Princess Clap.

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    [Jun 14, 2013]
    Hardly any insurance policies offer new for old; part of the insurance policies section of the FCA compliance manual means that if they were it has to be separately itemized as it is a separate insurance policy. Almost all insurance companies are whats known as third party lenders; so their cover will be under written by another company. Which in turn means they will be passing the cost onto you. So it legally has to be sold as a separate insurance policy, it hasn't been able to be legally bundled in for at least three years.

    As part of the new FCA laws and the SECCI which you will be given from the dealership they have to offer it to you by law in both a verbal, and a signed written document known as the SODAN (Statement Of Demands And Needs).

    It's a good product, I sell it daily and manage to sleep at night. I even sold it to my mum, sister and friend. (I bet all salesmen say that, but I actually did)

    I have done a lot of repeat business through GAP insurance, and every customer I've had who has had to claim on it in the years I have been selling new cars has been so thankful that I sold them the product in the first place.

    As with all insurance policies it is an insurance for a risk you are taking; but the way to look at it is "are you willing to risk your £20,000 investment every time you drive it. Or for £500 would you like a third party to take that financial risk for you."

    It's not a sign of a bad driver, it can be somebody hitting you, flood damage, theft, fire, anything unforeseeable or out of your control.

    You'd be mental not to do it, and largely irresponsible too.
    Last edited: Jun 15, 2013
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  11. cemerson
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    cemerson Well-Known Member

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    [Jun 14, 2013]
    GAP insurance IS a good product. Buying it from your dealer at hugely inflated prices is not!
    #10
  12. 16Klappe
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    16Klappe Princess Clap.

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    [Jun 15, 2013]
    See my edit, which says otherwise.

    -

    All of the above comments regarding price are absurd; I can't believe people would recommend skimping on a supplementary insurance in that way. "Anymore than £200 is a rip off" is hilarious; especially when you claim and the GAP policy pays out up to £15,000. Without any costs involved the company would have to sell 75 unclaimed GAP policies just to cover your one claim; how can they offer a competent, thorough and professional service at £200 per policy? They can't, to put it simply.

    57 vehicles an hour on average are written off in the UK. Which percentage of those do you think have some form of GAP insurance? And how many of those vehicles are new cars, with a £10,000+ claim on them? How many are £20,000 cars with a £15,000 claim limit? And how many are £50,000 cars with a £40,000 claim limit?

    Insurance is a money making industry; and to provide a GAP insurance which will cover a £20,000+ Audi the cover will simply NEED to be more than £200 to offer the proper protection it should.

    Your dealer legally HAVE to tell you how much commission they make from selling you a finance or insurance product, as part of the FCA take over last month. Ask them; legally they have to tell you.
    #11
  13. cemerson
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    cemerson Well-Known Member

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    [Jun 15, 2013]
    I'd love to see your edit, but I don't know what you've changed or how its relevant.

    Note also that just because they cover up to £15k, doesn't mean that that is what each claim will cost, every time - I'm sure it averages out to a fair amount less. My dad has been dealer principle at several different dealerships across a wide range of manufacturers, sold loads of this type of product, and he thinks it's fine to go elsewhere too to get much cheaper quotes, so that's what I'll be doing. I know who I trust more I'm afraid!

    At the end of the day, they still have to provide the cover they've sold you, so whether they are slightly less friendly, bit more of a hassle to deal with or whatever, I'd still happily pay much less to go with them, given that more than likely it won't be needed anyway.

    I'm sure you know your stuff and believe in the product you sell and all that, but there's no way it's 'skimping' on anything - you buy the cover you need for the best price you can get. Do you not shop around for car insurance when it comes to renewal time to make sure you are getting the best price? Or do you pay way over what you need to to avoid 'skimping'?
    Last edited: Jun 15, 2013
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  14. 16Klappe
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    16Klappe Princess Clap.

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    [Jun 15, 2013]
    My edit is posted above.

    Make your own decisions; I don't give a toss what insurance products you buy. I just genuinely don't want anybody to be out of pocket if anything does go wrong.

    Some people just aren't interested in GAP insurance, and that's fine by me. But if you want it but can't afford it, or compromise on your cover to be able to afford it I think that's a shame.

    And if you do ever need and have to claim I can totally 100% guarantee it that you would pay the £300 difference to get your cheque within a 48hours of insurance pay out and to remove the hassle of having the accident as quickly and efficiently as possible if it was offered to you. Rather than talking to a computer screen and waiting weeks for the money you deserve...

    Just as long as you know both sides of the coin before you flip it, that's all I'm trying to do.

    :beerchug:

    And no; when I renewed my car insurance last week I went with a specialist company who were £110 more than my cheapest online quote because the service was excellent, their knowledge of my vehicle was brilliant, their knowledge of my extensive modifications was a great bonus and the friendly attitude of the staff over the phone told me that they were genuine enthusiasts and that if I ever did need to make a claim they would be on my side.

    So I gave them a go; because I lost over £100's worth of business whilst on the phone to my previous insurer trying to talk to somebody who spoke fluent English and could run me through my renewal quotation.

    The best value isn't always cheapest.
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  15. mjcourtney
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    mjcourtney Well-Known Member

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    [Jun 15, 2013]
    I stand by the fact that anything over £200 is a rip off, when you can get the cover for less than that elsewhere. I'm not saying the entire concept is a rip off (I bought it afterall), but there's no point in paying over the odds for the same cover.

    I compared the policy from ALA with the one from Audi, there was no difference. So why pay more?....
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  16. glamic26
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    glamic26 New Member

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    [Jun 15, 2013]
    I agree with mjcourtney. The product itself if not a rip-off (in fact I think it would be a little silly not to get it considering the small outlay and potentially huge payout). However buying it from Audi IS a rip-off. They wanted me to take an inferior product from them for £600 when I actually bought the best proctection possible through ALA for £205. The best bit is I have signed up for three years free Audi Ensurance (https://www.insurewithaudi.co.uk/Products/Ensurance/) so I will still get them to manage all of the claims for me if needed!
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  17. markwiggy
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    markwiggy Third Gear

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    [Jun 15, 2013]
    Hadn't really thought about GAP but I suppose its a good idea, I did buy one from Audi once they quoted £600, I eventually paid £200. Just had a look at ALA got a quote for £129 back to invoice with upto £17500 max claim. Will see what the dealer offers on Monday.

    Mark
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  18. First Ever Audi
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    First Ever Audi Active Member

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    [Jun 15, 2013]
    . The Ensurance looks like a good product, reading the terms and conditions I cannot see any reason why not to have it and it seems to be open to anyone!!
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  19. brad9753
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    brad9753 Member

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    [Jun 15, 2013]
    Well I'm definitely not considering not getting it at all, but if I should get it from a third party. And I think I will. ALA seems like a good bet.
    And the Endurance looks good, will be doing that! Is it back to invoice that I want?
    #18
  20. cemerson
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    cemerson Well-Known Member

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    [Jun 15, 2013]
    Up to you - back to invoice will get you your original money back, vehicle replacement will get you an identical car back (or newer if they've replaced the model, but same spec)
    #19
  21. hittchy
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    hittchy Member

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    [Jun 15, 2013]
    This thread is an interesting read.

    Everyone makes their own decisions on these things. Personally, I consider price against service and whether there are any differentiating features. I get my car serviced at Audi. A third party is cheaper, but I'm prepared to pay for the added value and peace of mind. If it was in an accident, I'd insist on a repair through Audi.

    Have I got GAP insurance? No. I wouldn't even consider it at Audi prices. I did consider the third part alternatives, but since I haven't had an accident in years, I consider I'm quids in.

    The way I look at it, the insurance company pay roughly market value. Once the car is 12 months old, what you'd get back is broadly similar to that which you'd secure if you changed your car. I'd look at it as an opportunity to change early. The marketing hype is scaremongering. The losses they talk about aren't really losses due to the accident, it's good old depreciation.

    I prefer to self insure. Same with my cooker, washing machine, TV etc. If I paid out for protection for all these, I'd be well out of pocket. If I was HP'd up to my eyeballs and risking a big hit at a time when I couldn't cope it may be different, but at the moment I wouldn't consider it.
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  22. cemerson
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    cemerson Well-Known Member

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    [Jun 15, 2013]
    The number of options I put on mine would lose me so much money if I didn't have Gap insurance though, would be stupid for me not to do it... but I'm not going to spend £500 on it through the dealer!
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  23. mitchd
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    mitchd New Member

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    [Jun 15, 2013]
    I have newer taken gap ins, i assume if your car is written of in an accident it pays the difference between what your car insurer pays and the replacement cost of your car.Unless you write your car of you won't use it and what would the average difference be? Or have i got this wrong
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  24. cemerson
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    cemerson Well-Known Member

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    [Jun 15, 2013]
    You are right, but it's peace of mind and you never know what might happen. It's all very well saying 'Unless you write off your car'... you can never account for other people though.
    #23
  25. h5djr
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    h5djr Well-Known Member VCDS Map User

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    [Jun 15, 2013]
    I have GAP insurance on my existing A3. It covers for up for 4 years and up to a maximum claim of £20,000. I purchased it in July 2012 and it cost me £215 from Directgap.co.uk
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  26. mitchd
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    mitchd New Member

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    [Jun 15, 2013]
    Yes, that's like all insurance really, would you ever have to claim £20,000 on a Gap policy though?
    I'm just not sure how much an average claim would be.
    #25
  27. h5djr
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    h5djr Well-Known Member VCDS Map User

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    [Jun 15, 2013]
    Depends when the car was written off. I normally get around half the purchase price of my car when I trade-in at 3 years old. So in my particular case, as my A3 cost around £26,000, if my car was written off near to 3 years old my insurance company may pay out around the same or most probably less. If they paid out £13,000 the GAP insurance would also pay out £13,000 to get me to the 'return to invoice' figure. If I kept my car longer and it only worth say £10,000 the GAP would pay out £16,000. Better to pay out £215 for the piece of mind rather than have to find £16,000.
    #26
  28. mitchd
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    mitchd New Member

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    [Jun 15, 2013]
    So if your lucky enough to write your car of at 3 yrs you get a brand new car, That £215 is a bargain.
    If you get £13,000 or the value of your car at 3 yrs you haven't lost out at all, it's just normal depreciation.
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  29. MBK
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    MBK Active Member

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    [Jun 15, 2013]
    I have the Audi gap insurance, but only because they price matched the competition with exactly the same terms. I think on an expensive new car it is worth it. I don't buy it with older or less expensive cars because as others have said it makes as much sense to effectively self insure.

    Does anyone actually know anyone first hand that has had gap insurance pay out? I don't know anyone who has personally.

    It's a shame no one sells depreciation insurance to protect you from the inevitable nasty shock come trade in time!
    #28
  30. 16Klappe
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    16Klappe Princess Clap.

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    [Jun 15, 2013]
    I hope you all end up having to claim, and being pissed off at waiting weeks for your payment.

    You'll wish you paid a little bit more when you are having to fork out to get a hire car in the interim period between your insurance paying out; and your GAP policy paying out and you then being able to order a new car.

    The Audi policy will pay out within 48 hours of confirmation from your insurance company.

    But that sort of convenience obviously isn't a concern to the sort of lunatic who can afford to spend 20K+ on a new Audi.

    I sold a GAP policy today off the back of the opinions in this thread, explaining that I had been on a forum and seen people saying how they were totally price orientated. The analogy I used was "Well if you are totally price orientated, you'll want to cancel your order for a £28,000 compact crossover and buy a 4x4 Fiat Panda. After all, it does the same job; only cheaper."

    It went down a treat.

    :banghead:
    #29
  31. mjcourtney
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    mjcourtney Well-Known Member

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    [Jun 15, 2013]
    Charming. :confused:
    #30
  32. 16Klappe
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    16Klappe Princess Clap.

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    [Jun 15, 2013]
    I do, you're clearly so price led that you are incapable of understanding the benefits of a more expensive policy. And as such are imparting your opinion on somebody as though it is fact.

    And seeing as you are unaccredited what you are doing is actually illegal; as you are not of professional competence to advise about insurance policies...But I'll happily let that slip, it is a forum after all.

    I guess you new 8V boys have got so much money that waiting 6 weeks for potentially £20,000 of your money and losing one of your cars isn't so much of an issue. Wish I was that rich :(
    #31
  33. cemerson
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    cemerson Well-Known Member

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    [Jun 15, 2013]
    Depreciation is all fine, but if you want to use your car for a long time (and accept that the biggest bunch of depreciation comes in the first part of ownership), and suddenly your car is written off 2 weeks after collection rather than the 10 years you wanted to keep it for, you are stuffed. Doesn't always work out how you planned it.
    #32
  34. cemerson
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    cemerson Well-Known Member

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    [Jun 15, 2013]
    What a nice person you are!
    #33
  35. cemerson
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    cemerson Well-Known Member

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    [Jun 15, 2013]

    Hahaha, no go on - please report me. I'd love to see what happens!
    #34
  36. hittchy
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    hittchy Member

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    [Jun 15, 2013]
    .

    That is a valid point.
    #35
  37. 16Klappe
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    16Klappe Princess Clap.

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    [Jun 15, 2013]
    Interesting how my conduct on here is a concern; but talking to a call centre who don't give a rats arse isn't a concern when it comes to saving a couple of hundred quid, after you've had an accident and are trying to potentially claim back up to £20,000.

    Funny world isn't it.
    #36
  38. Daveotto
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    Daveotto Well-Known Member

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    [Jun 15, 2013]
    nice tone to your posts, if you were trying to sell me an insurance product I know what I would do!!!
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  39. cemerson
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    cemerson Well-Known Member

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    [Jun 15, 2013]
    I've gone with the cheapest insurance every year since I've owned a car, I've had to claim 3 times from one company and also dealt with another when switching over, and everything was done quickly, courteously and efficiently. I didn't have to pay out for hire cars or anything else, and I was very happy with the service.

    I've seen salesmen big up their own product before to try and get people to buy it, but never seen anyone try and slag off the competition so much. I'm sure the process will be fine if I ever have to claim back, and if it isn't quite up to scratch compared to the Audi one (though I fail to see how you manage to avoid a 'call centre who don't give a rats arse' with them) then that's fine with me because I paid them less than half the amount. You have a strange concept of what you think people regard as good value. Saving a few seconds in a phone call that is unlikely ever to happen isn't worth £300 to people, nor are people 'mad' or 'idiots' for not paying that.
    #38
  40. 16Klappe
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    16Klappe Princess Clap.

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    [Jun 15, 2013]
    Regardless of tone the narrow mindedness of some of the posts within this thread has amazed me, with quotations like -

    With no mention of the benefits of buying from your dealer, the risks from buying online from the cheapest company, the inconvenience that can be caused by having a "cheaper" policy, etc etc.

    It's all well and good voicing an opinion, but branding it as "fact" and disregarding the other side of the coin from a trained professional who has far more experience than all of you put together isn't quite so good.

    Have your opinion, that's fine. And please do tell the OP about the great price you purchased your GAP insurance for. But please don't brand it as "fact" and disregard my own opinion over the quality of service which comes with the product.

    Nobody gets brownie points by telling the OP which GAP policy to buy and how much to pay for it, the purpose of this thread as I see it is to discuss whether the Audi endorsed GAP policy is a good scheme and worth the price. Some people say it isn't, I say it is. And I have justified my reasons why.

    -

    The reason I endorse a dealer recommended and sold GAP policy is because day in and day out I renew customers who have had write offs and claimed on our GAP insurance provider. And the way our GAP policy works the provider pays us as a dealership directly within 48 hours, securing the finances of the replacement vehicle in a very short period of time.

    I have heard more than enough stories of people paying £200+ for weeks on end paying for a hire car, eating into their insurance companies pay out because they are waiting on a GAP policy to pay out. And I wouldn't want to be in that situation myself, let alone a customer.

    Ala is one of the companies I have heard and seen to take more than unreasonable time to settle their customers compensation/return to invoice values.
    #39
  41. hittchy
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    hittchy Member

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    [Jun 15, 2013]
    I'm assuming this is a joke, right?

    Forums are packed full of 'opinion'... nothing more, nothing less. However, at least that opinion is pretty much unbiased (save for people's own personal prejudices). What concerns me more are the 'so called' professionals trawling the forums with strong opinions based on their own vested interests.

    If the Audi policy was 10% or even 20% more than the competition, you could argue better service or terms and conditions... but at more than double or even treble the cost?

    I'd argue that the illegality is more on your part in terms of mis-selling. Telling us all we need GAP insurance without first assessing our needs.... naughty, naughty! :no:
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