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Gap insurance?

Discussion in 'New A3/S3 (8V Chassis)' started by Ryanytchan, Jan 28, 2014.

  1. royalsteve68
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    royalsteve68 Active Member

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    why are you on pcp with a large deposit. surely that defeats the whole reason for pcp, unless you intend on keeping the car after the pcp ends - I opted for 12.5% purely to keep my monthly payments as close as possible to my artificial budget but I wouldn't go higher.
    #81
  2. lloydie1994
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    lloydie1994 Member

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    covers what you would expect from an RTI policy, only restrictions are cars worth more than £75000, certain manufacturers.
    It would pay in the event of a total loss the difference between the glass's guide price for the car at time of write off, and in my case the remaining balance of the finance, anything left over would be sent to me. for anyone interested its gapinsurance123
    #82
  3. royalsteve68
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    royalsteve68 Active Member

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    seems ok but not sure how you got 104.00 my s3 is nearer 160 over 3 years, £220 for 4 years and 280 over 5 years
    #83
  4. lloydie1994
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    lloydie1994 Member

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    my car is 24000 covering for 3 years up to £20000 is £104 on gapinsurance123 had i needed it for 4 years it would have been 161
    #84
  5. PilotAudi
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    PilotAudi New Member

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    Is that £104 for 4 years covering just the GAP? i.e if car is a right off and insurer pays £20K the GAP insurance covers the difference to original invoice value i.e £35k? If so I would buy that.
    #85
  6. lloydie1994
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    lloydie1994 Member

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    It depends on individual price of car but yes other than its 104 for 3 years and 161 for 4 years, it would bridge the gap between insurance pay off and outstanding finance and/or back to invoice price.
    #86
  7. h5djr
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    h5djr Well-Known Member

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    Be careful with the figures quoted on GapInsurance123 website. I just went in and got a quote for the same figures as you quote by then I noticed the value of the car box said '0'. When I changed it to £30,000 which will be the value of my new 8V, with £15,000 maximum cover of 4 years (3 + 1 by normal insurer) the price went to £129 for RTI and £149 for VR. With £20,000 cover the figures were £139 and £169. Still excellent value for money and well worth it to me.
    #87
  8. Joetidman
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    Joetidman Well-Known Member

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    Any view of the best company guys? ALA looks popular but £25 more expensive on the quotes I've had, is it still worth going for them on reputation?
    #88
  9. lloydie1994
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    lloydie1994 Member

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    mine clearly has the price of my car quoted and is still £104 best deal i can find!
    It changes to £139 for 3 years at £26000
    #89
  10. h5djr
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    h5djr Well-Known Member

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    Great, that's an excellent price. My new car is worth £32,570 before discount (£29,960 after) so that's obviously why my prices are more, but still good value. I paid £215 in March 2012 for 4 years cover on my existing 8P Sportback which cost £26.010.
    #90
  11. lloydie1994
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    lloydie1994 Member

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    Yeah seems the price of your car affects the total of your gap policy, glad my new insurer offers new for old mind.
    #91
  12. h5djr
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    h5djr Well-Known Member

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    I have just found this as part of a review of GapInsurance123 which may be of help...

    [h=3]Why Gap Insurance from GapInsurance123?
    [/h]GapInsurance123 are owned by Aequitas Automotive Ltd, a UK based insurance broker from the ITC Compliance network. They are also a registered insurance broker, and member if BIBA. However, their credentials are important, but the fact that they also own EasyGap.co.uk gives them a distinct advantage over the opposition. This means they have 2 websites, with policies from 2 major insurance companies in the field, and more choice in Gap Insurance.

    Both EasyGap.co.uk and GapInsurance123.co.uk were featured in the Which Money magazine article on Gap Insurance in February 2012. Indeed of the eight providers featured, Aequitas Automotive Ltd was the only one to have 2 sites featured.
    The advantage to the consumer is that they can truely compare two different product for you, and this means you have a much better chance of getting the right product at the right price!
    #92
  13. Daveotto
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    Daveotto Well-Known Member

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    Just taken out £15k of car replacement GAP cover with gapinsurance123 for £149 with 3 years cover with first year deffered. If you are looking for deferred GAP cover then based on price I would look at either direct gap or gapinsurance123.

    There was a thread a few months back on the same subject which had a few posts from people who had to use the cover and recounted there experiences of pay out and service levels after a claim, if I remember correctly ALA got some good press but not sure they offered deffered GAP.
    #93
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  14. JT-007
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    JT-007 Member

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    I've just told my dealer to ram it, £400 is just ridiculous. I was told they cannot discount it because they are only an AR. They could/should be able to discount their commission which I image will be substantial (working in insurance).
    #94
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  15. visionthing
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    visionthing Member

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    Ive got mine through ALA.
    Vehicle value 35k
    Maximum benefit 25k
    Over 4 years
    £211

    Thought that was pretty reasonable.
    #95
  16. JT-007
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    JT-007 Member

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    Yeah much!
    #96
  17. royalsteve68
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    royalsteve68 Active Member

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    lol that quote told me almost nothing.....a case of "what a load of waffle as I am sure they could have said that in 10 words"
    #97
  18. Anarch
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    Anarch Member

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    Daveotto do you know whether gapinsurance123 is any good (ie whether they won't go bust after a year - or claiming from them is a not too painful) - I want to get 5 year cover and only gapinsurance123 and gapdirect seem to be able to offer such long covers.
    #98
  19. royalsteve68
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    royalsteve68 Active Member

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    lol, so audi dealer wants

    391 for gap
    399 for wax/lifeshine
    997 for insurance (£500 excess) lol

    doing it myself
    220 for gap
    tbc-approx 200 wax
    350 insurance with £300 excess (some were £270 but £615 excess!)

    approx. half for better products lol
    Last edited: Feb 17, 2014
    #99
  20. royalsteve68
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    royalsteve68 Active Member

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    check who underwrites them - you should be protected by the fsa compensation scheme anyway as they say they are a member - as with everything always check
  21. MA3RC
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    MA3RC Member

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    I rang Audi free 7 day finance to set mine up and they offered me an annual quote to... LOL! £1,750..... I didn't pay that in my first year of driving at 17. Safe to say I've found it else where for £430
  22. royalsteve68
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    royalsteve68 Active Member

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    ah that makes feel better - ill try my own insurer or confused.com
  23. dieselguy
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    dieselguy Member

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    I didn't take gap from the dealer, after they said they don't discount.
    Didn't want the life shine either, although they gave that to me for 'free', after I agreed to take the smart cover (at a discount). I probably shouldn't have bothered with Smart Cover either, but thought scratches will always happen, especially parking at super markets etc next to idiot/blind drivers. I agree with the earlier posts, which basically said the dealers have a huge mark up on insurance covers. So better to get it elsewhere.
  24. dieselguy
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    dieselguy Member

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    If they don't want to insure you for what ever reason then they just give a silly price, hoping you'll get the message and go elsewhere. This also happened to me a few years back.
  25. royalsteve68
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    royalsteve68 Active Member

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    just been on ala and gapinsurance123 and in the price of vehicle should I enter the amount I paid or the amount plus interest - I know it sounds daft but it isn't

    also anyone any experience of either
  26. Anarch
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    Anarch Member

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    I would imagine is the price of the vechicle... your interest is just paying for an extra service you need. I've actually emailed gapinsurance123 asking whether the 'customer reviews' are genuine (they just seem like written by their employee) and apparently they are. Big plus for me is that you can take 5 year cover with them (1 year deferred)
  27. Gazzz
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    Gazzz Member

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    I've just been looking at ALA and I think they'll do 1 year deferred. On the order page it asks for a start date, and in the 'year' drop down you've got the option of 2014 or 2015... so I assume I can defer for at least 10 months. They're shut, so I can't confirm for sure though
  28. Gazzz
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    Gazzz Member

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    Ok, replying to myself now! On the ALA site it says the following:

    Some competitors of ALA will defer the start of a vehicle replacement policy for the first year to coincide with my comprehensive insurer's offer of a 'new for old' replacement for the first year - why doesn't ALA?

    If your GAP policy is deferred for 12 months and you have a total loss claim, your Comprehensive Insurer may refuse to replace new for old due to a breach of a clause. It is then most unlikely that the deferred GAP Insurance policy will activate either - leaving you with no GAP cover whatsoever!


    Anyone know what this breach of a clause might be?
  29. titleist007
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    titleist007 Member

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    Possibly something like 1st registered owner only, so no imports and probably exceeding stated mileage.
  30. Pulp84
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    Pulp84 Well-Known Member

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    Appreciate the love for ALA but they can be slow to payout. Two months for my best mates year old Golf GTD. Went through a lot of aggro too with stuff like doing a "key autopsy" to see if the wear and tear on the key matched the mileage?? God only knows what they were trying to prove with that. It was straight forward claim too, lorry went up the back of him at some lights.

    Audi GAP paid up after 7 days for my brothers few months old A1 Sport when it was written off last summer. Have got my GAP for £250 and happy with that for the apparent no quibble element.

    Just a different opinion....
  31. PilotAudi
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    PilotAudi New Member

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    You've got me looking at this. Less than £100 for 2 years from 1. Mar 2015 - 2017 (first year from insurer ) £15k gap cover on discounted invoice price of £34k (£37k+rrp)

    Have I missed anything or am I right to assume if I had to claim the insurer would pay 'value' and gap would cover up to 15k + insurance settlement up to invoice price.
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  32. royalsteve68
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    royalsteve68 Active Member

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    Your invoice price should be the pre-discount price eg £37K (I know this as I asked ala what value I should use rrp or rrp less discount). You will get back whatever your insurance decides to give you back and your gap insurer will make up the shortfall up to your £15K limit

    eg

    rrp £37K
    after 2 years you claim and your car is value by insurer using say glasses guide (stupid I know as this is a TRADE guide, not retail!!) £25K, your insurer gives you £25K
    gap insurer gives you £12K

    also if you insurer valued your car at £15 after 2 years
    your insurer gives you £15K
    gap insurer gives you £15K as that's your max

    im going for £25K over 5 years as my car is rrp £40395 just need to work out a sensible depreciation
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  33. PilotAudi
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    PilotAudi New Member

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    Can I defer taking it out? 3-4 months time with a start on 1 March 2015 ? Would like to think on it further.
  34. veeeight
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    veeeight Well-Known Member

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    wtf ?

    A few posts back you weren't prepared to listen to anyone elses pov ...... :p
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  35. PilotAudi
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    PilotAudi New Member

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    I'm always happy to listen, it's convincing that takes longer;-)
  36. Anarch
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    Anarch Member

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    With ala you have to own the car under 90 days to purchase the cover, and with gapinsurance123 it's under 180 days with them (they ask you these questions when you request a quote).
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  37. PilotAudi
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    PilotAudi New Member

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    Thanks.. I'm not convinced yet... effectively I am paying £45-50 a year on the off chance that my car is stolen and not recovered or has over 60% of it's value in damage. Plus it only covers the difference between Insurance settlement and Invoice figure as far as I see.
    It's a small amount and I'm warming to the idea!
  38. lloydie1994
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    lloydie1994 Member

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    Jesus, should i take the credit for nearly convincing pilot, as he started considering it after i posted about gapinsurance123. :p
    Yeah as anarch said you can take a policy out up to 180 days after you collect the car dependant on who you go with I'd much prefer to have it and not use it than too need it and not have it.
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  39. h5djr
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    h5djr Well-Known Member

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    It is also possible to take out a GAP Insurance that will pay for a replacement car of the same type and specification which will then cover any price increases over return to invoice, although they tend not to be too much these days.

    The additional cost of Vehicle Replacement over RTI is £20 with Gapinsurance 123.
  40. PilotAudi
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    PilotAudi New Member

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    It's like the old joke... I've had Life Insurance for 67 years and I haven't died yet!
    With all insurance it's down to risk and perceived risk. I reckon my new car with an Invoice price of c £37500 (£34 after discount) will at end year 1 be worth 28k year 2 24k year 3 21k... Year one is fine all covered by Car Insurance if there is a total loss.

    In year 2 if insurance offers a 25k and year 3 18k I am actually paying nearly £100 to cover an unlikely loss of £3000 as normal depreciation is already calculated in my purchase/disposal strategy.

    Comments welcomed and yes Mr ate I do listen.

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