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What Sort of GAP Insurance ?

SnAzBaZ Jan 18, 2008

  1. SnAzBaZ

    SnAzBaZ Member

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    Just looking at GAP Insurance options for a new S3.

    If the S3 is on a Lease Purchase finance scheme, what is the best GAP policy to for.

    I am thinking either Return to Retail Value, or Replacement.

    I think I would rather have the cash though, than just an identical new car ?

    Other opinions welcome!

    Thanks.
     
  2. rich164h

    rich164h Member

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    Haggle the Audi one down. I got mine for £190 (which I believe is what the dealership buys them for) and was only £50 more than the cheapest I could find elsewhere. I'd heard from various sources that some people have had problems with 3rd party policies not paying out until the main insurer had raised their offer etc etc which meant that the owner was left in an impossible stalemate situation and without a car for a long period of time. I know at least two people who have used the audi one and it was sorted out with no questions asked so for me it was worth the extra £50.

    I wouldn't pay full price for the audi one though.

    edited to add, I didn't actually answer your question!! Sorry about that. The one I went for was the one that payed out the actual invoice value rather than clearing finance etc. I'm 99% sure it pays cash, not just providing a replacement vehicle.
     
  3. h5djr

    h5djr Well-Known Member VCDS Map User Gold Supporter quattro Audi A3

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    Normally there are 3 levels of GAP insurance. One just pays off any outstanding finance, the second pays out the difference between the insurance company offer and the original invoice price and the thirds pays for a replacement vehicle.

    I went for the middle one. Again I got several quotes on the internet and took them into the dealer and got the Audi GAP Insurance down to within £50 of my lowest quote.
     
  4. Amchlolor

    Amchlolor Active Member

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    The Mini dealer tried to flog me GAP on the middle option, for £365.00
    Without even checking, I was sure I could beat their quote, so I said no.
     
  5. h5djr

    h5djr Well-Known Member VCDS Map User Gold Supporter quattro Audi A3

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    Almost certainly. Audi wanted £399 for my cover, but showing them the alternative quotes we agreed in the end to £225. There are plenty of internet sites offering GAP insurance.
     
  6. rich164h

    rich164h Member

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    Yep, £399 down to £190 for me. I was paying cash and didn't go for any other finance/supergard..... options so I think the finance saleman was desperate to sell me something.
     
  7. MoAudi1.8T

    MoAudi1.8T Member

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    alrite guys, hows it goin?

    im looking at gap insurance for an a3 that im looking at getting soon; the dealer price is £3995 and i am going to get finance on this.

    could anyone please explain a little how the gap insurance works and what the best policy would be for me as i am getting it on finance?

    thanks a lot

    mo
     
  8. N8

    N8 Kowalski Details VCDS Map User

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    Indeed, my dealer offered me GAP but I said no, as I know I'll get it cheaper? Wheres the best place guys.

    Thanks
     
  9. redbutcher

    redbutcher Member

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    I got my quote from click4gap

    Their website has a good explanation of what all 3 different products do, but in a nutshell:

    Return to Value
    Car is worth around £15k
    Insurance pays out £11k
    You're out of pocket by £4k
    Return to Value GAP pays the additional £4k

    Return to Invoice
    Car invoice states £22k
    Insurance valuation says it's worth £17
    You're out of pocket by £5k
    Return to Invoice GAP pays the additional £5k

    Vehicle Replacement
    You paid £25k for your car
    List price of a new car is £28k
    Insurance settlement is £20k
    You're out of pocket by £8k
    Vehicle Replacement GAP pays the additional £8k

    Hope that makes sense.

    Once armed with my quote from click4gap, I went back to Audi and they matched the quote I had. The audi GAP insurance that I've gone for is return to invoice with a max payout of £15k.
     
  10. N8

    N8 Kowalski Details VCDS Map User

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    So hows does it work out Jon? Do u pay monthly/in full? Explain
     
  11. redbutcher

    redbutcher Member

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    I paid in full with Audi (though I think you can pay monthly with click4gap). Cost to me was £200 for the 3 years cover - didn't think that was too bad and it's certainly worth having in my opinion.
     
  12. Kontraband

    Kontraband Active Member

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    you make a single payment... then, if the worse happens, you 'should' be covered for any difference in between what the insurance co pay you at their valuation, and the outstanding amount you'd owe on finance so you arent left outta pocket.
     
  13. N8

    N8 Kowalski Details VCDS Map User

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    How much was your single payment kontraband, and when can I do it? Before the car arrives? After? Thanks
     
  14. redbutcher

    redbutcher Member

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    I handed my plastic over when I collected the car.
     
  15. Kontraband

    Kontraband Active Member

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    yeah, pay it when you collect... but easy to barter down at audi... I havent collected mine yet, therefore havent paid Audi, but paid just over £200 to BM for my current. and will be paying the same for this one on RTI and £25,000.

    From memory there is a time frame when you need to buy the GAP insurance... something like 90 days either side?
     
  16. N8

    N8 Kowalski Details VCDS Map User

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    Excellent. I'll get a quote from click4gap and speak to my salesman. £200 for 3 years cover is excellent - peace of mind!
     
  17. steveg9

    steveg9 Member

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    presumably negotiated before order / delivery? Mine quoted £399ish and then said the lowest they could go was £350.....
    Which dealer??
     
  18. rich164h

    rich164h Member

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    They are lying. I got mine from Poole Audi for £190 after he started at the £399. If they won't come down go to one from the internet.
     
  19. Kris

    Kris Member

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    I was quoted £499 last November for Audi gap but because i've bought from them before they'd give it to me for £399 (yeah, ok!). I got an internet quote for £230 and went back, they wouldn't even try to match it ..... their loss!
     
  20. SnAzBaZ

    SnAzBaZ Member

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    I've read interesting things about click4gap on tyresmoke.net. The policy underwriters are apparently out of Gibraltar so technically it's not covered by the FSA (Yes I know click4gap.co.uk says they are covered by FSA because "they" are, but the underwriters are not).

    How this affects you when it comes to a claim I dont know, but it explains why they are cheaper than the competition.

    I have gotten mine from Lombard, I pay monthly on a 0% APR deal, and can cancel at any time. I don't like shelling out £200 quid if you end up changing cars again in 12 months time.

    So I have 60 months cover and a small DD every month.

    Dealer was not interested in selling me GAP Insurance.
     
  21. Kontraband

    Kontraband Active Member

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    Yeah, I heard that RE click4gap too...

    SnAzBaZ, how much you paying then a month at lombard and what policy??? replace/rti??
     
  22. N8

    N8 Kowalski Details VCDS Map User

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    So where shall I get my gap from guys? My A3 is costing £26k but worth £29k, just spoke to my salesman and he said they will offer the "premium" package at £395
     
  23. redbutcher

    redbutcher Member

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    Yes, negotiated before delivery. My order was done over the Internet and then taken over by the dealer - the dealer in question deals in large volumes of cars (as they get all the Audi orders from this particular website) which is probably why they were more willing to do it for £250 rather than £399.

    SnAzBaZ - that's why I went back to the dealer....
    I'm on a PCP with my car, so no problem with having to pay up front as I know I'll be keeping it for 3 years.

    Would be interested to hear about the Lombard policy though - could be a good alternative :icon_thumright:
     
  24. N8

    N8 Kowalski Details VCDS Map User

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    Any advice for me Jon, keeping my car for 4 years on a PCP also.
     
  25. Kontraband

    Kontraband Active Member

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  26. N8

    N8 Kowalski Details VCDS Map User

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    I'm getting quotes now. Cheers lad.
     
  27. redbutcher

    redbutcher Member

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    :redface: urm what Kontraband said - I'd definitely go back to Audi and show them the quotes you've got and say you'd like to give them the business, but only if they can come close/match the quotes you've got.

    See what they come back with....
     
  28. N8

    N8 Kowalski Details VCDS Map User

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    Think I've chosen the company that best fits my needs, do I need to show them my insurance certificate? :think: I haven't sorted that yet as the car isn't due until March 1st.

    Ta again Jonny lad.
     
  29. SnAzBaZ

    SnAzBaZ Member

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    £6 per month on my Lombard policy for those that are interested. £7,500 claim limit. Direct Debit over 60 months can be canceled anytime.

    RTI not Replacement, I don't want to get a replacement if mine gets declared total loss, I would rather get the cash then decide what I want to do.

    N8KOW

    You should not need to show the cert no, because if your not covered by a policy, the GAP does not pay out.
     
  30. Kontraband

    Kontraband Active Member

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    so... who/how much??? ;) If its good tell us others waiting for GAP too.
     
  31. N8

    N8 Kowalski Details VCDS Map User

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    tha ala one is £360 I think, I'll do it properly nearer the time, what you got on order kontraband? A3 or S3?
     
  32. Kontraband

    Kontraband Active Member

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    ah... ok.

    I got an ibis white S3, going from a 118 bmw diesel company car... so to say Im excited.... is an understatement~! :jump: (though I enjoyed the mway miles and a nice weighted drive)... will be nice to get some speed back.
     
  33. N8

    N8 Kowalski Details VCDS Map User

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    Excellent, any mods planned??
     
  34. N8

    N8 Kowalski Details VCDS Map User

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    I only did I rough quote kontraband and wasn't payin proper attention, when I've done a proper one I'll let you know.
     
  35. Kontraband

    Kontraband Active Member

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    nice 1.

    Mods... nope. Not yet. ;) but yeah, let us know when you get it sorted so we know a price.
     
  36. N8

    N8 Kowalski Details VCDS Map User

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    Cheers lad, my dealer might match them as well. I want replacement money instead of the car!
     
  37. Kontraband

    Kontraband Active Member

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    yeah, I think most would go for money to cover cost rather than i replacement?
    I wanna see if my dealer will match too... theyve been pretty good on it so far, but no issue if they wont.
     
  38. Kontraband

    Kontraband Active Member

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    well, signed over for my car on Wednesday ... picked up the service plan and GAp insurance from them too... got the gap down from £475 to £230... happy enough with that. Drive on!
     
  39. Jiggy

    Jiggy Member

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    Audi dealer has quoted me £499 for three years gap insurance and I got it down to £349, is this really the lowest Audi can go down to?

    I've seen in this thread that people discussed the click4gap quotes and got the price down, this still work today? I have said I will take it for now but when I go to pick it up I want to drive the price down further if possible!
     

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