Can any one do better?

[Theonenonly]

Hi all,

Just wondering what everyone is doing when it comes to gap insurance?

I believe the best policy is the replacement vehicle gap as this guarantees a brand new car any time for the duration of the policy.

I’ve been playing the brokers off against each other and the best I have done so far is:

£208.95 for 4 year replacement vehicle with a £20k claim limit. (Original finance value of £26k)

I can get cheaper policies if I go for return to invoice gap etc but I’m am I right in thinking the extra is worth it as if I wrote the car off within say the third year of owning it I get a brand new car given to me with only a year left in my finance?

Any help would be appreciated, thanks.

 

[Nham68]

Take your best quote to the dealer on day of pickup and ask them to match it... the Audi gap is pretty decent . The matched ALA on the spot for my S4.

 

[SimonAshley]

Hi all,

Just wondering what everyone is doing when it comes to gap insurance?

I believe the best policy is the replacement vehicle gap as this guarantees a brand new car any time for the duration of the policy.

I’ve been playing the brokers off against each other and the best I have done so far is:

£208.95 for 4 year replacement vehicle with a £20k claim limit. (Original finance value of £26k)

I can get cheaper policies if I go for return to invoice gap etc but I’m am I right in thinking the extra is worth it as if I wrote the car off within say the third year of owning it I get a brand new car given to me with only a year left in my finance?

Any help would be appreciated, thanks.

Correct me if I'm wrong here but if your car retailed at £26k
Your Gap would only need to cover the difference between your car insurance and the current vehicle value (at accident)

So yours at £20k, your saying after 4 years your car will be worth £6k??

Surely you put the difference between retail and guaranteed future value of PCP quote?

 

[cuke2u]

Hi all,

Just wondering what everyone is doing when it comes to gap insurance?

I believe the best policy is the replacement vehicle gap as this guarantees a brand new car any time for the duration of the policy.

I’ve been playing the brokers off against each other and the best I have done so far is:

£208.95 for 4 year replacement vehicle with a £20k claim limit. (Original finance value of £26k)

I can get cheaper policies if I go for return to invoice gap etc but I’m am I right in thinking the extra is worth it as if I wrote the car off within say the third year of owning it I get a brand new car given to me with only a year left in my finance?

Any help would be appreciated, thanks.

It is often that insurance companies do a new for old arrangement for a new car in the first year so you could have the first year of a gap deferred until the second...

 

[Theonenonly]

Correct me if I'm wrong here but if your car retailed at £26k
Your Gap would only need to cover the difference between your car insurance and the current vehicle value (at accident)

So yours at £20k, your saying after 4 years your car will be worth £6k??

Surely you put the difference between retail and guaranteed future value of PCP quote?

I thought it was a little high too but for the price it wasn't cheaper to go to the lower 15k

 

[Theonenonly]

It is often that insurance companies do a new for old arrangement for a new car in the first year so you could have the first year of a gap deferred until the second...

I didn't think of that, I was going with a lease to start which ruled that out but now you mention it your right the first year would be covered by my insurance. How do I get it to start on the second year? Im guessing I still have to purchase the policy now?

Thanks for the advice

 

[Jay Be]

Hi all,

Just wondering what everyone is doing when it comes to gap insurance?

I believe the best policy is the replacement vehicle gap as this guarantees a brand new car any time for the duration of the policy.

I’ve been playing the brokers off against each other and the best I have done so far is:

£208.95 for 4 year replacement vehicle with a £20k claim limit. (Original finance value of £26k)

I can get cheaper policies if I go for return to invoice gap etc but I’m am I right in thinking the extra is worth it as if I wrote the car off within say the third year of owning it I get a brand new car given to me with only a year left in my finance?

Any help would be appreciated, thanks.

I have return to invoice gap through ALA on my S4 as I personally think that’s the best for a brand new car. It’s covered for 4 years for £265 paying up to 35k on top of insurance payout. I’m quite happy to take cash at the original invoice price especially if anything happened to it more later on during the ownership...

 

[cuke2u]

I didn't think of that, I was going with a lease to start which ruled that out but now you mention it your right the first year would be covered by my insurance. How do I get it to start on the second year? Im guessing I still have to purchase the policy now?

Thanks for the advice

Yes you would have to purchase the policy but just have it deferred until the second year. I did this with mine...

 

[wideboybloke]

Replacement vehicle is all well and good, but what happens if you write off your vehicle when that model is no longer made? I’ve read that it’s likely to lead to dispute as you are likely to be offered something similar to your written off vehicle, but it may not be acceptable to you. With return to invoice you may have to add to the sum received, but at least you’ll get to choose your replacement vehicle.

 

[Happy Grumpz]

I had 'RTI' on my A3 Saloon, when it was written off in October 2017 the assessor valued the car at a touch over the balance of the finance.

The GAP insurer basically did a bank transfer of the difference (7.5k) straight into my bank account. This meant I could upgrade from another A3 to an A4 as I could pick exactly what I wanted.

Needless to say, I've got RTI on my A4.

 

[Theonenonly]

@cuke2u I’ve managed to reduce this to £172 with getting a deferred policy from your sound advice so I owe you a pint

The return to invoice does sound ideal, I like the idea of getting the difference and adding it to a car of my choice (for my next I plan on something a little sportier so this may be a good option for me)

I’ve asked for a price for RTI, I’ve got 2 weeks to decide either way.

Thanks again everyone

 

[DohNut]

Guys... ALA? I need to start shopping around for GAP.

 

[SimonAshley]

Guys... ALA? I need to start shopping around for GAP.

Cheapest price I have found:
https://totallossgap.co.uk/
And no limit on payout from what I can see

 

[cuke2u]

I'm with these https://www.gapinsurance.co.uk/ total replacement policy, the highest you can get...

 

[Theonenonly]

I'm with these https://www.gapinsurance.co.uk/ total replacement policy, the highest you can get...

That’s who my latest quote is with!

3 year deferred replacement vehicle 20k claim limit for £172.14.

He explained the replacement vehicle part and they match the value of a new car to what you have and the. Give you the cash so you can go off and buy what you want, not give you a replacement like for like vehicle as has been previously explained here.