Facelift Any recommendation for GAP insurace
- Thread starter Jcbmally
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I’m with ALA, I got them to price match with gap123 I think it was. £135 for 3 years for back to invoice plus policy, they did ask if the car was on finance and said they couldn’t price match if it was.
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Did you use a discount code? Try MSE25 - gives you 25% discount. I used this a few days ago to save £50 on a 3 yr policy which brought it down to £151. On a 2 year it will be much less to pay
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I’m with ALA, I got them to price match with gap123 I think it was. £135 for 3 years for back to invoice plus policy, they did ask if the car was on finance and said they couldn’t price match if it was.
Cheers buddy
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Have been with Frank Pickles for a few years, have a FL S3 & FL RS3 on two separate policies, very reasonable prices. He also does an unlimited policy for only an extra few pounds. It basically guarantees that in the worst case scenario regardless of the cost of a replacement car it will cover the full cost of a new replacement up to your original spec.
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www.gapinsurance.co.uk for me - better upfront pricing and almost identical terms and conditions as ALA although gapinsurance.co.uk don't charge cancellation fees if you cancel early and want the unused amount to be refunded, ALA do.
I went for Replacement GAP insurance
I went for Replacement GAP insurance
I had ALA on previous A6, and when changed to Q5 back in March, they amended policy to new car and I paid difference, NO FEES.
Why would you cancel as surely just cover new car?Sent from my iPhone using Tapatalk
I had ALA on previous A6, and when changed to Q5 back in March, they amended policy to new car and I paid difference, NO FEES.Why would you cancel as surely just cover new car?
Neither company charge fees if you're transferring the balance forward to another policy on a new vehicle. But if you're not requiring a new policy on a new vehicle (in my case, I previously replaced a car I owned with a company car but, you might for example find a new policy with better cover and/or at a better price elsewhere) and you therefore cancel the policy and request that the unused amount be refunded, ALA will deduct a cancellation fee whereas gapinsurance.co.uk won't.
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You could try www.shortfall.co.uk for a quote
Combined Return to Invoice for 3 years was £85. But this was over 2 years ago.
If your car is less than a year old then your insurance will pay out in full if stolen or written off.
So take the GAP cover out just before your car is one year old. Found it was no point starting it early when the normal car insurance will pay out.
So it like 4 years cover for price of 3. If you catch my drift..
Combined Return to Invoice for 3 years was £85. But this was over 2 years ago.
If your car is less than a year old then your insurance will pay out in full if stolen or written off.
So take the GAP cover out just before your car is one year old. Found it was no point starting it early when the normal car insurance will pay out.
So it like 4 years cover for price of 3. If you catch my drift..
Don't think that is the case with all insurance companies, as a mate of mine lost cash when his car was nicked and only 6 months old. No idea who he was with, and equally I have no idea if my insurance would do what you have suggested above. Too late for me, as took out 3 year GAP anyway a couple months back, and given it was £150 odd vs Audi quoting £500+ I was happy
Anyone considering not having GAP insurance in the first year in favour of relying on their motor insurer's "new car replacement cover" instead, needs to take care to research it thoroughly. Not all motor insurers are equal in their cover of a brand new vehicle on a new-for-old basis.
A few things to consider:
- If stolen and not recovered, there's not usually an issue but, if accident damaged, the repair bill will likely need to exceed anything up to 60% of what it would cost to buy a brand new version of the same vehicle at the time of claim. 60% of the cost of a brand new equivalent could be a reasonable amount more than 60% of what your depreciated vehicle is worth at the time of claim - the latter of which is the usual threshold at which a vehicle would be declared a Total Loss. What happens then if the vehicle repair bill exceeds 60% of what your car is worth ( a point when most insurers will consider it to be a "total loss" ) but, falls short of 60% of the cost of a brand new equivalent? How will your motor insurer deal with that claim: Market Value payout? Invoice value payout?
- The motor insurance contract will specify that assuming you meet the criteria above, they will only replace your vehicle if one is available at the time of claim. It will usually fall short though, of specifying whether this means one has to be available for immediate delivery or whether a factory order involving a wait of X months will be permitted. It will however say that if one isn't available, they'll revert to a cash value payout - normally (but not always) based on market value.
- The motor insurance contract will also say (assuming you meet both criteria above) that anyone else who has an interest in the vehicle (i.e. a finance company) has to agree to them physically replacing the vehicle. But they usually fall short of specifying how they'd deal with the claim in the event that the finance company rejected the offer of a physical vehicle and insisted on a cash settlement instead. If your car is financed and the finance company insisted on a cash settlement, would your motor insurer pay out market value, invoice value or replacement value?
Further...
- Buying GAP insurance up to a year after taking delivery of the vehicle is almost always a more expensive way of doing so. If your intention (after considering the above) is to avoid having GAP insurance in the first year but still benefit from it in later years, it's almost always cheaper to buy the policy sooner but, elect to delay the start date by up to a year from first registration.
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Another tip, if you got a decent discount on the car then you're probably better off with replacement vehicle cover as opposed to back to invoice.
Obviously as the name suggests, back to invoice will pay out enough to give you what you paid for the car as opposed to vehicle replacement which will payout enough to actually get another one the same spec etc.
Obviously as the name suggests, back to invoice will pay out enough to give you what you paid for the car as opposed to vehicle replacement which will payout enough to actually get another one the same spec etc.
That’s the Frank Pickles one I mentioned in an earlier post.
I have changed several cars over the past few years as post above you can cancel and get full refund for unused months or years with no cancel fee.
Or if you take another policy they will use the unspent months or years for the new policy and you then just top up the rest.
And as a bonus they are a real friendly bunch on the phones, no hassle at all and your documents are emailed to you within minutes, thoroughly recommend them.
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Yes they will but only to original invoice price. So you will be out of pocket and have to top-up with your own cash to meet the cost of the replacement.
My advice is take out GAP from day 1, you then have no issues should the worst happen.
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Back to invoice is ok but after let’s say after two years a new replacement car will be thousands of £’s more due to price increase on the new car.
I have unlimited on my policy which guarantee’s a brand new replacement vehicle to original spec at whatever it costs.
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I went for replacement vehicle because of getting discount on mine, that and the fact there were at least 2 price increases from when I took ownership.
I had 2 choices i went for the most expensive policy available was it back back invoice?? not 100% sure will need to check
Just checked my policy it's headed" replacement plus "and if you think l am going write the full policy out on a post on here we'll Yiv another thing coming to coin a phrase ... Lol
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That's the one Jassy, that way you'd get into another one the same rather than being given the invoice figure, as you got a good discount too.
Sounds like you got replacement plus (at least that is what ALA call it)
Do I need Vehicle Replacement Plus?
The answer to this is yes, if you want to:
Protect against the depreciating value of your vehicle
Protect the value of your vehicle, not just what you paid for it
Protect against rising costs of new vehicles and/or any discount you received at the time of purchase
Have enough money to clear any outstanding finance AND be left with any money remaining once this has been paid
Between the motor insurer and GAP cover, receive the replacement cost of your vehicle – if you do not have any finance, this amount is yours to use as you wish
This is what I have on both cars (only pick up the JCW tomorrow)
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Yep much the same, a new replacement car to your original spec at no cost to yourself, I think many posters on here are thinking back to invoice is ok but beware, you could end up with a hefty bill to make up the difference for your replacement.
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Frank Pickles for me - they were competitive and I’ve got discount on subsequent cars with them.
I had to reject my original car and they transferred the policy over to the new one - I did have to pay a small difference but this was due to increase in IPT...and the original policy was about 7months old.
As someone said they were brilliant on the phones, friendly and helpful.
I had to reject my original car and they transferred the policy over to the new one - I did have to pay a small difference but this was due to increase in IPT...and the original policy was about 7months old.
As someone said they were brilliant on the phones, friendly and helpful.
Good choice, forgot about the discounts for additional policies.
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I paid £209.65 for Vehicle Replacement Plus Gap from ALA which covers me for 4 years. Not gonna get cheaper than that, I checked everywhere. I think I price matched and beat the quote against gapinsurance.co.uk.
Another consideration to take is GAP insurance Prices are also dependent on the over all cost of your car, l took my gap out a with just a couple of weeks left to do so 90 days l think it is anyway l only took 2 years cover as l will be changing it around this time
Yeah but the initial price for my cars gap would have been a bit too much to pay out for myself over 4 years far more than the £200 odd l paid, l pay enough for car insurance as it
www.gapinsurance.co.uk
Purchased this for our BMW as they seemed to offer the best deal for the best money (4 years - replacement GAP)
If the car is worth 15K when claiming then this type of insurance bridges the GAP between the current value and the original purchase price.
Purchased this for our BMW as they seemed to offer the best deal for the best money (4 years - replacement GAP)
If the car is worth 15K when claiming then this type of insurance bridges the GAP between the current value and the original purchase price.
Been quoted £165 for 3 years (Total Loss GAP), just found out that my car insurance doesn't do new car replacement for first 12 months (probably why it was only £230). So going to go with Total Loss GAP for £165.
There have been three GAP insurance underwriters go "pop" in the last 2-3 years.... two of which were in Gibraltar (Enterprise Insurance & Elite Insurance) and one of which was in Denmark (Alpha insurance) - the latter of which was just recently. In the case of Enterprise & Elite I believe policyholders were eventually moved to a different underwriter but there was a reasonable period of doubt when it wasn't entirely clear what would happen to those policies. In the case of Alpha, I'm not up to speed but I believe it's all still being sorted out - the last communication I saw was that they weren't accepting any claims for the time being. That position may well have changed.
There's a lot to be said for cheap GAP insurance but, I personally prefer to stick with large insurers that I've heard of and for which insight in to their financial stability can be easily found. Sometimes that comes at a premium but... that's a matter of choice.
Good luck.
They're the broker. The underwriter is a company called, "Acasta European Insurance" - based in Gibraltar.
Just dug a little further and Yes your right, but the broker Aequitas Automotive Ltd are based in the Wirral and are authorised and regulated with the FCA. So hopefully I'll be ok and they wont go T*t's up.
