Don't forget the GAP guys!!!

S32B

Registered User
Just had an email reminder that my car is approaching 180 days old, when I bought it new I transferred the remainder of the existing S3 GAP policy over to it. Obviously as I'm keeping this car longer then that original policy last for, I've had to renew it.

So basically I'm now covered until this car is 3 years old (end Oct 2020), cover will pay out the difference from what my normal insurance would pay if the car was a total loss to the list price of a new car with the same spec. The added bonus is that I don't have to have the same car, they just pay the difference from insurance pay out - list price, so anything left over after you have paid off any finance left on the car can be put to any car you want :)

I don't want anything to happen, but if it were to happen I'd be quids in, as I got 21.4% off the car, yet they'd pay out as if I'd got nothing off ;);) Cost for cover was £156.40...well worth it.
 

Blessed_Badger

Registered User
Very good advice OP - I’d never bothered with GAP before but as the S5 is highly desirable (aka nickable) I thought I’d go for it this time. £145 from ALA for 2 years. Peace of mind just in case something happens.


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Batmike

Registered User
Hi,
Just to let you know that we offer a product called Total Loss Protection. Whilst it's not exactly the same as your tradition GAP insurance we feel for some customers it can make a cost effective alternative.
Please feel free to take a look if you wish.
https://www.adrianflux.co.uk/extras/total-loss/
Regards,
Dan.

But isn't your cover for up to £10k only ? For cars like the S or RS series of Audi - that can still leave you out of pocket ...
 

S32B

Registered User
But isn't your cover for up to £10k only ? For cars like the S or RS series of Audi - that can still leave you out of pocket ...
I was surprised to see this when I got my quote before calling them up to buy:

Claim Limit ...
Don't worry, you don't need to select a claim limit. This policy has no upper claim limit and is open ended.
 

S32B

Registered User
Very good advice OP - I’d never bothered with GAP before but as the S5 is highly desirable (aka nickable) I thought I’d go for it this time. £145 from ALA for 2 years. Peace of mind just in case something happens.


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PS: Also remember @ 'The guys on lease' you still need to cover that!

"Ok so we now know that you can not own the vehicle at the end of the contract and if it is never yours to protect why should you need lease car gap insurance?

Did you know that if your lease vehicle is written off you are liable for any shortfall between your cars value and the outstanding finance on the day it was written off. This can be thousands and thousands of pounds. Standard contract hire / lease car gap insurance would settle this for you leaving you with no other liability to your old car."

I didn't know the above until the other day, I've already PM'd a couple of guys on here who i know have lease cars.
 

Batmike

Registered User
I was surprised to see this when I got my quote before calling them up to buy:

Claim Limit ...
Don't worry, you don't need to select a claim limit. This policy has no upper claim limit and is open ended.

Website still states £10k
 

Batmike

Registered User
PS: Also remember @ 'The guys on lease' you still need to cover that!

"Ok so we now know that you can not own the vehicle at the end of the contract and if it is never yours to protect why should you need lease car gap insurance?

Did you know that if your lease vehicle is written off you are liable for any shortfall between your cars value and the outstanding finance on the day it was written off. This can be thousands and thousands of pounds. Standard contract hire / lease car gap insurance would settle this for you leaving you with no other liability to your old car."

I didn't know the above until the other day, I've already PM'd a couple of guys on here who i know have lease cars.

To be honest, each time I leased a car you had to wrestle with the sales guy to NOT have it. ESPECIALLY Audi .
 

Batmike

Registered User
Screen Shot 2018-04-07 at 18.10.08.png

There you go ... up to 25% or £10,000 .... That would be a no-go ...
 

HMG1K

Registered User
What companies are best to consider for lease cars? Waiting on an A5 Sportback S-Line, had GAP on my current PCP car but jumping into a PCH is there a particular GAP I need to look for / minimum value on a £38k new car?
 

S32B

Registered User
What companies are best to consider for lease cars? Waiting on an A5 Sportback S-Line, had GAP on my current PCP car but jumping into a PCH is there a particular GAP I need to look for / minimum value on a £38k new car?
You can use the same link that I posted above to get a quote = https://totallossgap.co.uk/quote/2
 

S32B

Registered User
To be honest, each time I leased a car you had to wrestle with the sales guy to NOT have it. ESPECIALLY Audi .
Yeah because they charge you about 4 times more than what you can get it for :D...it's a big earner for them!

It's like holiday insurance, last month we booked a week to Madeira in August, Tui's insurance wanted £52 (using AXA), I'm with AXA for my car and home insurance, so got a quote direct with them, more cover for the same holiday £25!!! :) Then last week we also booked a week in Menorca for June, same thing Thomas Cook £60, AXA direct £40.
 

orcomma

Registered User
I don't want anything to happen, but if it were to happen I'd be quids in, as I got 21.4% off the car, yet they'd pay out as if I'd got nothing off ;);) Cost for cover was £156.40...well worth it.

Doesn't return-to-invoice GAP only pay out the invoice amount? Presumably the 21.4% discount is reflected in the invoice amount?

(I have in the past needed to make a RTI GAP claim and the first thing they ask for is the new vehicle invoice). I negotiated a discount on that car and that was negated from the GAP amount.
 

rickparmar

Registered User
So I've had my car for about 6/7 months. Was 6 months old when I bought it.

Does anyone know any GAP insurance companies where I can purchase as i forgot to buy it when I was in the first 180 days
 

S32B

Registered User
Doesn't return-to-invoice GAP only pay out the invoice amount? Presumably the 21.4% discount is reflected in the invoice amount?

(I have in the past needed to make a RTI GAP claim and the first thing they ask for is the new vehicle invoice). I negotiated a discount on that car and that was negated from the GAP amount.
Yes, but I didn't buy return to invoice, I got complete vehicle replacement...plus the other two :)

"This policy will pay the difference between your motor insurance settlement figure and the higher of either the amount outstanding on finance, the original invoice price you paid or the replacement cost of another vehicle the same as yours was on the very first day you drove it home.

There is also no upper claim limit, so you don't have to decide how much you are going to need. Instead, you know you are covered."
 
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Evil Derboy

Registered User
Pointless taking it out during the first 12 months of ownership if you're the first registered keeper and your insurance does new for old during that time, otherwise worth having.
 

S32B

Registered User
Pointless taking it out during the first 12 months of ownership if you're the first registered keeper and your insurance does new for old during that time, otherwise worth having.
Not true! I looked into this before I bought the S3 as loads of them were going missing at the time, I called a few insurance companies up that quoted "If one is available in the UK", when I called them I asked the question "What happens if one isn't available in the UK?", they replied with "We then revert to book price". Hence why I did my GAP from day one ;) You just know that they would say we can't find one with the same spec as yours in the country, so we are giving you book price....It's OK if you have a basic 1.2 Fiesta with no options, which are stock piled in a field...but not the type of cars we all buy on here!

rep.jpg


Plus the advantage of GAP is you don't have to have the same car again even if one is available in the UK at the time.

For £1 per week I was taking the chance!!! if my car went missing tonight I'd be given the money between normal insurance and GAP to take me back to the book price of my car, I could then buy anything I wanted.
 

Evil Derboy

Registered User
You're mis-reading the wording of the policy above. It doesn't mean if a like for like car is sat at a dealership unregistered, it means if the make model and spec of car is still available to order in the UK market.
 

S32B

Registered User
You're mis-reading the wording of the policy above. It doesn't mean if a like for like car is sat at a dealership unregistered, it means if the make model and spec of car is still available to order in the UK market.

I spoke to more than one company on the phone who state 'If one is available in the UK', they all said "We then revert to book price" after I'd asked what would you do if it had to be factory ordered?...no mistake there! I forget the full wording and specifics of the conversations with each company, as it was 3 years back, but what was said made me get it covered from day 1.

At the end of the day isn't it better to have double cover than no cover! Read the small print of each insurance company!!! For £1 per week I have piece of mind knowing that if my car goes missing or is written off, I get book price for it which I can then use to buy any car I want Audi, BMW, Merc etc.

LV don't mention anything about if they have to order it or not, they just say 'not available in the UK', my car/spec wouldn't be available in the UK today, so they would pay me the price I paid for the car which is £9,000 lower than the list price. GAP takes me back to list price....worth the £52 for the first years cover and a potential £9,000 more to spend on the next car!?!? ;):

lv.jpeg
 

Evil Derboy

Registered User
I had a 4 year stint in motor insurance for a large broker. While ago now but the wordings havent changed. Dont believe anything the call centre peeps at any large insurer tell you. They make most of it up as they go and overall are pretty clueless.
 

S32B

Registered User
lol well for £1 per week I'm happy to know I'm covered for my car and I'm not going to be knocked down to receipt price from the normal insurance :)
 

Batmike

Registered User
So .... Advertising in a high-car value section of the forum doesn't make much sense then, does it ? ;-)
 

S32B

Registered User
Hi.
That's correct. As I said It's not suitable for every customer especially for a higher value higher depreciating vehicle.
Regards,
Dan.

So .... Advertising in a high-car value section of the forum doesn't make much sense then, does it ? ;-)
To be fair a lot of member on here do have more than one car in their homes, wifes or kids on a cheaper could benefit from that cover! ;)
 
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