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GAP at end of pcp?

S32B Jul 17, 2020

  1. S32B

    S32B Registered User

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    My 3 year pcp deal runs out in September, when I got the car I took out GAP for 3 years. I'm looking at buying the car off Audi at the end of the pcp, I contacted my GAP insurance to see if I could extend the existing cover and he said no. This will leave me without any GAP cover on the car, has anyone else found a work around for it?

    I assumed as I'm buying it off Audi for a set figure, they could extend or start a new policy!

    Thanks in advance :icon thumright:
     
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  3. rafletcher

    rafletcher Registered User

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    Yep, just start a new gap policy. I use ala.
     
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  4. jassyo06

    jassyo06 T-Cut King !

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    Is GAP insurance not really for cars under finance.....if you own the car outwith finance.....then your normal car insurance should cover the value of the car if its written off....god forbid
     
    KenL likes this.
  5. X3man

    X3man Well known member

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    Nothing to do with finance, but that is the norm in many cases. Covers the difference (depending on the policy and amount you go for) between what insurance pay out and new car. Again it depends if back to invoice or a replacement plan. Amounts obv. Bigger on cars less than 3 years old as that it when the depreciation (and vat) is a factor
     
  6. Sparks43

    Sparks43 3rd Gear

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    The problem you have is GAP is return to invoice etc and your invoice will be the brand new price - You can buy GAP for second hand cars but you then have that invoice

    I'm an insurance broker and we cannot renew GAP Insurance after the set time has expired

    I know it sounds stupid, but in the event of a claim you have to produce the invoice or Finance Outstanding Settlement agreement
     
  7. S32B

    S32B Registered User

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    Just tried them and they will cover me even though I collected the car almost 3 years back! My curent GAP only does up to 365 days!

    CURRENT PROVIDER:
    current gap.jpg

    ALA
    ala gap.jpg

    No, it's for any car/financed or not. My nephew bought his Corsa for £7,000, I pushed him to get GAP, a year later it was written off and his normal insurance offered him about £4,500, his GAP took him back to £7,000

    THIS^ Mine is covered for total vehicle replacement, so if I had to claim now, I'd get the new car list price back, I'd be quids in!

    ALA asked for my reg and miles, they put a quote on my car at £23,280 (which i think is high) and set a £10k level of cover, so I see that as if my normal insurance offered me say £15k, ALA would take me back to that £23,280?!?! Or am I missing something?
     
    X3man likes this.
  8. rafletcher

    rafletcher Registered User

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    Not quite. You’d get whatever your insurer pays, then the gap policy makes up the difference between that and the value you’ve agreed, up to a max of £10k. But if you want to double check, do phone them, they’re helpful and knowledgable.

    And of course you know there are two gap policies, at least from ala, back to invoice and market value like for like. Choose the one you want.
     
    S32B likes this.
  9. rafletcher

    rafletcher Registered User

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    Sorry but gap isn’t always back to (original) invoice. ALA offer two policies, vehicle replacement or back to (original purchase price) invoice. The second is cheaper as it doesn’t factor in price increases.
     
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  10. S32B

    S32B Registered User

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    Yeah that' what I meant, after I entered my reg & miles they gave me that value/figure of £23,280 so if my own insurance paid out £15k ALA would pay out £8,280 = combined £23,280.

    I clicked the option of collected car over 365 days ago and it only gave me one policy option anyway, enter your reg & miles.

    I tried to phone them but 'very busy', waited 15 minutes and got bored. I'll try again Monday.
     
    X3man likes this.
  11. rafletcher

    rafletcher Registered User

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    Ah yes, I got mine before I picked the (used) car up, and got the two options.
     
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  13. Sparks43

    Sparks43 3rd Gear

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    This is true, however we only do the return to invoice - I would still check with them though that you don't have an invoice as a second hand purchase only the new car invoice.

    I've had a claim for a client recently and they do require the purchase invoice/settlement figure from finance company and whilst they've given it a glasses guide price you don't want issues god forbid anything was to happen later down the line - You often have to jump through a lot of hoops with GAP insurance

    This is why we cannot renew GAP policies or start a new policy after the original has expired

    We do only use one company to be fair and don't sell a lot of it as we are mainly a commercial broker but have a few high net worth clients on the back of this and deal with their cars

    Just wanted to give you a heads up
     
  14. S32B

    S32B Registered User

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    @rafletcher thanks for the ALA tip ;):icon thumright:

    Just phoned ALA, you can take out their 'Agreed value GAP' cover at anytime as long as the car in under 10 years old and has under 100,000 mile on the clock. No need to have any previous gap cover in place before taking out theirs and no time frame on when you bought/collected the car before starting their cover. Basically you could have bought the car 2 years back and never had gap, but they will still cover you. The agreed price is quoted by Glasses guide, mine is down as £23,290 at the moment, which I'm happy with as Audi only want £19k for me to buy it...so for £100 gap cover it's piece of mind if anything were to happen.

    As a side note for anyone in the same position as me: I phoned Audi extended warranty, you are fine to have your car serviced at any independent garage without affecting the Audi extended warranty, as long as the garage uses genuine Audi parts :thumbs up:
     
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  15. X3man

    X3man Well known member

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    Nice one on the £100 piece of mind @S32B , a no-brainer I would say :thumbs up:
     
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  16. S32B

    S32B Registered User

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    Exactly mate and I can always transfer it towards a policy on a new car as/when I get one....Hmmm just thought of something........

    :D Saying the above I reminded myself...just looked at my current policy, it doesn't run out when the car is 3 years old this year! Because I had some gap cover left when I sold the S3 they transferred that to the A5 for just under 6 months and then I started a new policy for 3 years. So I'm actually covered on this car until April on a vehicle replacement policy :):):) But handy to know I can go longer with ALA if I don't find a car by then :)
     
  17. DAN@ADRIAN FLUX

    DAN@ADRIAN FLUX Site Sponsor Site Sponsor

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    Hi.

    Just to let you know that we offer a 12 month product called Total Loss Protection. Whilst it's not exactly the same as your traditional 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.
     
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