My S3 stolen last night...beware!!!!

[Ollie2014]

When I had my car stolen(Civic Type R) a few years ago it was the first car I had with GAP insurance.My car was 2 months old and my insurance company paid me out almost £4000 less than I paid ,luckily the GAP I took paid the difference.Now I don't want to put you off but I said to myself I am going to buy another Civic Type R which I did but my insurance actually tripled.I kept the Civic for a year then had to get something less performance orientated to bring my premiums down and took a big loss on the Civic.The low life scum ruined my car ownership for a number of years until I got my premiums down again.Sorry to hear of your loss Bradders.

 

[azibux1]

With the GAP, you get the money difference back between what the insurance gave and what you paid after discount... But does that include the interest on the finance agreement?

 

[Bradders99]

There's two types of GAP, back to invoice and replacement. Back to invoice just pays out the difference between what your insurer pays out and what you paid for it when you bought it. Replacement gives you the exact same vehicle or back to invoice depending on what's worth more.

For the OP with back to invoice, he will just get back to where he was before he took the finance out. Not sure if the insurance will pay back the finance owed, or whether you will get all the money and then need to settle any finance yourself. He may find that the FL S3 means he can't get as good as a discount as he originally did, therefore his deposit on a similar spec S3 might mean higher monthlies.

I got my S5 as one of the last B8.5 builds and got a rather healthy discount. That's why I went with replacement gap, so I could get the same S5 with the same spec, as I know I wouldn't get the same discount on the new B9 model.

Thanks for the clarification DrEskimo, I will have to wait and see what happens when I get the answer from each party and I go back to Audi to look at another car!

 

[DrEskimo]

Thanks for the clarification DrEskimo, I will have to wait and see what happens when I get the answer from each party and I go back to Audi to look at another car!

Best of luck mate!

 

[Bradders99]

Sorry to hear this @Bradders99
Hope it all gets sorted for you asap...

Thanks mate!

 

[Bradders99]

When I had my car stolen(Civic Type R) a few years ago it was the first car I had with GAP insurance.My car was 2 months old and my insurance company paid me out almost £4000 less than I paid ,luckily the GAP I took paid the difference.Now I don't want to put you off but I said to myself I am going to buy another Civic Type R which I did but my insurance actually tripled.I kept the Civic for a year then had to get something less performance orientated to bring my premiums down and took a big loss on the Civic.The low life scum ruined my car ownership for a number of years until I got my premiums down again.Sorry to hear of your loss Bradders.

Thanks Ollie, Yes, that is what I am afraid of as the Mrs had 2 accidents just before I got the S3 so now I will have zero no claims!!!! As I had it protected, but this will count as the 3rd claim in 3 years

 

[Bradders99]

With the GAP, you get the money difference back between what the insurance gave and what you paid after discount... But does that include the interest on the finance agreement?

The settlement figure off the finance company always takes into account interest rebate, so that should be ok!

 

[azibux1]

The settlement figure off the finance company always takes into account interest rebate, so that should be ok!

Ahh right okay... So it is actually filling in the gap between insurance payout and settlement figure? Makes sense. I was thinking gap between payout and cash price agreed on the car for some reason

 

[Bradders99]

Ahh right okay... So it is actually filling in the gap between insurance payout and settlement figure? Makes sense. I was thinking gap between payout and cash price agreed on the car for some reason

This is how I think it will work in my case: the settlement figure is about £27k and my invoice was £36k, so I am expecting the insurance company to pay up market value, for example say £26k, then my gap insurance will cover from the £26k to £36k (£10k), I will have to pay finance company the full £27k, leaving me £9k deposit towards a new car!
But I could be wrong!

 

[azibux1]

This is how I think it will work in my case: the settlement figure is about £27k and my invoice was £36k, so I am expecting the insurance company to pay up market value, for example say £26k, then my gap insurance will cover from the £26k to £36k (£10k), I will have to pay finance company the full £27k, leaving me £9k deposit towards a new car!
But I could be wrong!

Keep us posted!

 

[Sandra]

@Bradders99 so sorry to hear your car has been stolen. You work really hard to have nice car for you and your family and it's just not fair that someone thinks it's ok to help themselves. I'm glad you and your family are ok, that's important part. Don't let this stop you from having a nice car. x

 

[TDI-line]

There's two types of GAP, back to invoice and replacement. Back to invoice just pays out the difference between what your insurer pays out and what you paid for it when you bought it. Replacement gives you the exact same vehicle or back to invoice depending on what's worth more.

For the OP with back to invoice, he will just get back to where he was before he took the finance out. Not sure if the insurance will pay back the finance owed, or whether you will get all the money and then need to settle any finance yourself. He may find that the FL S3 means he can't get as good as a discount as he originally did, therefore his deposit on a similar spec S3 might mean higher monthlies.

I got my S5 as one of the last B8.5 builds and got a rather healthy discount. That's why I went with replacement gap, so I could get the same S5 with the same spec, as I know I wouldn't get the same discount on the new B9 model.

Thanks for this, it just jogged my mind that i hadn't taken the Gap for a VW van i bought back in July. Luckily i had 2 days to go before the 6 month cut off on a purchase. Another £200 well spent to ALA for a 4 year Replacement policy.

Hopefully you'll find out something tomorrow Bradders.

 

[Bradders99]

Keep us posted!

Will do!

 

[Bradders99]

@Bradders99 so sorry to hear your car has been stolen. You work really hard to have nice car for you and your family and it's just not fair that someone thinks it's ok to help themselves. I'm glad you and your family are ok, that's important part. Don't let this stop you from having a nice car. x

Thanks Sandra! Material things you can replace, family you cannot! It's easy to forget what is really important in life, but it is these things that help remind us! ‍‍‍ I have been really moved by the reaction of all our family, friends, neighbours and all you on this forum to help us get it all sorted. For that I must salute you and I will keep you posted on how it turns out! Take Care,

 

[Bradders99]

Thanks for this, it just jogged my mind that i hadn't taken the Gap for a VW van i bought back in July. Luckily i had 2 days to go before the 6 month cut off on a purchase. Another £200 well spent to ALA for a 4 year Replacement policy.

Hopefully you'll find out something tomorrow Bradders.

Good save, well done, hope you don't need it, but at least you have cover in place if the worst happens !

 

[Milnesafc]

Good save, well done, hope you don't need it, but at least you have cover in place if the worst happens !

Hello mate did you get the car recovered in the end? When I took the insurance policy out I thought I had a tracker on it through the MMI however as I understand the MMI just shows the last location car was when disconnected from the car. I've heard the police can track the embedded sim or the data sim in the car? If not might be ringing insurance to amend tomorrow.

 

[Bradders99]

Hi mate,
No. Car still not recovered, insurance and finance company are treating it as a total loss, after 24 hours! Police said without tracker unless it's gets spotted by highway patrol or pings a camera with number plate (which they will have changed ASAP) they have no way to track it!
Finance company, GAP insurance and car insurance have all agreed on a settlement verbally so I am just waiting for it to be formally processed and hopefully get my money back to invoice in a week or so! I wish the house insurance were so quick!!!

 

[Milnesafc]

Hi mate,
No. Car still not recovered, insurance and finance company are treating it as a total loss, after 24 hours! Police said without tracker unless it's gets spotted by highway patrol or pings a camera with number plate (which they will have changed ASAP) they have no way to track it!
Finance company, GAP insurance and car insurance have all agreed on a settlement verbally so I am just waiting for it to be formally processed and hopefully get my money back to invoice in a week or so! I wish the house insurance were so quick!!!

Sorry to hear mate, I've been using the wife's Corsa and sticking that in front of the S3 on a night just in case. Think I'll ring the insurance tomorrow, rather not have the worry incase something happened.

You decided on a replacement?

 

[Scottyg]

I'm just catching up with this thread. Dirty bar stewards. Makes my blood boil. You'll not want it back now, it's probably already on a container off to Russia or the like! Hopefully you can get something nice to replace it that won't cripple you for insurance. Best of luck, mate.

 

[Bradders99]

Sorry to hear mate, I've been using the wife's Corsa and sticking that in front of the S3 on a night just in case. Think I'll ring the insurance tomorrow, rather not have the worry incase something happened.

You decided on a replacement?

Good idea blocking it in, I couldn't do that due to the drive configuration and we were away visiting family at the time in the other car anyway!
No idea on replacement yet, but since I bought the S3 I have been lucky enough to get a nice company car so probably not get another one, until she recovers her no claims bonus! I had transferred the insurance to her when I got the other car and she had had 2 claims in the 6 months leading up to getting the Audi so her no claims protection was removed after the second claim! Not going to rush into anything quite yet!

 

[Bradders99]

I'm just catching up with this thread. Dirty bar stewards. Makes my blood boil. You'll not want it back now, it's probably already on a container off to Russia or the like! Hopefully you can get something nice to replace it that won't cripple you for insurance. Best of luck, mate.

Thanks mate! Yes, I reckon it has already left the country! Will keep you posted on what I go for next!