I've been offered GAP insurance for £345 and from what I understand is if the car is written off in the first year I get full new price for it back. But I thought insurance companies did this anyway? Is it worth getting?

Also they did mention something about service plans. Not sure on prices and what they cover. I'm guessing they are standard plans across the dealer network? If so can someone tell me what they offer and if it's worth getting. I did ask about service costs and 1st service is about £100 and second service is nearer £200 which is the same as my current vRS.

Insurance companies will only pay the so called "market value", not what you owe or what you paid. GAP insurance makes up the difference. It's good to have, but there are plenty of legit firms offering it for less online. Policies can be tailored, but I would expect it to last 3 years, not 1 year (and it would still be less than the Skoda version)

GAP is definitely worth getting - a must have on a new car IMO. £345 is a lot though, you can get a good deal plenty south of £300 if you shop around.

I am looking at this.

First assuming you have bought on the VAT deal be sure cover is replacement valve, not the invoice value. This will cost a little more but IMO if you are going to take this no point if should the worst happen you will be £2-3k short to buy new nearest equivalent replacement.

I have seen a couple that cover years 1 - 4 ( my car insurance cover is new replacement for 12 months ) for around £250, I just need to read small print and buy within 45 days of handover.

GAP is definitely worth getting - a must have on a new car IMO. £345 is a lot though, you can get a good deal plenty south of £300 if you shop around.

ive got gap insurance on my skoda sport had the car 13 mouths new car is here today so i will change the gap insurance over

for the last two years on the new car it only cost me only 183.00 instead of 350.00 which skoda tryed to sale me

if you car is unfortunately written of within the first 12 month the insurance company will pay the true value or replace with a new car.

GAP - personally i get this over the Internet there are much better GAP policys out there and cheaper. the dealer over charge, thats why they will negotiate down on price. Also be sure you know what type of gap you are getting .

Finance GAP - will clear of any finance above what your insurance pay out (market Value) = (shortfall)

Back to invoice GAP - Will pay out the actual purchase price of the car - this will enable you to walk away with a bit extra cash if the unfortunate happens.

The latter is the more expensive but far better cover.

I've been offered GAP insurance for £345 and from what I understand is if the car is written off in the first year I get full new price for it back. But I thought insurance companies did this anyway? Is it worth getting?

Also they did mention something about service plans. Not sure on prices and what they cover. I'm guessing they are standard plans across the dealer network? If so can someone tell me what they offer and if it's worth getting. I did ask about service costs and 1st service is about £100 and second service is nearer £200 which is the same as my current vRS.

A lot of companies offer 'new car replacement' on their policies if your car is written off or stolen in the first 12 months. Do NOT purchase gap insurer from a main dealer, google gap insurance and you could get similar cover for about £120 it's known as 'Return to invoice'.

Any one using Saga Car Insurance and you are the First registered keeper of the Vehicle you will Automaticlly get 2 years FREE Gap Insurance

Well my Wife did.....

I took out GAP insurance through my dealer when I ordered. 3 years cover for £300 (down from 400 after a haggle).

It's priceless imo if some twonk writes your motor off.

I took out GAP insurance through my dealer when I ordered. 3 years cover for £300 (down from 400 after a haggle).

It's priceless imo if some twonk writes your motor off.

So it should be for three years. That's something I'll have to ask them. I'd want at least 3 years for £375

I've been looking into GAP recently. Found a decent guide here - GAP guide

It says there are a few policy wordings that can make the policy look unappealing. Like some don't cover you if the car is stolen using the keys. And some don't take into account the value of any options you bought either.

Auric

My policy is with Royal sun alliance and I also get two years gap insurnce with my policy. I am fifty six in June so it may be an age thing I dont know. Not too old to have a Fabia VRS though which I pick up on Friday.

I just checked with Admiral who've given me the cheapest quote by a good way and they will only give market value for the car and no extra gap insurance can be added. They just don't do it. If anyone could point me in the way of a good gap insurance I'd be greatful. Not sure what type to go for.

VW offered me GAP for £400 for a £24k Passat.

Found a quote on line for £225 for 3 years.

VW matched it. Might be worth getting some online quotes and see if Skoda will match.

Cheers

Lee

That's a good idea I'll try that. Got nothing to lose

Auric

My policy is with Royal sun alliance and I also get two years gap insurnce with my policy. I am fifty six in June so it may be an age thing I dont know. Not too old to have a Fabia VRS though which I pick up on Friday.

I too am 50+, I have a Octavia PD Vrs, the wife is also 50+ and she has a Fabia 1.4 DSG Vrs

We're not to old either........

I just checked with Admiral who've given me the cheapest quote by a good way and they will only give market value for the car and no extra gap insurance can be added. They just don't do it. If anyone could point me in the way of a good gap insurance I'd be greatful. Not sure what type to go for.

Same here - Admiral - £568 (and sister companies like elephant there about) - but the next cheapest was about £1500!!!

I consider myself a perfect candidate - 9 years no claims, no mods, advanced driver, appealing job, gated secure parking at night I could go on. Oh well :S

I always find it an anomaly that by law we all have to have car insurance but that same insurance does not actually cover the thing we are insuring. We therefore have to buy two lots of insurance and pay tax on that insurance to get full cover.

Wouldn't it be much simpler if your car insurance covered you to replace your car with the same spec and age of car if yours was written off or not recovered?

Wouldn't it be much simpler if your car insurance covered you to replace your car with the same spec and age of car if yours was written off or not recovered?

It does? :wonder:

It just doesn't cover you to replace a 12 month old car with a brand new one (or pay off any finance) because obviously a 12 month old car isn't worth the same as a brand new one?

Hi MartynVRS there are two main types of GAP. RTI (Return to invoice) or RTV (Return to Value). RTI allows to to reclaim the invoice cost of the vehicle. So if you buy a £14k car, write it off 2 years later when its worth say £7K, you get your £7k from the insurer and the remainder back from the GAP insurer. You'll basically go back to invoice value one way or another.

RTV is different as it only pays out the difference on what you get from the insurer and what you owe on the vehicle to ensure you are not out of pocket. Say you crash your £14k car a couple of months after buying it, market value is perhaps £10k but you owe 16.5K on it, RTI will pay out the remaining £6.5k to ensure you settle your debt.

RTI is good as you'll always get a full chunk of money back and will often be left with something afterwards. RTV ensures you are left with no negative equity but nothing more.

I would always say go RTI if you can afford it as it could pay dividends at a later date, at very least go RTV to protect your financial position, particularly if you are PCP'ing a car or are borrowing a large percentage of the cars cost.

I'm pretty sure cover is available for the length of the cars hire period upto 4 years. If you get a 3 year finance package, Skoda would offer you a 3 year RTI package. Its not cheap but I wouldnt get a PCP without RTI insurance.

Edited 21 April, 201115 yr by pipsyp

It just doesn't cover you to replace a 12 month old car with a brand new one (or pay off any finance) because obviously a 12 month old car isn't worth the same as a brand new one?

So GAP is a new for old not a like for like policy, and standard insurance is like for like. Whilst the finance you take out on a car has no relationship to it's value.

So if I buy a car and 12 months down the line it is unrecoverable or written off my standard insurance will pay to get me a 12 month old car of the same spec and I just keep paying the finance.

Edited 22 April, 201115 yr by hertsnminds

So GAP is a new for old not a like for like policy, and standard insurance is like for like. Whilst the finance you take out on a car has no relationship to it's value.

So if I buy a car and 12 months down the line it is unrecoverable or written off my standard insurance will pay to get me a 12 month old car of the same spec and I just keep paying the finance.

Depends how you've financed it. If it's a loan that isnt secured on the car than yes. If it's on a PCP or HP agreement (which is secured on a specific vehicle) then probably not.

That's where gap comes in and where the difference is between gap policies. Some will give you the difference between the insurance payout and outstanding finance (so you are left with no car and no cash) and others will give you the difference between the payout and what you paid for the car when you bought it which should leave you some cash to put a deposit on a new car after paying your finance off.

Hey i have been looking into gap insurance and service plan for my new vrs when it comes (soon, 2-3 weeks). The dealer is offering gap insurance for £300 and service package for annual milage 10,000:

3 years

Service and maintenance: £15.12/month Total £544.32

Service and maintenance & tyres: £26.89/month Total £968.04

4 years

Service and maintenance: £32.56/month Total £1562.88

Service and maintenance & tyres: £42.47/month Total £2038.56

I know online i can get gap insurance alot less ~£100. but does anyone think/know if the service and maintenance (and tyres) are worth it?

Cheers max

My dealer is offering that as well but has said if I wait 90 days I can get a used car service plan. 2 services for £299 which is a small saving but a saving nonetheless. Not too sure if the other plans are worth it. Most of the stuff covered in the top plan I would have thought is covered under warranty. Servicing for 3 years isn't that expensive plus I can get tyres fairly cheap anyway but are good ones.

Hey i have been looking into gap insurance and service plan for my new vrs when it comes (soon, 2-3 weeks). The dealer is offering gap insurance for £300 and service package for annual milage 10,000:

3 years

Service and maintenance: £15.12/month Total £544.32

Service and maintenance & tyres: £26.89/month Total £968.04

4 years

Service and maintenance: £32.56/month Total £1562.88

Service and maintenance & tyres: £42.47/month Total £2038.56

I know online i can get gap insurance alot less ~£100. but does anyone think/know if the service and maintenance (and tyres) are worth it?

Cheers max

Those prices are scary for the 4 year one... what they're saying is in year 4 your going to have £1000 worth of maintenance/servicing....!? On a 4 year old car!? lol