And statistically how often did this happen to the 2 million new cars sold in 2012?  Maybe a Fiesta from the 80s (easy to break into and get going) but a brand new VRS?  You can over insure yourself in life and this is just a money making scheme for the industry - play on the fears of the motoring public.

It isn't just theft - if, God forbid, you have an RTA serious enough to right off the car again you only get book value, GAP will give you "return to invoice" figure - less whatever is owing on any finance you might have of course.

http://www.cvd-insurance.co.uk/GapInsurance.aspx

 

seem to be very reasonable......when (if?!) my VRS arrives I will definitely use them.

 

All the small print is in order, I guess their low premiums reflect the small risk of your car being totalled.

ALA are doing 3 years, with £15k gap cover, for £128 at the moment. Bargain...I cant see the dealer matching that.

We took dealer GAP on the Citigo, but didn't pay full whack (I think less than half - which puts it about the same figure pro rata as those mentioned, possibly a bit more).  SImple reason - hassle.  VWFS can pay themselves (effectively) and I don't have to get involved with multiple parties should the worst happen.  Should it get written off, multiple phone calls and emails will be the last thing I'll want to be doing to be honest!

 

Each to their own, though.  In our case, we'll be doing well under the PCP mileage so should have some equity in the car at the end and want to effectively protect it.  At the current rate, it'll be a 3.5 year old car at trade in time with under 6000 miles on it - a dealers dream...that's if they don't start tempting us into something else before the term is up..

So glad I actually came on here to look up GAP insurance although I am still slightly confused even though it was explained to me    :think:

 

I have just traded my old Octavia in for a demonstrator with 3,500 on the clock (Octavia 2.0 TDO SE (150PS) - 13 Reg) and had heard about GAP insurance so I enquired about it.  

 

One thing I would like to say is that the salesperson wasn't pushy with it but as I wasn't up to speed so to speak with posters quotes he quoted £499.99 but offered to knock £100.00 off and at 0% APR it seemed a good deal to get it for £399.99 which now seems a little steep? 

 

Looking at picking the car up on Friday work permitting so although verbally said I would have it I have not signed any contracts yet in regards to the GAP insurance with my Skoda dealer. 

 

Some advice please if I may?

 

With it being an ex demonstrator it has a few extras fitted and metallic paint so the recommended OTR price would be a fraction over £21K taken from the book price although I haven't paid anywhere near this using a PCP policy.

 

Would the best GAP policy for me be the Vehicle Replacement/VRI Gap policy from say ALA and would I have to ask for £21K GAP? 

 

In the meantime I will check with my current motor insurance company (More Than) to see if they cover 'New for Old' in the first year although effectively it isn't new as it was registered between March and September 2013 (Sorry I haven't got the date to hand) so I suppose I had better be careful? 

 

Any advice/pointers appreciated and happy for you to 'kid glove' me with explanations!!   

Edited 10 December, 201312 yr by Plymouth Red

So glad I actually came on here to look up GAP insurance although I am still slightly confused even though it was explained to me    :think:

 

I have just traded my old Octavia in for a demonstrator with 3,500 on the clock (Octavia 2.0 TDO SE (150PS) - 13 Reg) and had heard about GAP insurance so I enquired about it.  

 

One thing I would like to say is that the salesperson wasn't pushy with it but as I wasn't up to speed so to speak with posters quotes he quoted £499.99 but offered to knock £100.00 off and at 0% APR it seemed a good deal to get it for £399.99 which now seems a little steep? 

 

Looking at picking the car up on Friday work permitting so although verbally said I would have it I have not signed any contracts yet in regards to the GAP insurance with my Skoda dealer. 

 

Some advice please if I may?

 

With it being an ex demonstrator it has a few extras fitted and metallic paint so the recommended OTR price would be a fraction over £21K taken from the book price although I haven't paid anywhere near this using a PCP policy.

 

Would the best GAP policy for me be the Vehicle Replacement/VRI Gap policy from say ALA and would I have to ask for £21K GAP? 

 

In the meantime I will check with my current motor insurance company (More Than) to see if they cover 'New for Old' in the first year although effectively it isn't new as it was registered between March and September 2013 (Sorry I haven't got the date to hand) so I suppose I had better be careful? 

 

Any advice/pointers appreciated and happy for you to 'kid glove' me with explanations!!   

DO NOT TAKE IT OUT WITH THE DEALER !!!!!!! They are pulling your trousers down at that price.

DO NOT TAKE IT OUT WITH THE DEALER !!!!!!! They are pulling your trousers down at that price.

 

Trouser belt well and truly buckled!! 

So glad I actually came on here to look up GAP insurance although I am still slightly confused even though it was explained to me    :think:

 

I have just traded my old Octavia in for a demonstrator with 3,500 on the clock (Octavia 2.0 TDO SE (150PS) - 13 Reg) and had heard about GAP insurance so I enquired about it.  

 

One thing I would like to say is that the salesperson wasn't pushy with it but as I wasn't up to speed so to speak with posters quotes he quoted £499.99 but offered to knock £100.00 off and at 0% APR it seemed a good deal to get it for £399.99 which now seems a little steep? 

 

Looking at picking the car up on Friday work permitting so although verbally said I would have it I have not signed any contracts yet in regards to the GAP insurance with my Skoda dealer. 

 

Some advice please if I may?

 

With it being an ex demonstrator it has a few extras fitted and metallic paint so the recommended OTR price would be a fraction over £21K taken from the book price although I haven't paid anywhere near this using a PCP policy.

 

Would the best GAP policy for me be the Vehicle Replacement/VRI Gap policy from say ALA and would I have to ask for £21K GAP? 

 

In the meantime I will check with my current motor insurance company (More Than) to see if they cover 'New for Old' in the first year although effectively it isn't new as it was registered between March and September 2013 (Sorry I haven't got the date to hand) so I suppose I had better be careful? 

 

Any advice/pointers appreciated and happy for you to 'kid glove' me with explanations!!   

You don't need to take GAP cover for the full 21K. If you take out Return to invoice GAP policy then it only covers the shortfall between the market value of the car at the time it is written off and the original invoice price. For example, car is written off after 3 years with a market value of 11k, GAP would pay the 10k shortfall, provided you took out a policy with 10k worth of cover.

In order to play it safe check the guaranteed value of the car at the end of the PCP agreement and take out GAP to cover the difference

The choice between Return to Invoice (the one the dealer usually does) and Vehicle Replacement Insurance can be difficult.

 

RTI covers the difference between the old vehicle value and the original price you paid.

 

VRI covers the difference between the old vehicle value and the cost of the equivalent replacement. In this case that means a 3500 mile ex demo of a few months old, not a brand new one.

 

If you are swayed down the VRI route also check how the policy will settle. Some will actually replace the vehicle for you, or only offer you a cash alternative for the original invoice price (in effect the lower RTI cover). You may have no choice in that replacement, and the same car again may not be suitable at that time.

 

However most (not all) online brands will pay you the cash settlement of the replacement vehicle (usually much higher than the original price you paid) meaninig more money for you AND you in control of how you replace the vehicle.

 

Not all VRI Gap Insurance policies are created equally!

 

Whatever you do buying the dealer policy can seriously damage your wealth.

 

Hope it helps and best of luck

best of luck

 

Just to keep you all posted I got my Gap Insurance for £128.00 on a Vehicle Replacement Insurance policy for the invoice price and £10K from GapInsurance 123 which offers a cash settlement for a replacement vehicle. Hopefully I won't need this but peace of mind. 

 

ALA were also competitive and extremely helpful (Cheers Jason) but their policy didn't offer the cash settle which was more appealing to me. 

Just to keep you all posted I got my Gap Insurance for £128.00 on a Vehicle Replacement Insurance policy for the invoice price and £10K from GapInsurance 123 which offers a cash settlement for a replacement vehicle. Hopefully I won't need this but peace of mind. 

 

ALA were also competitive and extremely helpful (Cheers Jason) but their policy didn't offer the cash settle which was more appealing to me. 

Is that per year price or £128 for all 3 years

Is that per year price or £128 for all 3 years

 

That was the price for 3 years  

Just to keep you all posted I got my Gap Insurance for £128.00 on a Vehicle Replacement Insurance policy for the invoice price and £10K from GapInsurance 123 which offers a cash settlement for a replacement vehicle. Hopefully I won't need this but peace of mind. 

 

ALA were also competitive and extremely helpful (Cheers Jason) but their policy didn't offer the cash settle which was more appealing to me. 

 

To be clear, they're giving you cash to buy a replacement vehicle plus £10,000? 

To be clear, they're giving you cash to buy a replacement vehicle plus £10,000? 

 

No. 

 

This is taken from their website which will explain it better than I could 

 

Lets say you have just bought Volkswagen Golf Gt 2.0 140tdi from a main dealership within the last 180 days,  have an invoice and paid £22260.

Three years later your Golf is stolen your insurance company will according to what car they will  offer you in the region of £9826 which your Golfs projected future value.

• If you had bought GapInsurance123 Combined Vehicle replacement it would pay the difference between your Golf valuation and either the amount still outstanding on finance or the replacement cost which ever is the higher. The cost of a new Golf is now £24995.  So in this example you would get a cheque from your insurance company for the market value which was £9826. Your GapInsurance123 vehicle replacement gap insurance policy would then send a cheque to clear any outstanding finance and the remainder of the £15169 sent directly to you by cheque within 14 days of your own motor insurance companies settlement.

Just to let you know now that I have traded my motor in good lady has decided to do the same as well, bless her, so being cheeky I emailed GapInsurance123 and asked if they do multi car discount  

 

They emailed me back and gave me £10.00 off a policy for her 

Hi, I have just taken out RTI gap on my new Ocatvia with Shortfall.co.uk at a discounted cost of £76 for 3 years.Shortfall is part of the Aequitas group.

Hi, I have just taken out RTI gap on my new Ocatvia with Shortfall.co.uk at a discounted cost of £76 for 3 years.

 

Nice bit of shopping  :$$$:

 

I am no expert but are you sure that will cover you on a brand new Octavia? 

I spent some time getting quotes and checking the cover and Shortfall is on par with Gap 123 and others.

Got 3 years replacement vehicle 10K gap for 3 years, starting next sept for £95 for my Roomster, I think return to invoice was £65 on the same basis.

Got 3 years replacement vehicle 10K gap for 3 years, starting next sept for £95 for my Roomster, I think return to invoice was £65 on the same basis.

Forgot to say that was with Frank Pickles

its looking like its between easygap, gap123 and ALA for me as it looks like if your insurance policy includes replacing your car with a new one if its written off in the 1st 12 months, you can defer the start date of the GAP insurance for up to 12 months (until the 1st birthday of your car) and then you would only need to take out a 2 year gap policy, deferred for up to 12 months. You do of course have to pay for the GAP policy within a specified period, which in most cases is up to 180 days of the cars registration.

 

Lee

Edited 22 January, 201412 yr by morty

its looking like its between easygap, gap123 and ALA for me as it looks like if your insurance policy includes replacing your car with a new one if its written off in the 1st 12 months, you can defer the start date of the GAP insurance for up to 12 months (until the 1st birthday of your car) and then you would only need to take out a 2 year gap policy, deferred for up to 12 months. You do of course have to pay for the GAP policy within a specified period, which in most cases is up to 180 days of the cars registration.

 

Lee

If deferring the start date is important to you then one of those brands will not allow you to do it. Deferring can save you lots of money but it is important to check the replacement terms you will be relying on in that period. If they look OK then certainly this is a sensible option.

 

However to a Gap Insurance underwriter this option simply extends the liability they are taking on, and some of them just will not allow it. Check the policy terms and you will see if they do or not

Edited 10 February, 201412 yr by staveros

Shortfall.co.uk, GapInsurance123 and Easygap are actually run by the same company. The products can be slightly different, and the prices too. One call can compare a few brands for you.

 

Not a thumbs up for them in particular I must add, it is best to call as many as you can to compare, but if you call the company above then they can compare all of the products they offer in one go and it can save some time.

 

Bottom line is just do not buy from your motor dealer, the premiums are too dear and the products are not normally up to the same standard as the online brands either.

Just been reading with interest as my new car is due Friday.

One thing I noted was about deffering due to new car clause on motor insurance. My motor insurance offers this but specifically states SAME make, model and spec.

Now having bought a C Class that has a new version due, or even thinking about options no longer on the VRS I'm seeing lots of room for them to wriggle back to market value.

Given GAP quote I have is only £30 less if deferred it's not really worth the risk of deffering in my eyes.

Looking forward to hearing how much the Merc dealer wants for GAP, the quote I have is VRI, 4 years cover, 20k ceiling based on a 31k price. £218!

Edited 2 March, 201412 yr by tuonopepper

I'm glad I have read into this as the dealer called today to see how my 5 day old Octavia VRS was doing... After the niceties he 'checked my file' and noticed I hadn't taken GAP and he offered me it again, for the 3rd time!!!

I'm torn between Gap123 and ALA, both have competitive prices and read up the same... Has anybody had the misfortune to use either for a claim or have a preferred company due to good dealings with them?

I'm new to the GAP insurance world and any advice would be much appreciated.