Dealer offer this for 3 years at £299.... How does this sound ? If it sounds pricey anyone offer any recommendation's for cheaper ?

Very expensive. Should be half of that.

Google will throw up any number of companies doing this, but the only recommendation I've had is from a firm that used to do a lot of business in the VWAudi Forum. Will see if I can find them...

 

Have a look here: http://www.vwaudiforum.co.uk/forum/showthread.php/168906-GAP-Insurance-from-Chris-Knott-phone-or-online?highlight=GAP

Edited 9 September, 201510 yr by thewinelake

Briskoda has a GAP insurance dealer as a sponsor who I intend to get quotes with when I get the car. See http://www.briskoda.net/forums/forum/309-gap-insurance/

Got my GAP insurance off my broker it was about £190 back to receipt/invoice value upto £20k or there abouts.

Worth a good look around, make sure it is back to receipt/invoice and keep an eye on the capped total, on most cars upto £40k...£20k of GAP should be enough.

Remember its only the difference from an insurance pay out, back to the total invoice value you are covering, lots of people think they need a huge amount of cover on GAP insurance.

Edited 9 September, 201510 yr by Defenderben

Suggest a browse of this site to understand the variances of GAP insurance http://www.gocompare.com/car-insurance/gap-insurance/  also check out new for old policy providers....

also check out this before laying out premium...http://www.financial-ombudsman.org.uk/publications/technical_notes/motor-valuation.html#10

Hi,

Just to let you know we offer a product called Total Loss Protection. Whilst it's not exactly the same as your traditional GAP insurance but we feel it can offer a cost effective alternative.

If you'd like any further information then please feel free to drop me a line.

Regards,

Dan.

Thanks Dan. I'll do that a bit closer to the time....

Many motor insurance policies (you'll have to check your own) include the proviso that if your brand new car is written off within it's first year then it will be replaced with another new one of similar spec.

 

If your car was pre-registered or has any other financial features which might prevent it from appearing to have been yours from brand new maybe you'll not benefit.

 

If your car was 15 months old and you decided to sell it would you expect the buyer to pay you what you paid for it?

 

Go figure, save your money, in my opinion.

 

Is it insurance, or a gamble, or do I repeat myself?

 

Just wondering,

 

Mind the GAP!

 

JimB  FCII

 

Chartered Insurer (retired, and not answering questions)

I figure its more about the individual being able to purchase a "newer" similar spec vehicle to what you had. I understand what you are saying about selling you would not expect full back to invoice value but selling is a choice a write off is not.

Getting the going value of a 15 month old car in an insurance pay out does not help if you have finance and you end up in negative equity on a written off vehicle.

As you say- many policies include first year back to invoice but a one off premium does 3 years back to invoice.

A premium of £150-190 on GAP makes sense (gamble) unless I totally do not understand GAP?

Edited 10 September, 201510 yr by Defenderben

It would be interesting to see the figures on GAP, but I understand that the ratio of premiums to payouts is pretty high.

 

Insurance companies are in business to make money, so as long as you could raise the funds to cover the shortfall, then a kind of self-insurance makes sense. So looking at it coldly, the only difference is in the mind, surely?

 

By the way, if the car is written off and it's not your fault is it not possible to sue the other party for your actual loss (rather than the value of the car)? I can see that if it was your own fault, then it might be different.

How many people have had a brand new car that has been written off in the time that is covered? I do not know of any. If it "floats" your boat to have that piece of mind then go for it but I know where my money is staying.

Then there is the choice of GAP insurance;

Return To Invoice or Vehicle Replacement Insurance

VRI is a fair alternative to RTI.

Worth checking out your options, before plunging for the old RTI

As for suing and lengthy court battles plus costs trying to claim losses is it worth the aggregation?

I have return to invoice on my Subaru. Took it out for 4 years, but not from the dealer of course. Its a car with really high depreciation and an above-average theft risk so I figured it was worth it and didn't actually cost that much. On a car that isn't that expensive, depreciates slowly and is uninteresting (not saying the Superb is those) its a far more questionable decision.

If the accident was not your fault you would be able to successfully sue the driver responsible and (if they were actually insured, which seems to be an increasing problem here) the third party's insurers would pay you the market value of your vehicle - that is what it would cost you to replace it with a similar model of the same age and mileage and pre-accident condition (I may not have covered all of the possible elements but I hope you get the picture).

 

They would not buy you a new car. Why should they? You weren't driving one when their idiot customer shunted you.

 

Simples.

 

...and as I've said before, although unpopular, if you'd sold the car the day before what you got for it was what is worth and if you had traded it in for a new one you would have been happy with the deal (if you had gone in prepared).

 

If any other outcome is favoured...consider the GAP.

Edited 10 September, 201510 yr by Claymore