Return to invoice insurance

[sworks16]

Any one got any experience of this or ever had to claim, are the cheaper online companies worth it?

 

[RickTT]

What do you mean ? 

 

Do you mean like GAP insurance ? ie - is it worth having on the purchase of a new car ?   Have a look at your current policy in the event of theft or write off within the first 12 months if they offer a new replacement rather than cash pay out as some polices offer this now.

Edited 30 November, 2015 by RickTT

[Ratboy]

Go on gapinsurance123- and phone the number after getting a quote. They're a broker and you always end up getting a better deal. Our £36k 5 Series back to a brand new same spec car (so if a new model comes out we get the price of that) was £160 for 4 years cover! The broker is called Aequitas.

[r08shaw]

I've used a site called click4gap. Used to do cashback from QuidCo, but you'd have to check and see if they still do. Used them for my previous 2 cars and will be trying them for a quote come March when my Superb arrives.

[ClemUK]

Don't buy the dealers Gap. I saved over 200 quid going to another company. Didn't get Return to invoice I got replacement vehicle so it will pay out the cost of replacing the vehicle to the same spec and not invoice price as this may be lower than replacing the car

[DAN@ADRIAN FLUX]

Hi,

Just to let you know that we offer a product called Total Loss Protection. Whilst it's not exactly the same as your traditional GAP insurance we feel for some clients it can offer a cost effective alternative. If you'd like any further details please feel free to drop me a line.

Regards,

Dan.

Edited 1 December, 2015 by DAN@ADRIAN FLUX

[BFG1]

If you go to moneysavingexpert.com you can find several to go for all a lot cheaper than my dealer quote - Martin Lewis is a bit sniffy about it but my sister had an accident in her Ford which had it & the GAP she had were preparing to pay up when her insurance company unexpectedly decided not to write it off.

[peld]

sorry for digging up on old thread but wondered if people can clarify something for me.

 

I have my SIII on a 2yr personal lease. How does GAP insurance cover me?

 

If i write off the car, i understand it will pay the rest of lease cost - fair enough.

 

But what does it do relating to the car? If its written off in a few months, my insurer will pay market value. Surely that would be what i owe to the lease company though? They cant demand the value of a new car when its months old?

[Ratboy]

You write off your car and due to depreciation it's market value is £10k - which is what the insurance company give you, however in all likelihood you'll owe more than that - the gap insurance will cover the difference.

Depending on which level of cover you have you may get more - my policy covers the difference in what the insurance payout to the amount that model of car would cost you today.

[Sagalout]

Have a look here. An easy to understand explanation.

 

https://www.ala.co.uk/

 

Usual disclaimer. No commercial interest in this company and others provide similar cover

[Citigopher]

sorry for digging up on old thread but wondered if people can clarify something for me.

 

I have my SIII on a 2yr personal lease. How does GAP insurance cover me?

 

If i write off the car, i understand it will pay the rest of lease cost - fair enough.

 

But what does it do relating to the car? If its written off in a few months, my insurer will pay market value. Surely that would be what i owe to the lease company though? They cant demand the value of a new car when its months old?

 

I think you're insuring the car, not the lease, so if you write the car off, it will be your responsibility to cover the cost of replacing the car. There's no point in taking out GAP insurance for longer than the lease period though. Yesterday, my insurance company specifically asked if my PCH car would be insured in my name, or the lenders when I phoned to arrange cover. I've bought the GAP insurance separately.

 

Edit: I've just re-read your post and kind of see what you're getting at. It depends how close the insurance payout would get to the cost of replacing the car with something of similar, age, mileage and specification, I suppose. I wouldn't like to have that argument with VWFS though.

Edited 20 January, 2016 by Citigopher

[peld]

thanks for the responses.

 

My point is apart from the amount owing under the lease, surely I owe VWFS market value, which is what my insurance would pay me? VWFS aren't going to replace the car.

[Bugginbob]

thanks for the responses.

My point is apart from the amount owing under the lease, surely I owe VWFS market value, which is what my insurance would pay me? VWFS aren't going to replace the car.

I asked my dealer the question as my SE business lists at just over 23k but the VW supply price was a smudge over 18k. Basically I asked what I'd owe if I wrote it off on the way out of the showroom and the answer was the list price.

I then called my insurance company and asked them. They said that they'd liaise directly with vwfs and rarely have an issue with not settling on a market value. In fact they said normally they end up paying more out to the owner on top of the settlement to the finance co in year one as the discounted value is less than the new replacement value (which they cover in year one)

No idea what will happen but I took the risk and didn't bother with gap cover.