For some reason I don't understand, I did not get gap insurance for my new car,

I am positive I said yes when asked, still 12 months later it is too late to do

anything about it. Can I still "fill the gap?" any suggestions please.

But after 12 months is it really worth it?

15 hours ago, gumdrop said:

For some reason I don't understand, I did not get gap insurance for my new car,

I am positive I said yes when asked, still 12 months later it is too late to do

anything about it. Can I still "fill the gap?" any suggestions please.

 

If you took ownership of the car less than 12 months ago, we can still provide you with either Invoice or Replacement GAP insurance cover and what's more, as a BRISKODA member you get 10% discount too!

 

Invoice GAP insurance:

 

In the event of write off, this policy aims to pay the difference between your Motor Insurance payout and the greater of either:

1. The amount (if any) outstanding on finance at the time of claim, or
2. The original invoice price that you paid to put the vehicle on the road

Replacement GAP insurance:

 

In the event of write off, this policy aims to pay the difference betweenn your Motor Insurance payout and the greater of either:

1. The amount (if any) outstanding on finance at the time of claim, or
2. The original invoice price that you paid to put the vehicle on the road, or
3. What it would cost at the time of claim to replace the vehicle with a brand new* version of the same or nearest superseded equivalent at the time of claim.

* - This assumes that you originally bought the vehicle brand new and were the first registered keeper.  If you originally bought a used vehicle, the cost of the replacement vehicle would be calculated based on the price of one of the same or nearest equivalent Make, Model, Spec', Age and Mileage as was applicable to your vehicle at the time you first bought it.

 

If you took ownership of the vehicle more than 12 months ago, you'll not be able to get either Invoice or Replacement GAP insurance as described above, rather you'll be limited to something called "Agreed Value GAP insurance" (it goes by various names though including, confusingly, "Replacement GAP insurance" by some providers).  In simple terms this policy would at the time of claim, aim to pay you the difference between your Motor Insurance payout and what your vehicle was worth (normally according to a guide such as Glass' Guide) at the time you bought the GAP insurance policy. 

 

Clearly this is a considerably lower level of cover than the Invoice/Replacement GAP insurance policy I describe above that you can source within the first 12 months. Nevertheless, if you have passed the 12 month mark, whatever your car is worth now, it almost certainly WILL continue to depreciate away from that figure, just at a slower rate than your vehicle depreciated in value during the first year.

 

Agreed Value GAP insurance is not something that we can help you with as we don't offer it, but a search for "Agreed Value GAP insurance" will bring up a number of other providers.

 

10 hours ago, Expatman said:

But after 12 months is it really worth it?

 

That depends on the type of GAP insurance and of course, 'your' attitude to the risk of your vehicle being written off through accident, fire, theft or flood etc and your capability to fund a replacement vehicle without assistance from such a policy.

 

Best wishes

 

David

10 hours ago, Expatman said:

But after 12 months is it really worth it?

That's what I was (in a roundabout way) trying to ascertain

but my post was moved to the insurance section instead of

the Yeti actual, real, people section.

 

50 minutes ago, gumdrop said:

That's what I was (in a roundabout way) trying to ascertain

but my post was moved to the insurance section instead of

the Yeti actual, real, people section.

 

 

Oh I don't know, I'm definitely a real person gumpdrop

 

Whether GAP insurance is worthwhile after you having had the vehicle for so long, is (as with any non-compulsory insurance) debatable.  The simple facts are that if your vehicle was written off today, your Motor Insurer would likely pay you a sum of money that is considerably less than the original invoice price that you paid for it.  If you have finance outstanding too, their payout may or may not be sufficient to clear the amount remaining on finance etc.  If it falls short, you'd have to fund this shortfall on top of the costs of sourcing a new vehicle yourself. Of course if you have no finance outstanding, you'd have all of the sum paid out by your Motor Insurer to put towards your next vehicle, but with GAP insurance, you'd have that sum topped up to either the original invoice price you paid (Invoice GAP insurance) or the equivalent new vehicle replacement price (Replacement GAP insurance) - assuming you qualify for either (see my earlier post).

 

Some people appreciate having GAP insurance cover in place knowing that in such a scenario it would financially assist them in funding their next vehicle. Others, don't care for GAP insurance and would take it on the chin (so to speak) by funding any shortfall and/or their next vehicle out of their own savings/pocket - whether that be a struggle for them or not.

 

In short, really it's only you that can decide, based on your own view of the risk of write-off and ability to fund any shortfall and/or your next vehicle in the event of write off, whether GAP insurance is worthwhile, for you.

 

If you like, let me know how much you paid for your vehicle originally (the invoice price you paid after discount (if any)), your registration number and a current mileage reading.  I can then give you an indication of what Glass' Guide are currently reporting as the value of your vehicle which, in turn, will give you an idea of (in the event of your vehicle being written off now) what an Invoice and/or Replacement GAP insurance would be likely to pay out at this time... or... if you don't qualify for either, the likely level of cover you'd be able to get from an Agreed Value GAP insurance policy from elsewhere.

 

Best wishes

 

David