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Gap insurance


TheRoq

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I’ve never taken out gap insurance before but wondering if its worth it for peace of mind.

Has anyone taken it out or needed it in the past?

On a £30k car I’d rather get the proper payout if the worst did happen.

I’d get it from the company on here, not the dealer.

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We have back to invoice gap on all our cars, essential on the Golf as thefts seem to be on the up  sadly, the other two it was taken out as we get it as a reasonable price via family in the trade. 

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7 minutes ago, TheRoq said:

I’ve never taken out gap insurance before but wondering if its worth it for peace of mind.

Has anyone taken it out or needed it in the past?

On a £30k car I’d rather get the proper payout if the worst did happen.

I’d get it from the company on here, not the dealer.

I have taken it out but never made a claim, and I don't know anyone that has. Wonder what the statistics are - the likelihood of a claim. 

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Had gap insurance on my last 3 yetis with a  company called total loss gap, at present my edition dsg 28k value cost me £92.00 and thats back to invoice cover .

Its on line and there very helpfull  , peace of mind when you see how many  lunatics are out there.

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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 customers it can make a cost effective alternative.

Please feel free to take a look if you wish.

https://www.adrianflux.co.uk/extras/total-loss/

Regards,

Dan.

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I speak as a retired ins chap. You're buying peace of mind, assuming your main car insurer doesn't provide "new for old", or does only in the first 12 months.

 

If that's important to you, buy it. Being a lazy ar5e, I bought it with the car order via the dealer, but you can buy it direct.

 

Just waiting on a response from Skoda Insurance. Cover on our last Yeti was for 42 months but they took the car in P/X against our Karoq after 24 months. If no claims are made, there's a refund clause in those circumstances. 

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6 hours ago, Michael G said:

I speak as a retired ins chap. You're buying peace of mind, assuming your main car insurer doesn't provide "new for old", or does only in the first 12 months.

 

If that's important to you, buy it. Being a lazy ar5e, I bought it with the car order via the dealer, but you can buy it direct.

 

Just waiting on a response from Skoda Insurance. Cover on our last Yeti was for 42 months but they took the car in P/X against our Karoq after 24 months. If no claims are made, there's a refund clause in those circumstances. 

Just checked my documents and it says market value for a total loss.

I think for the cost of gap insurance I’ll have it just in case.

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9 hours ago, DAN@ADRIAN FLUX said:

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 customers it can make a cost effective alternative.

Please feel free to take a look if you wish.

https://www.adrianflux.co.uk/extras/total-loss/

Regards,

Dan.

Hi Dan,

Does this mean I have to buy my insurance through Adrian Flux as well or can I add it on to any policy?

I currently pay £200 fully comp so £37 seems reasonable.

Thanks.

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2 minutes ago, TheRoq said:

Just checked my documents and it says market value for a total loss.

I think for the cost of gap insurance I’ll have it just in case.

 

Makes sense if you like the comfort factor. If your current insurer only offers market value and the car is written off driving away from the dealer, there's a loss against a new replacement right there :sweat:

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13 hours ago, TheRoq said:

Hi Dan,

Does this mean I have to buy my insurance through Adrian Flux as well or can I add it on to any policy?

I currently pay £200 fully comp so £37 seems reasonable.

Thanks.

 

Hi again,

 

Yes you would have to be an Adrian Flux policyholder for the 'total-loss' policy to run alongside. 

 

Hope that this helps.

 

Thanks,


Dan

 

 

 

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I just bought my gap insurance through gapinsurance.co.uk and used their discount code BRISKODA10.

Total discounted premium was £155 for the 3 year invoice gap policy on an edition model.

Pretty good value I think and peace of mind in case a disaster happens.

Collection day tomorrow!!

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  • 11 months later...

I know this is an old thread but thought best to post in here.

 

When we bought our Karoq in Feb 2018 we took out Gap Insurance through totallossgap.co.uk Tobell insurance services, we have been notified today that Qudos Insurance the underwriters were declared bankrupt in Denmark on 28 December 2018 with our policy being valid until 28 March 2019, we weren't aware of this until we received an email from Tobell this morning informing us that a new policy has been taken out and paid for by the Financial Services Compensation Scheme.  We have 30 days cooling off for us to either accept or reject the policy.

 

Firstly I just wanted to let others know who may have taken out policies underwritten by Qudos and also to highlight that it is worth checking that any insurer is protected by the FSCS.  As a consumer so far this seems to have been a seamless process obviously I need to sit down and read the numerous new documents that have been sent but the policy is supposed to match that which we already had.

 

Hopefully happy days :nerd:

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My brother  claimed under gap insurance when he got rear ended waiting to cross a junction. Car was replaced with newer model as his was no longer available.

I got it for the karoq  "just in case"

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On 06/04/2019 at 07:58, womanofkent said:

I know this is an old thread but thought best to post in here.

 

When we bought our Karoq in Feb 2018 we took out Gap Insurance through totallossgap.co.uk Tobell insurance services, we have been notified today that Qudos Insurance the underwriters were declared bankrupt in Denmark on 28 December 2018 with our policy being valid until 28 March 2019, we weren't aware of this until we received an email from Tobell this morning informing us that a new policy has been taken out and paid for by the Financial Services Compensation Scheme.  We have 30 days cooling off for us to either accept or reject the policy.

 

Firstly I just wanted to let others know who may have taken out policies underwritten by Qudos and also to highlight that it is worth checking that any insurer is protected by the FSCS.  As a consumer so far this seems to have been a seamless process obviously I need to sit down and read the numerous new documents that have been sent but the policy is supposed to match that which we already had.

 

Hopefully happy days :nerd:

Interesting, I also had a GAP policy with totalossgap.co.uk which I took out on my leased VW Tiguan, I had the same email from Tobell but their records don't seem to be very accurate, my policy was for two years from Jan2017, the Tiguan went back to VWFS in early January 2019 so technically my GAP policy had expired, I have emailed Tobell as the new cover arranged by FSCS is not needed.

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On 06/04/2019 at 07:58, womanofkent said:

...and also to highlight that it is worth checking that any insurer is protected by the FSCS.  As a consumer so far this seems to have been a seamless process...

 

Indeed this is true and it's great to see that a decent conclusion was arrived at with the debacle that was Qudos going to the wall however, you were fortunate that in this case an insurance company was prepared to step in and "buy" your policy from the administrators of the now defunct previous insurer.

 

In the event that an insurer goes bust and another insurance company is NOT prepared to buy the risk and allow a continuance of cover, your policy would have been cancelled, and the FSCS would have only been good (assuming you were not wanting to make a claim at that time) for refunding you up to 90% of what you originally paid for your policy.  In the event that you'd needed to make a claim before these matters were resolved, the FSCS would have been good for up to 90% of your claim.

 

To be clear, It's pretty much a given that all insurance policies legitimately sold in the UK are covered by the FSCS.  But the protection it affords a policyholder has its limits.

 

FOUR off-shore and unrated insurers of GAP Insurance have gone bust since 2016 (Alpha, Enterprise, Elite and most recently Qudos).  It's a pattern that is likely to continue as the GAP insurance market hardens and as it does so I predict that the appetite for an insurer to buy the "book" of a failed GAP insurer will wane - in January of this year one of the UK's largest providers of GAP insurance announced that they were no longer accepting new policies on risk and I'm hearing on the grapevine that other major players in the field (albeit primarily supplying motor dealers) are looking to offload their schemes too. If the major players are having to take such action, you can bet there are alarm bells ringing at the smaller, unrated insurers.

 

Thus, I believe a better approach would be to avoid off-shore unrated insurers altogether - they're simply too risky.  Our policies for example, are underwritten by a syndicate at Lloyd's of London - an A-rated, UK based entity with financial resources that would take some beating.  There's at least one other online provider also using a syndicate at Lloyd's and a small number of other online providers using alternative A-rated insurers but sadly, unrated offshore insurers are rife in the market courtesy of those brokers who are prepared to chase the lowest possible prices at all costs.

 

Are policies from A-rated insurers more expensive?  In some cases yes, but not always and even where there is a premium to pay for a policy from a larger, more reputable and stable insurer... it's not usually considerable.

 

In short... "caveat emptor".  Policyholders of GAP insurance underwritten by Qudos have been relatively lucky this time around.  Policyholders of the next unrated GAP insurer to go bust (and it's only a matter of time) , may not be quite as lucky.

 

HTH

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