Gap insurance

[Dan!]

What's your thoughts on gap insurance?

I have been on the receiving end of a poor payout from an insurance company before - £7k offered for an £18k car owned for less than 6 months, finally settled at £11k - this car was set on fire on my driveway, amazingly by the garage I bought it from as it would have cost them money to repair the damge caused by them when they drove it from Bournemouth to their workshop in Portsmouth with no water in it... but that's a different story for another time.

When I was sorting the insurance for the new car today, they very quickly mentioned that they don't have a new for old policy and will only pay out current market value. I've just looked on-line to ALA and got a quote for £285 for three years cover to a max of £25k difference.

Personally I think this sounds like pretty good value for money, but has anyone ever had any dealings with them or heard anything about them? Any alternatives or things to look for?

Cheers,
Dan

 

[dem maser]

take gap def it helps, wont get depreciation you loose but does the job on something like you been through in the past

 

[dem maser]

must ask you about that thing that happened to you sometime

 

[Parisien]

I think Loz might be the man to ask, certainly its a good idea to cover you against the, verging on the criminal offers made by insurance companies when you make a claim for a newish car. If you're not very world wise you can get shafted, whilst they actually make money out of your mis-fortune.......hardly fair guys is it?

Feel free to name and shame.... ....a 7k offer against an 18k car...................horrific, and they shrug their shoulders and play hardball!

P

 

[Dan!]

Feel free to name and shame.... ....a 7k offer against an 18k car...................horrific, and they shrug their shoulders and play hardball!

P

It was back in 1997 so I can't remember which company it was to be honest, but whoever it was I guess they are not alone in making scandelous offers.

(Slight thread drift, but are you near the boarder in NI? I only ask as I'm in Carrickmacross 3 days a week which is only ten mins from Co. Armagh)

 

[Parisien]

I only ask as I'm in Carrickmacross 3 days a week which is only ten mins from Co. Armagh)

Really.......I didn't know internal exile was still being used as a punishment!!!!!!....


Am in Enniskillen! Though spent 7 years in Armagh as a student.

P

 

[Dan!]

Oh only up the road then, we should have an ROI meet in Monaghan town or some where on your side of the fence at some point!

 

[Parisien]

Oh only up the road then, we should have an ROI meet in Monaghan town or some where on your side of the fence at some point!

Why not, days you're over, but your Maser is in England though?

P

 

[lozcb]

Hi Dan definately go with the Gap its a must nowdays on most high end cars , the previous owner of my car had it on the gransport, puts you back in the position you were before you bought the car in the event of a genuine disaster , ie written off fire theft etc , well worth it in the long run , think the companies name was protect and care organised by your very own Lancasters/Colchester


regards loz

 

[Dan!]

Cheers loz. They haven't mentioned anything at the dealers yet, but I'm sure they will do on saturday, if not I'll raise the point.

 

[Dan!]

Why not, days you're over, but your Maser is in England though?

P

I'm over every Tue, Wed and Thu - fly over Tue AM fly home Thu PM.
I've got my Lotus over here this week but normally zoom around in a Mini Cooper S, only bought the GT over once.
It cost a small fortune in fuel to get here and when I was driving up the hight street it literally stopped traffic, which was mildly amusing.

 

[Parisien]

I'm over every Tue, Wed and Thu - fly over Tue AM fly home Thu PM.
I've got my Lotus over here this week but normally zoom around in a Mini Cooper S, only bought the GT over once.
It cost a small fortune in fuel to get here and when I was driving up the hight street it literally stopped traffic, which was mildly amusing.

Ok, maybe organise a Weds evening meet......not quite an Ace cafe meeting...........but more of a joker in the pack meetup...!!!!......would you take car over again...or too dear/hassle?

P

 

[Gullible]

Is gap in place of...or in addition to ,agreed values?

 

[lozcb]

Is gap in place of...or in addition to ,agreed values?

Agreed values are subject to fluctuation in the market prices , generally applied to classic cars that are appreciating assets , whereas Gap insurance covers the depreciation in the event of a total loss / theft/fire and reduces the repair % down to 20% instead of the usual 35/40% of total value

regards loz

 

[Gullible]

Interesting in the event of a claim but possibly not cost effective in reality?
I would guess that most gap insurance is £250+ and of course in a claim this is invaluable but of all the members on this forum how many have actually had an insurance write off?
Its posing an interesting question.
Peace of mind has a substantial price when taking into account excess.
I have a £850 excess and this would not be affected by gap.
so in the event of a full claim i would still be £850 down,is this correct?
The book for an MY04 spyder is?
I think i have paid around £24k once everything is added up.
Is the difference viable?
I dont know...Damnn that special offer on red wine in morrisons ...Hic..Burp..Parp!!

 

[lozcb]

Interesting in the event of a claim but possibly not cost effective in reality?
I would guess that most gap insurance is £250+ and of course in a claim this is invaluable but of all the members on this forum how many have actually had an insurance write off?
Its posing an interesting question.
Peace of mind has a substantial price when taking into account excess.
I have a £850 excess and this would not be affected by gap.
so in the event of a full claim i would still be £850 down,is this correct?
The book for an MY04 spyder is?
I think i have paid around £24k once everything is added up.
Is the difference viable?
I dont know...Damnn that special offer on red wine in morrisons ...Hic..Burp..Parp!!

Yes you would lose the £850 , and they would argue the mid range market value say around £18K , you would then have to substantiate that your car was worth more , service bills history mileage etc , so you might get them to £20k with good proof , so your loss would be £4k plus £850 and if it happened in winter time when spiders are at rock bottom it would be considerably less than that , Gap insurance would then make it up to the £24k you paid ,

Since i have been on both forums there have been 5 members that have written off cars , and remember i follow the salvage market very closely regarding massers and i must have posted 20 written off in the last 3 years

So a fair number id say

regards loz