Gap Insurance

Thanks Tim.
Thanks for making me aware of this forum too. Didn't know this one was around!

I was offered GAP insurance, hard sell more like, on the last new car I bought and I bothered to read the small print. A specific exclusion was total loss after the keys were lost or stolen to take the car. This, to me, is the most likely reason to lose the car and I wouldn't have been covered. I cancelled the policy within the cooling off period and I was never charged. Waste of money, IMHO.

(10-08-2011 03:58pm)mark_n Wrote:  I was offered GAP insurance, hard sell more like, on the last new car I bought and I bothered to read the small print. A specific exclusion was total loss after the keys were lost or stolen to take the car. This, to me, is the most likely reason to lose the car and I wouldn't have been covered. I cancelled the policy within the cooling off period and I was never charged. Waste of money, IMHO.

Definitely worth reading the T&C's, there are a LOT of policies about.
Loads of smaller obscure companies also offer GAP and if their net rates are cheaper, dealers/trader will move onto them.

AM Trust Europe are one of the biggest, and used most widespread across the franchised dealers in the UK. Full T&C's can be seen here:

http://www.jdconcepts.co.uk/Resources/Tr...%20RTI.pdf

The general rule is, if your insurance pay out, the GAP will pay out too.
The GAP we sell also pays the first £250 towards your excess on a total loss claim.

Hi Kam, Welcome to the wonderful world of evoque!!! Nice to hear from you again!
ANT

---

Hi Kam, Welcome to the wonderful world of evoque!!! Nice to hear from you again!
ANT

Considering the Evoque will be in high demand for the first few yeas and it's initial rarity, I can only assume there will be a higher risk of theft. I was even warned by my dealer that I should be extra precautions when we first get our vehicle.

Based on that I will definitely be getting GAP insurance, and it also protects me with my loan agreement. The last thing you want is for the car to get stolen, insurance paying a much lower return and your still paying your car loan off at the agreed purchase price. In that instance you would be loosing out twice.

Exactly..
See our website for case studies which our clients have suffered in the past.
Gap insurance can really soften the blow in any circumstance.

I take the view you can have too much insurance. Car, home, contents, medical, pet, travel, central heating, extended warranties, accident, mortgage payment and on and on. Of course you insure for the big stuff but for everything else, I've been putting the premiums into an imaginary pot and paying for things out of that. I'm way ahead. For the same reason, I take the maximum insurance excess I can to keep the cost down. Insurance may provide peace of mind - except at claim time when it's a hassle - but it does so at a cost.

There are definitely a lot of insurance products available nowadays.
Some of the more obscure one's we provide:

Mis-Fueling Insurance,
Key Protect, and my favourite is: Excess protect.
Basically can insure up to £1k excess with this product, so you can hold your excess at max on the insurance and the cover of this costs: £78.75 inclusive tax for £1k excess cover..

Most people's insurance premium reduces by more than this by putting excess up to £1k, and this provides a no cost option in the event that you do have to claim! Be surprised how many people actually go for it!

Is this the only type of insurance to cover you in this way or are there any fully comprehensive policies that include total loss cover?

(24-08-2011 09:16pm)Charlie Wrote:  Is this the only type of insurance to cover you in this way or are there any fully comprehensive policies that include total loss cover?

Thanks for the welcome Ant, Charlie.

Not really sure what you mean here.

Example: Evoque costs: £50,000 today.
You buy fully comp insurance from Company X,
You buy full Return to Invoice with £25k claim limit over 3 years for: £209.00
from http://www.gapinsuranceuk.net

After a year, someone drives up the back of your car when parked on a road, causing a total loss claim through your insurance company.
Insurance company x payout retail value for your car at that time, so an Evoque with 24k miles on the clock 2 years old, say: £35,000.00

Meaning you are £15k shy of the £50k you originally paid for the car.
GAP INSURANCE UK will pay the remaining amount up to a maximum of £25k to cover the total £50k which was on your original purchase invoice, and will pay your first £250 excess on your normal insurance policy.

So these are pretty comprehensive policies as far as GAP go.
We have a variety of claim limits and this is available for cars you have purchase new/used within the last 6 months to a 'return to invoice' basis and cars purchased new/used over 6 months ago, or via a private source at any time there is a 'return to value' policy where instead of the invoice price, they use a pre determined value as per book price on the car at the point of taking out a policy.