GAP insurance

[Scotty C]

I was offered this from Graeme, to be fair he has not rammed it down my throat. But it has made me think?

What are people's thought on this?

Scotty C

[gorrie]

My thoughts (for all its worth)... is that if you have financed the car, then it's possibly worth some consideration to make sure you don't end up in negative equity if you prang it 18mths down the line.

However, if you bought with your hard-earned cash... then, negative equity is not really a concern... but you will still take a hit most likely from an insurance payout should you write it off. The flip side though... is, if they give you the payout value of an 18mth old car.... then, it's not much different to you having sold yours and then gone on the hunt with a wedge of cash for a replacement 18mth old car again....

I'm assuming your paint job cost you a few pennies?... GAP insurance might be worth consideration if it's covering the full price you paid.....

(BTW, I've never taken GAP... but then, I've either paid with my own money, or not really spec'd a car up with extra's to make it bother me enough about getting a similar replacement).

[Mr Momo]

on both the Bus and the Panda (strangely).

[Scotty C]

It’s a hard one.

I have finance on the car but its not much and I do hope to keep this car for a while. I have insured the car for a couple of £k more as a replacement will cost that (new prices & spec have just been come out)

The other thing is the 2-11 should hold its value after the first drive it out the showroom hit?

It’s a hard one but one. But I am thinking about giving it a miss?

Cheers

Scotty

[H8OAG]

Scotty

Gap insurance has its place.........for cars that depreciate heavily.
As you state the 2-11 should not......and you intend to keep it until you get married and settled down (I made up the last bit )

Interestingly there are a couple of marques out there that cannot be underwritten by Gap Insurance.......namely Range Rover and Aston Martin.

I even managed to get Gap on my Jag.......

A local farmer up here took a £80k pill on a DB9 which was 16months old

[Edin430]

Does it matter how much you insure the car for?

I have mine insured for the exact price i bought it but I never thought that would have any effect a final pay out decision?

[Andy]

Does it matter how much you insure the car for?

I have mine insured for the exact price i bought it but I never thought that would have any effect a final pay out decision?

I think all cars are insured at 'market value' and you'll only get what the insurance company deems that to be

[Edin430]

Does it matter how much you insure the car for?

I have mine insured for the exact price i bought it but I never thought that would have any effect a final pay out decision?

I think all cars are insured at 'market value' and you'll only get what the insurance company deems that to be

Thought so!!!

Even though they do ask you the purchase price - it basically means sweet FA!

[dezzy]

I didn't have it on the Elise. Pranged it, write-off and got a reasonable pay-out, but a few £k short of the original value. Could have done with the extra to help towards the Exige! So, I took it on the Exige.

[Corranga]

Is that like an agreed value? I used to have it with my Mini as glass/parkers guides valued the car at something like £1250, yet i'd challlenge you to find one for less than £3k, and that's before taking into account the (sensible) mods and (interior) condition etc... All mods declared etc. Eventually, they asked for an 'expert' to confirm the values though (including owners club), and I couldn't find anyone local to do it!

I reckon I remember someone I know having an accident in her Ka (actually reckon it was her other half) the car was written off and book value was offered. She questioned it and was asked to produce evidence of her query, so had to collect adverts of similar age/mileage etc cars to prove it was worth more. Can't remember the outcome tbh, and of course a 2 grand Ford is a bit different from the 2-11!

Chris

[ruadh08]

I have just taken out a BMW plan on the new X5, which covers you for 4 years, guaranteeing a top up price to new value should you have a write off.

My plan is to lend the car to Scotty in September 2012, so that when he writes it off I can get a new one!!!!

[Modena Scotland]

X5 is a good daily car! Join the club.