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Discussion Starter · #1 ·
can anyone tell me if I can get a quote for yearly insurance from the people from ala on this forum?.....and what is gap ins? thx in advance.
 

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Hi journeyman,

I can't answer your first question but gap insurance is an extra insurance policy, in addition to your fully comp cover, which covers the difference between the original price you pay for a new car and the market value of the car.

As soon as you drive off the dealers forecourt, the car starts to depreciate and if you were to have an accident or theft that results in a write-off claim, the fully comp. insurance company would only pay you the current market value, the gap insurance will then top-up your claim to the original price so you can buy the same car again without loss.

I have taken out gap insurance with the dealer themselves (it doesn't have to be with your fully comp. insurer). it covers the first 3 years of ownership, so obviously becomes more valuable as the time goes by.

Cheers, Chris.
 

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Also not all gap insurance is the same. I found myself in a situation a few years ago where a joy rider had written both my car and my girlfriends car off whilst we were parked on the road side. The insurer tried to value my car ( a 1 year old Kia Soul CRDi Tempest with only 3000 miles on the clock ) at around £8.5 k. To buy one in similar condition at the time would have cost me around 12-13k but they argued that it was only worth what they could get for it not an ordinary Jo like you or me. Eventually I manged to get it up to 9.5k thinking that my GAP insurance would pay the rest, however all the GAP insurance actually covered was PART of the remainder of the monies owed to the finance company. So at best I lost my deposit and at worst all the money I had invested in the car after 1 year which was over 4k. Now I have return to invoice gap insurance which does cover the full amount...hopefully!
 

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Discussion Starter · #4 ·
Zippy said:
Hi journeyman,

I can't answer your first question but gap insurance is an extra insurance policy, in addition to your fully comp cover, which covers the difference between the original price you pay for a new car and the market value of the car.

As soon as you drive off the dealers forecourt, the car starts to depreciate and if you were to have an accident or theft that results in a write-off claim, the fully comp. insurance company would only pay you the current market value, the gap insurance will then top-up your claim to the original price so you can buy the same car again without loss.

I have taken out gap insurance with the dealer themselves (it doesn't have to be with your fully comp. insurer). it covers the first 3 years of ownership, so obviously becomes more valuable as the time goes by.

Cheers, Chris.
cheers bud sounds like a good idea to take some gap ins out......thx for the reply robbie ;)
 

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Just a quick note on this subject. Researching gap insurance on the web, it seems most dealers are getting a whacking great commission on selling these policies . some where around 50℅ of the cost of the policy. Having got gap insurance for my daughters new car, we went to an independent insurer and not the dealer. Saved about £150 on the policy.
 

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Yes I agree. I was quoted £399 with the dealer but bought for £120 on line. I bought the option to be able to get new for old for 3 years. I got an ex demo car with really low miles at a fantastic price, so didn't want gap to only get me back to the purchase price - I think I would struggle to get as good a deal again!
 

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Keep in mind most insurers now have a new car replacement scheme for 1 or 2 years. So only that third year would be any good from the specific gap insurer.

Full disclosure though. I work for an insurance company.
Graham
 
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