gap insurance

[Lanerboy]

Do any of you bother with gap insurance if so who do you use, I have insured my new MH with the NFU but I am considering gap insurance. Need to read the policy when it arrives as unsure but some insurance companies offer new for old in the first 12 months.

Also I have had a quick search on the internet regards gap insurance and I am struggling to find a company that covers motorhomes, I have filled out the questions on a few sites and when I click MH or the invoice value it says unable to quote so I may have to ring them instead.

 

[Phill D]

i know comfort offer free new for old in first year, I did it once years ago on a new car. have not done it since the extra cost can be BIG...

but A Cathargo aint cheap to replace....

 

[Kannon Fodda]

Gap insurance on cars always seems a bit of a con. Dealers like it because of commission. I suppose like a lot of insurance “do you feel lucky?”

What you need to know and perhap others can help is how much in percentage is a difference between typical insurance payout and a similar vehicle, if available on a forecourt? Do insurers pay the trade in value, dealer price or something else?

 

[andynkim]

NFU do 2 years new for old on a new van.

 

[The Wino]

I recon its a con save the money to spend on using it. They usually sell it to you saying the insurance payout could be less than you still owe on finance as we always only buy what we can afford without finance there seems little point.

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[RowleyBirkinQC]

You should shop around if you decide to take out gap insurance. I’ve done it on a new car via ALA Insurance.

 

[Lanerboy]

I recon its a con save the money to spend on using it. They usually sell it to you saying the insurance payout could be less than you still owe on finance as we always only buy what we can afford without finance there seems little point.

I too do not have finance and MH will be bought outright but if in 3,4 5 years it gets written off or stolen if I buy replacement vehicle gap insurance they make up the difference between a pay out from NFU and the price of a new MH

So if MH has lost 35-40k in 4 years and the worst happens it's worth it but like all insurance it's all a waste of money until you need it.

We have it on my wife's new golf but that was easy to source MH cover is proving more difficult to find

 

[Hollyberry]

I bought gap insurance with my car. More expensive way to do it but I just needed to go for the easiest option at the time. My daughter maid about 1/3 less than I did on same make/model a couple of years later when she shopped around online.

 

[tofo]

Do any of you bother with gap insurance if so who do you use, I have insured my new MH with the NFU but I am considering gap insurance. Need to read the policy when it arrives as unsure but some insurance companies offer new for old in the first 12 months.

Also I have had a quick search on the internet regards gap insurance and I am struggling to find a company that covers motorhomes, I have filled out the questions on a few sites and when I click MH or the invoice value it says unable to quote so I may have to ring them instead.

Im with NFU for our car
i managed to destroy it
at 11 months old
(The car not me )
15 december 17
in my new car on 3 rd of jan 18
They paid out to reclaim the private plate
And put it on the new car


Gap is included for two years with nfu

 

[Jagtazman]

You should shop around if you decide to take out gap insurance. I’ve done it on a new car via ALA Insurance.

Ditto and mine paid out last year when I was not in rear and my car was written off.
So easy TP insurer admitted liability, offer made, Gap insurer paid offer and topped me back to to value of the vehicle when I originally purchased it. I had a back to invoice gap policy
GAP paid out over 3k not bad for a £70 - 3 year policy

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[Jagtazman]

I too do not have finance and MH will be bought outright but if in 3,4 5 years it gets written off or stolen if I buy replacement vehicle gap insurance they make up the difference between a pay out from NFU and the price of a new MH

So if MH has lost 35-40k in 4 years and the worst happens it's worth it but like all insurance it's all a waste of money until you need it.

We have it on my wife's new golf but that was easy to source MH cover is proving more difficult to find

Is there a GAP policy that covers Motorhomes? Not seen one.

 

[Lanerboy]

Is there a GAP policy that covers Motorhomes? Not seen one.

Yes well I have gap with my current Rapido MH but have tried earlier today to get cover on my new MH with no success I will ring tomorrow company I am with now is car2cover but there website says not possible on the new one maybe it's value related

 

[Husky]

NFU do 2 years new for old on a new van.

On the basis your MH is on a NFU Mutual car policy then new for old for 2 years is correct. If however you're one of the few who has it under a NFU Mutual Commercial Vehicle policy then 1 year new for old from new.

 

[Coolcats]

Gap insurance is an interesting quandary, I guess it also depends on your attitude to risk, like many I have never written off a vehicle. However a new MoHo is an expensive investment so I did go for a 5 year GAP plan with ALA it is Money we could spend on other things but......

 

[mike mcglynn]

My nephew put his weeks old car into a small repair shop for a little paint job after his wife had a bump and overnight it went on fire and three cars went up in flames .He was glad he had taken out gap insurance and had a new car delivered less than a week later.

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[Deneb]

Gap Insurance is only a con if you buy it at grossly inflated cost from the salesman when you buy your vehicle. Otherwise it is money down the drain if you never need to use it, but peace of mind and worth far more than the premium if you do. I have taken out replacement vehicle gap insurance on several vehicles that we have bought. I use gapinsurance.co.uk as I have found them to be very helpful and not at all pushy.

For the MH I took out a 4 year replacement vehicle policy which started from when the van was 1 year old, with an option to renew for further periods of either 1 or 2 years at each expiration until the vehicle is a maximum of 10 years old.

They offer a 5 year policy, but as I had new vehicle cover on my insurance I was recommended the 4 year policy which starts after the first year covered by the vehicle insurance policy. Cost for 4 years cover on a £60K purchase price was £325 which I consider to be good value.

 

[Mark and Mindy]

Our insurance has been done through C&MC and we get:

New motorhome replacement – If you’ve owned your motorhome from new, and it’s written off in accident or as a result of fire, theft or attempted theft within 24 months of purchase, we’ll replace it with a new one of the same make, model and specification.

Didn't have to pay for it, seems to be standard in their policies, we've just taken out a new policy with them and it was in the previous one as well.

 

[Deneb]

Our insurance has been done through C&MC and we get:

New motorhome replacement – If you’ve owned your motorhome from new, and it’s written off in accident or as a result of fire, theft or attempted theft within 24 months of purchase, we’ll replace it with a new one of the same make, model and specification.

Didn't have to pay for it, seems to be standard in their policies, we've just taken out a new policy with them and it was in the previous one as well.

I refer you to post #16

Gap insurance policies can provide similar cover for 5 years or more. If I wish to continue paying the renewal premiums on the expiration of my current policy, I can retain similar cover until my van is 10 years old.

It is pretty much a standard clause in most vehicle insurance policies that they will replace the vehicle with a new vehicle on a like for like basis, if it is written off within a specific period from the date of first registration, and the insured is the original and only keeper from new. The normal length of that cover is 12 months, although some insurers or specific policies may provide the cover for a longer period. As it happens my current MH insurance provides vehicle replacement cover for 36 months from new. The policy I had during the first year of ownership only provided that cover for 12 months.

If you intend relying on that clause though, you might want to read this article:

The Perils Of New-For-Old Cover. v.2 - GAPinsurance.co.uk Blog

Lots of motor insurance policies claim to include cover for a brand new vehicle on a new-for-old basis during the first year of ownership. In theory this means that if your car is written off during the first year of ownership, your motor insurer will physically replace your vehicle with a brand...

www.gapinsurance.co.uk

Yes, I realise this article has been written by a company selling GAP insurance, but having had dealing with insurance companies involving vehicle theft over many years, I can confirm that I have experienced similar scenarios.

So, I have the option of accepting the standard insurance policy cover (which I might not retain if I change insurers before the van is 3 years old) and taking on the risk of loss after that time, or whatever possibly shorter time might be covered by a new policy, or extending the replacement vehicle cover by taking out an additional GAP policy, understanding that I may effectively be covered on both policies for up to 24 months. But I still have a further 2 years replacement vehicle cover after the standard insurance policy cover has lapsed, and for what I consider to be a very reasonable outlay.

Most GAP policies either start immediately for a new vehicle, or allow the cover to be delayed for 12 months because that is the usual length of "new for old" cover in most vehicle insurance policies. You can also take out a GAP policy at any time as long as the vehicle is below a certain age at the time of commencement - usually 5 years, so you could delay taking out a policy until the 24 months cover provided by your insurer expires if you wished to do so, but the terms and conditions may be more restrictive. For example, the option to renew the policy for further periods until the van is 10 years old was only available to me when taking out the cover on a new vehicle.

As with all insurance, you have to consider the extent of the cover you are being offered, whether it meets your needs, the costs involved and what risks you are prepared to accept as not covered. For GAP insurance in particular, you need to decide what you want to achieve should the worst happen, as there are Return to Invoice, Replacement Vehicle and Contract Hire policies, each of which cover different outcomes.