Gap Insurance

[hogger]

Hello All It's me again

The missis or swmbo has just raised the question of us possibly needing Gap insurance. We bought our 2015 Hymer at the end of last year for 47k and owe 10k on it. Necessary or not?
From what I've been reading if you have finance, Yes

 

[EuroTrotters]

I would say no. But I’m anti Gap. Should be no gap in any policy to begin with. License to print money.

 

[Lenny HB]

I'm anti gap as well.
With the way second hand prices are going up at the moment I don't think you would have a problem if you wrote it off.

 

[hogger]

I would say no. But I’m anti Gap. Should be no gap in any policy to begin with. License to print money.

Yep, my thinking too but you know insurance companies

 

[hogger]

I'm anti gap as well.
With the way second hand prices are going up at the moment I don't think you would have a problem if you wrote it off.

Yep. also the van is five yrs old now so depreciation less. I think I'll give our insurer a call and check over our policy.

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[Coolcats]

Hello All It's me again

The missis or swmbo has just raised the question of us possibly needing Gap insurance. We bought our 2015 Hymer at the end of last year for 47k and owe 10k on it. Necessary or not?
From what I've been reading if you have finance, Yes

A big yes from me, whilst many will never claim if you do need it it works.

December before last I had a burglary, I had two vehicles stollen and a set of keys for another vehicle. My Vehicle was three years old, the insurance company paid out top price for my van but this would have left me £8K short on what I had paid for my vehicle originally. The GAP insurance paid so I had compensation to the value of the vehicle when I first purchased it.

This was a 'Back to invoice' insurance you can also get an insurance that will pay for a similar vehicle at todays value. I would suggest you don't buy from the dealer but from an insurance provider. These are the guys I used Car2Cover my new vehicle is valued at £35,000 and four years cover cost me £289.00

Check them out and have a look at the options, for around £300 I received the £8K, I had to wait until the main insurer paid out but once they did Car2cover paid strait away.

 

[hogger]

A big yes from me, whilst many will never claim if you do need it it works.

December before last I had a burglary, I had two vehicles stollen and a set of keys for another vehicle. My Vehicle was three years old, the insurance company paid out top price for my van but this would have left me £8K short on what I had paid for my vehicle originally. The GAP insurance paid so I had compensation to the value of the vehicle when I first purchased it.

This was a 'Back to invoice' insurance you can also get an insurance that will pay for a similar vehicle at todays value. I would suggest you don't buy from the dealer but from an insurance provider. These are the guys I used Car2Cover my new vehicle is valued at £35,000 and four years cover cost me £289.00

Check them out and have a look at the options, for around £300 I received the £8K, I had to wait until the main insurer paid out but once they did Car2cover paid strait away.

Thanks for the info coolcats. I'm against it in principle like others as I ask why should you have to pay again for something you're already paying enough for. Another money making insurance rip off but like you I don't want to be left without enough cash to buy like for like if the worst should happen. I'm going to call my insurance now and find out what their policy on pay outs is i.e. total loss due to theft or accident etc.

 

[hogger]

which leads me to the next question. Who do you all recommend for motorhome insurance? I reckon I paid too much for our first year but didn't have time to shop around as we had to insure the van before pick up next day

 

[hogger]

Just called the insurance mob, performance direct and he confirms what I thought. Market Value at time of the loss. I've asked for the information in writing. They use Glass's guide for valuation. Still Don't trust them

 

[Odd-no-more]

I took gap insurance for 3 years on my car which I bought new, I had replacement value cover. The car is 5 years old now so not so important I didn't need to claim, but it was worth it for the security. A second hand vehicle should be covered by the insurance, but is NOT my daughter had her second-hand car stolen after she had owned it for 3 months, the insurance paid trade-in value not retail, if you read your policy it will say market value not replacement value. Also most insurance policies have a time limit for a replacement loan car so as she was haggling the insurance took the loan car back and she had to rent one. Insurance companies are total ba$@rds

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[hogger]

I took gap insurance for 3 years on my car which I bought new, I had replacement value cover. The car is 5 years old now so not so important I didn't need to claim, but it was worth it for the security. A second hand vehicle should be covered by the insurance, but is NOT my daughter had her second-hand car stolen after she had owned it for 3 months, the insurance paid trade-in value not retail, if you read your policy it will say market value not replacement value. Also most insurance policies have a time limit for a replacement loan car so as she was haggling the insurance took the loan car back and she had to rent one. Insurance companies are total ba$@rds

Yes totally agree about them being ba^%$£s sorry to hear of your daughters trouble. It's time the government stepped in against these ratbags. This insurance rip off is all I hear about on biker groups I'm on. The guy I spoke to this afternoon couldn't be bothered with my questions and fobbed me off with 'yes you get market value' bullshit.

 

[Coolcats]

Thanks for the info coolcats. I'm against it in principle like others as I ask why should you have to pay again for something you're already paying enough for. Another money making insurance rip off but like you I don't want to be left without enough cash to buy like for like if the worst should happen. I'm going to call my insurance now and find out what their policy on pay outs is i.e. total loss due to theft or accident etc.

Totally get why you are saying, post claims and break in AIB went from a few hundred pounds to £3500......and that vehicle only had the keys stollen! I am with Adrian Flux now Just over £1K but expect it to fall this year. If you do decide to get Car2Cover speak with them to make sure you have the right cover also Adrian Flux do an 'Agreed Value' this will entail you taking lots of Photo's etc but may be useful for you.

 

[cmcardle75]

I took gap insurance for 3 years on my car which I bought new, I had replacement value cover. The car is 5 years old now so not so important I didn't need to claim, but it was worth it for the security. A second hand vehicle should be covered by the insurance, but is NOT my daughter had her second-hand car stolen after she had owned it for 3 months, the insurance paid trade-in value not retail, if you read your policy it will say market value not replacement value. Also most insurance policies have a time limit for a replacement loan car so as she was haggling the insurance took the loan car back and she had to rent one. Insurance companies are total ba$@rds

Third party gap insurance is really cheap, too. I had a 5 year policy for a new car that had replace with new equivalent value, so covered not just the original invoice cost, but the replacement cost despite inflation and despite the fact I'd got an absurdly discounted price when buying it.

 

[cmcardle75]

Third party gap insurance is really cheap, too. I had a 5 year policy for a new car that had replace with new equivalent value, so covered not just the original invoice cost, but the replacement cost despite inflation and despite the fact I'd got an absurdly discounted price when buying it.

For a long time there was a little bit of me hoping that someone would emerge out of the next T junction and smack into the side. Never happened, of course, but I do wonder how many people become a little accident prone when their gap insurance is coming to an end...

 

[Roger S]

If you only owe £10,000 and the van is stolen or written off due to accident damage and the insurance company only offered you £25,000 ( which is not near realistic ) there is no gap for the Gap insurance to fill, ie the insurance company would pay off the £10k finance and give you the remainder.

Gap insurance is for when the money owed on finance exceeds the market value of the vehicle ie what the insurance company are willing to pay out on the vehicle.

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[Odd-no-more]

If you only owe £10,000 and the van is stolen or written off due to accident damage and the insurance company only offered you £25,000 ( which is not near realistic ) there is no gap for the Gap insurance to fill, ie the insurance company would pay off the £10k finance and give you the remainder.

Gap insurance is for when the money owed on finance exceeds the market value of the vehicle ie what the insurance company are willing to pay out on the vehicle.

Not totally true I paid cash for my car, in the first year my insurance company gave new for old, after that it's market value, the gap insurance covered the difference

 

[Lenny HB]

A friend wrote of a Carthago at under 2 years old he was insured with Comfort. They have a limit of 15000 miles under their new for old policy, he was well over the 15000, he was very pleased with their settlement he didn't even have to haggle. So they are not all bad.

 

[cmcardle75]

If you only owe £10,000 and the van is stolen or written off due to accident damage and the insurance company only offered you £25,000 ( which is not near realistic ) there is no gap for the Gap insurance to fill, ie the insurance company would pay off the £10k finance and give you the remainder.

Gap insurance is for when the money owed on finance exceeds the market value of the vehicle ie what the insurance company are willing to pay out on the vehicle.

That's just one type of gap insurance (normally the stingiest type). You can cover other gaps too, such as the gap between what they pay out and what you original paid (regardless of finance, if any), or even what they pay out and what it would cost to buy a similar spec vehicle new.

 

[Coolcats]

That's just one type of gap insurance (normally the stingiest type). You can cover other gaps too, such as the gap between what they pay out and what you original paid (regardless of finance, if any), or even what they pay out and what it would cost to buy a similar spec vehicle new.

Spot on Car2Cover have 4 options you can choose from

 

[hogger]

That's just one type of gap insurance (normally the stingiest type). You can cover other gaps too, such as the gap between what they pay out and what you original paid (regardless of finance, if any), or even what they pay out and what it would cost to buy a similar spec vehicle new.

This is the one I am thinking of. I've been reading through the different ones on click4gap

Return To Invoice RTI

Looks like it's this one?
get back the purchase value not just the loss value

If your motor insurer declares your car to be a "total loss" through accident, vandalism or theft, it's really important to understand that they typically only pay the loss value, the value of the car on the date it was declared a total loss not the invoice price (purchase value), what it was worth when you purchased GAP.

Now the good news! If this happens a Click4Gap Return to Invoice Gap Insurance policy will pay the discrepancy between the invoice price (purchase value) and the car's loss value... it's that simple!

To make certain the benefit due to you is fairly and independently calculated, like all responsible insurers Click4Gap uses the independent third party valuation of Glass's for correct purchase and loss valuations. Glass's Guide has been the motor and insurance industries principle car valuation service for almost 75 years. Like all responsible Gap providers, should the purchase value or loss be called into question, we would refer to the Glass's retail value.

I'm still confused be the wording. basically I want to make sure I am covered for the amount the insurance people deem 'market value' and what it would cost to buy the equivalent van at true value i.e. what it would cost to buy another van of the same age, condition, year etc at the time of 'total loss'
Or should I be looking at new for old?

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[cmcardle75]

This is the one I am thinking of. I've been reading through the different ones on click4gap

Return To Invoice RTI

Looks like it's this one?
get back the purchase value not just the loss value

If your motor insurer declares your car to be a "total loss" through accident, vandalism or theft, it's really important to understand that they typically only pay the loss value, the value of the car on the date it was declared a total loss not the invoice price (purchase value), what it was worth when you purchased GAP.

Now the good news! If this happens a Click4Gap Return to Invoice Gap Insurance policy will pay the discrepancy between the invoice price (purchase value) and the car's loss value... it's that simple!

To make certain the benefit due to you is fairly and independently calculated, like all responsible insurers Click4Gap uses the independent third party valuation of Glass's for correct purchase and loss valuations. Glass's Guide has been the motor and insurance industries principle car valuation service for almost 75 years. Like all responsible Gap providers, should the purchase value or loss be called into question, we would refer to the Glass's retail value.

I'm still confused be the wording. basically I want to make sure I am covered for the amount the insurance people deem 'market value' and what it would cost to buy the equivalent van at true value i.e. what it would cost to buy another van of the same age, condition, year etc at the time of 'total loss'
Or should I be looking at new for old?

You won't be able to get new for old unless buying new. Return to Invoice will pay back what you paid and is available new or second hand. It will pay out more than you're looking for, as it will pay for the same age/condition etc. at the time of purchase, not the time of loss.

If buying new, there's a step higher, which pays the current new cost, so additionally covers any inflation or discount you negotiated. However, they will buy the replacement for you, though, rather than give cash for the total, as they'll be able to arrange substantial discounts for themselves.

You can get a version that covers all 3 methods, depending on which pays out more (although the latest new price is almost always going to be the biggest payout). This is available from totallossgap.co.uk, which is the company I've used in the past.

 

[Coolcats]

This is the one I am thinking of. I've been reading through the different ones on click4gap

Return To Invoice RTI

Looks like it's this one?
get back the purchase value not just the loss value

If your motor insurer declares your car to be a "total loss" through accident, vandalism or theft, it's really important to understand that they typically only pay the loss value, the value of the car on the date it was declared a total loss not the invoice price (purchase value), what it was worth when you purchased GAP.

Now the good news! If this happens a Click4Gap Return to Invoice Gap Insurance policy will pay the discrepancy between the invoice price (purchase value) and the car's loss value... it's that simple!

To make certain the benefit due to you is fairly and independently calculated, like all responsible insurers Click4Gap uses the independent third party valuation of Glass's for correct purchase and loss valuations. Glass's Guide has been the motor and insurance industries principle car valuation service for almost 75 years. Like all responsible Gap providers, should the purchase value or loss be called into question, we would refer to the Glass's retail value.

I'm still confused be the wording. basically I want to make sure I am covered for the amount the insurance people deem 'market value' and what it would cost to buy the equivalent van at true value i.e. what it would cost to buy another van of the same age, condition, year etc at the time of 'total loss'
Or should I be looking at new for old?

The only other way I can see of getting some commitment from the insurance Companies is get an agreed value I did this with our previous MoHo which was a VW Transporter conversion and it was Adrian Flux that did this

 

[hogger]

Thanks everyone. The van's five yrs old now so not new for old

You won't be able to get new for old unless buying new. Return to Invoice will pay back what you paid and is available new or second hand. It will pay out more than you're looking for, as it will pay for the same age/condition etc. at the time of purchase, not the time of loss.

If buying new, there's a step higher, which pays the current new cost, so additionally covers any inflation or discount you negotiated. However, they will buy the replacement for you, though, rather than give cash for the total, as they'll be able to arrange substantial discounts for themselves.

You can get a version that covers all 3 methods, depending on which pays out more (although the latest new price is almost always going to be the biggest payout). This is available from totallossgap.co.uk, which is the company I've used in the past.

Great help thanks. I'll give Totallossgap a call tomorrow.

 

[hogger]

The only other way I can see of getting some commitment from the insurance Companies is get an agreed value I did this with our previous MoHo which was a VW Transporter conversion and it was Adrian Flux that did this

cheers I'll call rather than use comparison sites

 

[cmcardle75]

Thanks everyone. The van's five yrs old now so not new for old

Great help thanks. I'll give Totallossgap a call tomorrow.

Although I think they specialise in new cars, rather than pre-used motorhomes, so they might not be able to help.

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[gus-lopez]

My Vehicle was three years old, the insurance company paid out top price for my van but this would have left me £8K short on what I had paid for my vehicle originally.

nd what it would cost to buy the equivalent van at true value i.e. what it would cost to buy another van of the same age, condition, year etc at the time of 'total loss'

Or you tell them to put you back in the position you were immediately before the event, with same year ,condition,mileage, extras etc;; & let you know when they have sorted it .This is what they are obliged to do & what the agent is for. They work for you.

 

[Coolcats]

Or you tell them to put you back in the position you were immediately before the event, with same year ,condition,mileage, extras etc;; & let you know when they have sorted it .This is what they are obliged to do & what the agent is for. They work for you.

In fairness the insurance company paid out tope value for the stollen vehicles and had no argument with that. The reason for the back to invoice was to do exactly what I wanted and have no complaints £300 gave me an addition £8k for a new van I doubt if the insurance company could have found a like for like as it was modified.