Gap insurance

[GioCar21]

Hi, has anyone taken out gap insurance for their motorhome and any recommendations re provider? Thank you.

 

[Phill D]

Hi and welcome.
Sorry can't help with the question, I am sure others may have input.

 

[Odd-no-more]

I have in the past, though not for a MOHO, is it new? Bought from a dealer? Then may be worth it. A car devalues. As soon as you get on it, at he the moment a MOHO does not.

 

[nicholsong]

Is 'Gap insurance' to cover 'British Piles if Leaky Shit'?

If not what is it?

 

[Phill D]

Is 'Gap insurance' to cover 'British Piles if Leaky Shit'?

If not what is it?

It covers the difference between what you paid for the vehicle and what the insurance pay out if total loss.

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[mitzimad]

dont most policies cover new for old for the first year?

 

[GioCar21]

Thanks, but the Motorhome we have brought is 4 years old. Hopefully would never need it, but its the 2nd most expensive thing we've ever brought, so would like to know we could replace like with like if necessary.

 

[Odd-no-more]

dont most policies cover new for old for the first year?

It's in the first 3 years that the gap is largest but with a MOHO now that's not happening. I got gap insurance on the last car but one as it was new I didn't on the one I have now as I bought it at just over a year old. I have never had to claim, but it's for peace of mind as well.

 

[Phill D]

I think it's a very personal choice.
Will it let you sleep easier and enjoy the van more?

If the answer is yes then you know what you need to do.

 

[Odd-no-more]

Thanks, but the Motorhome we have brought is 4 years old. Hopefully would never need it, but its the 2nd most expensive thing we've ever brought, so would like to know we could replace like with like if necessary.

Check the adds and see what they sell for, MOHO keep their value for years

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[Fdhadi]

Save your money. If insurance companies pay on book price then it might be worth more than you paid for it.

 

[nicholsong]

It covers the difference between what you paid for the vehicle and what the insurance pay out if total loss.

So effectively it turns the insurance into 'Agreed Value' insurance, but that may be cheaper bought from one insurer?

 

[VXman]

Comfort insurance include it for free in their normal insurance policy. I believe it lasts for 3 years too, not just one.

 

[VXman]

Yes....here it is

 

[Odd-no-more]

Save your money. If insurance companies pay on book price then it might be worth more than you paid for it.

A word of caution here, some insurance companies only pay out a maximum of; price paid less depreciation, which they work out on a sliding scale to suit themselves. I only found out by accident that my caravan insurance had this clause, I've switched to a company that pays market value, but the insurance was twice the price. Sometimes you get what you pay for, or don't pay for.

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[GioCar21]

A word of caution here, some insurance companies only pay out a maximum of; price paid less depreciation, which they work out on a sliding scale to suit themselves. I only found out by accident that my caravan insurance had this clause, I've switched to a company that pays market value, but the insurance was twice the price.

This is my worry re values: sale prices and insurance valuations may not be the same. Unfortunately already have MH insurance, so was looking for recommendation for just gap insurance. Had it for cars in past, but only a few provide motorhome cover.

 

[Odd-no-more]

At 4 years old I wouldn't bother, it has already lost it's "new" premium and I doubt it will lose a lot more in 2 or 3 years, also with the value of a MOHO it needs catastrophic damage to be "beyond economic repair "