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Good point guys - I just called it the wrong plan.
It is the replacement gap I have on all my families cars....
Sorry......
I edited my error
 

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Discussion Starter #23
Alright people.


Thank you so much for the positive feedback and glowing commendations - Very much appreciated!



Donna said:
Is this for what the finance pays out or your insurance, my
other half paid cash for mine so would it be any use to me?


Donna said:
Ok
let's say my car is stolen tonight , do the insurance not pay me what
it's worth? If not I'd be interested to know more about gap , I thought
it was to pay off finance


Donna said:
That was my point I don't have any finance on car so I've paid 29000, it's insured for 29000 until next renewal!


So
that's what I thought insurance would pay out, if that's not the case
it might be worth while if they were not paying replace value


Donna... let me explain...


If you bought your car for 拢29,000... unless you bought the vehicle brand new, you were the first registered keeper and your motor insurer covers you on a new-for-old basis in the first year, if the vehicle was written off before your annual renewal your motor insurer is only ever going to pay you what they think your vehicle was worth at the time of the loss/claim.


E.g. if your car is written off at 11months old with say, 11,000 miles on the clock, they're only going to pay you what they think an 11month old version of your car with 11,000 miles on the clock is worth.


Clearly, this could be a fair amount lower than the 拢29,000 that you paid for your vehicle originally.


This is where GAP insurance steps in.


Lets say for example that your motor insurance company offers you just 拢21,000 for your car after you've owned it for 11 months.


There'd then be an 拢8,000 "gap" between your motor insurance payout and the 拢29,000 original invoice price. Without any form of GAP insurance, as a cash buyer you'd only have the 拢21,000 paid out by your motor insurance policy with which to replace your vehicle. Unless of course you had sufficient savings to cover the 拢8,000 shortfall yourself.


Invoice GAP insurance would aim to pay the 拢8,000 "gap" in this example. Meaning you'd then have ~拢29,000 with which to replace your vehicle.


But what if you fancied one of the same vehicles again but, 11 months after you bought it the price for the same vehicle has now increased to 拢30,500?


This is when Replacement GAP insurance steps in. It aims to pay the difference between your motor insurance payout and what it would cost to replace the vehicle with a vehicle equivalent to the one you bought originally. E.g. if you originally bought a brand new vehicle, the replacement vehicle price at the time of claim would be based on the price of a brand new vehicle again.


In this example, there'd be a 拢9,500 "gap" between the motor insurance payout (拢21,000) and the vehicle replacement price (拢30,500) and it's this 拢9,500 that would be paid by the Replacement GAP insurance policy. Thus, you'd then have ~拢30,500 with which to replace your vehicle that you originally bought for 拢29,000.



As for how much does GAP insurance cost, well there are plenty of options to choose from (policy type, duration, claim limit etc) all of which can raise or lower the price. As an example though...


If you bought your vehicle originally for 拢29,000 and it was less than 6-months ago, if you were looking at a 3yr policy with say, a 拢25,000 Claim Limit:


Invoice GAP insurance would cost you 拢160.99
Replacement GAP insurance would cost you 拢176.97


(Prices shown are AFTER the forum discount).


If you bought the vehicle more than 6 months ago, the prices would be slightly higher. Though I'm afraid if you bought the vehicle more than 12 months ago we wouldn't be able to provide you with cover at all.


I hope this helps and if you have any further questions (anyone reading this) please don't hesitate to ask.


In the meantime... can anyone explain what's going on with all the weird characters appearing throughout this conversation thread?
 

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Thanks GAP Guys and Gals.
We almost got it right between us but that summed it up better.....lol.

The unwanted characters are a nightmare. Been with us a few months now.
ADMIN are supposed to be working on it but as they werent even aware-Im not holding my breath.
Nobody knows why......annoying isnt it


Probably best not to use the pound sign
 

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Good call......
You're lucky you are on a computer as apostrophes are a nightmare....as you can see it isn't good
 

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I got the replacement gap insurance from here for my Evoque and wife's new MX5 as back in 2007 I had a 6 month old Honda CRV written off. I was stopped at a junction, indicating and waiting to turn right into my village and a car drove straight into the back of me at 60 mph. I paid I think about 27k new and received just over 19k from my insurance company. I bought another CRV of a lower spec and had to pay a few thousand of my own money to get it. Lesson learned. Donna, take out the replacement gap insurance on here. Might never need it but for less than 200 GBP it's got to be worth it for 3 years cover.
 

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I agree with Doogi. At just over 1 GBP a week it's well worth it.
 

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Left instructions on other half's to do list ! Think this sounds like a good idea!
 

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XZ4 said:
I agree with Doogi.聽 At just over 1 GBP a week it's well worth it.
We must think the same !
When I purchased the cover it worked out at 17p a day
No brainer
 

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I tend to think of things in beer and fags. On average a pint costs over 3 pounds and fags over 10 pounds for 20 so 1 pound gets you nothing if you look at it that way
 

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XZ4 said:
I tend to think of things in beer and fags.聽 聽On average a pint costs over 3 pounds and fags over 10 pounds for 20 so 1 pound gets you nothing if you look at it that way聽
It does in Poundland,
Apparently
 

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Good thinking Donna. Never been in Poundland
 

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XZ4 said:
Good thinking Donna.聽 Never been in Poundland聽
Neither have I but apparently the sale row is good 99p lol
 

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I now have gap insurance ,!!!! Thanks guys ,makes sense he didn脙垄鈥毬灺 even grumble,but he will tomo need dress for party next weekend lol and shoes to match of course
 

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Donna said:
I now have gap insurance ,!!!! Thanks guys ,makes sense he didn脙垄鈥毬灺 even grumble,but he will tomo need dress for party next weekend lol and shoes to match of course

Don't forget the new bag too
 

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Good shout zx4 but not going to push my luck !!!lol
 

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anyone else I can recommend them I have it and also made my son get for both his cars... great company ...
 
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