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Taking my Freelander in to the dealer to be finally assessed for part x for the Evoque I've ordered and, surprise,surprise, he's started talking GAP insurance. Waded through the various posts on here and some great recommendations regarding sites to use, however, has anyone any advice or formula to use in order to work out what maximum value I should go for?

Guessing it's the vehicle replacement type I want and considering 4 year cover (around the time I'd probably consider changing the vehicle anyway) and most seem to offer max cover of 25,000 but there are some that go to 30,000.


Something to take my mind off waiting for the new car anyway (confirmed build of 27th August)!


Any advice gratefully received.
 

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Once you have decided what cover you want, and you are interested, I can give you the number of my guy who gave me a cracking deal on GAP. PM me for number.
 

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I arranged GAP through Gapinsurance.co.uk who are site sponsors. The advice was first class and the premium even better, plus you get a 10% discount as a forum member.
 

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Karlos said:
Taking my Freelander in to the dealer to be finally assessed for part x for the Evoque I've ordered and, surprise,surprise, he's started talking GAP insurance. Waded through the various posts on here and some great recommendations regarding sites to use, however, has anyone any advice or formula to use in order to work out what maximum value I should go for?

Guessing it's the vehicle replacement type I want and considering 4 year cover (around the time I'd probably consider changing the vehicle anyway) and most seem to offer max cover of 25,000 but there are some that go to 30,000.


Something to take my mind off waiting for the new car anyway (confirmed build of 27th August)!


Any advice gratefully received.
I'm happy to answer any questions that you might have about GAP insurance Karlos. Feel free to give me a shout on either 01943 850999 or [email protected]
 

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It's one thing the business manager got quite 'excitable' about, telling me about horror stories of GAP providers that he said had companies with almost zero assets and in his mind therefore not able to pay out even one claim. He seemed to forget that these policies are all underwritten by a much bigger insurer. But the point of these 'scare tactics' seemed to be wanting to sell me their GAP product for ... wait for it ... almost £1200!!!! And this cover is only 'back to invoice' rather than the policy I currently have which is a 'vehicle replacement' cover which will take into account rising new car costs.

I use directgap.co.uk as does Mrs T and have been very happy with the level of service provided. I will be going with them again for the Autobiography and probably also cover my tyres and wheels too (already used the tyre insurance which means the policy has paid for itself).

Dealers must get an enormous kick back for selling GAP, and I think he got animated with me as they had hoped in getting some or all of the discount back by this route
- should have figured I'm not taken in that easily.
 

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spookone said:
My Evoque when it arrives will be on a 2 year straight lease, so in effect the car isnt mine - in this case will I not need Gap Insurance?
Hello spookone,


The below advice is based upon an assumption that by "leasing" you're
referring to a Contract Hire agreement under which you have no
contractual option to purchase the vehicle and NOT
a PCP agreement under which you have the option to pay a final lump sum
in order to keep the vehicle should you elect to do so. If it IS a PCP
agreement... my advice would be very different.



Assuming the above is in order, read on




Firstly, you need to check the terms of your Lease Agreemet to see if
you actually need GAP insurance because it's not always the case that
you do... the reason, is as follows:



In the event of your vehicle becoming a Total Loss, your finance
company will calculate the remaining balance of the agreement. This
will be the combined sum of what they believe the vehicle to be worth
and the as yet unpaid monthly rentals.


Your Motor Insurance will then pay (directly to the finance company) the
amount that they (your motor insurer) believe your car to be worth.
This will either be sufficient to clear the remaining balance of the
Contract Hire Agreement (and if so *some* finance houses will refund you
the surplus funds) OR it will fall short of clearing the remaining
balance.


If it falls short, the terms of your Contract Hire Agreement will require you to pay one of the following:
  1. ALL of the remaining balance
  2. SOME of the remaining balance
  3. NONE of the remaining balance
Clearly you would have a greater need for GAP insurance if
you're liable for ALL of the remaining balance (1), but no need for GAP
insurance at all if the finance house would take your Motor Insurer's
payout and allow you to walk away (3).


You should therefore check the terms of your lease carefully in order to determine if you actually need GAP insurance.



As for what policy you need... strictly speaking you need a Contract
Hire GAP insurance policy which, in the event of your vehicle being
written off will pay the difference between your Motor Insurance payout
and the amount required to settle the remaining balance of the Contract
Hire Agreement.



In our case, we chose to merge our Invoice and Contract Hire GAP
insurance policies in to one document in so much that if you're leasing
the vehicle and it's subsequently written off, our policy will pay the
difference between your Motor Insurance payout and the Contact Hire
agreement settlement figure, but if you bought the vehicle (cash or
finance) and it's written off it'll pay the difference between your
Motor Insurance payout and the original invoice price.



Albeit somewhat confusingly, we decided (because we cover far more
vehicles that are being purchased, than leased) to leave our policy with
the name of "Invoice GAP insurance".

<ul>[*]Read more about Invoice GAP insurance here.[*]Read the current Key Facts document here.[*]Read the current full policy wordings here.[/list]


If I can be of any further assistance, please ask.



Best wishes



David
 

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Trapdoor said:
It's one thing the business manager got quite 'excitable' about, telling me about horror stories of GAP providers that he said had companies with almost zero assets and in his mind therefore not able to pay out even one claim. He seemed to forget that these policies are all underwritten by a much bigger insurer. But the point of these 'scare tactics' seemed to be wanting to sell me their GAP product for ... wait for it ... almost £1200!!!! And this cover is only 'back to invoice' rather than the policy I currently have which is a 'vehicle replacement' cover which will take into account rising new car costs.

I use directgap.co.uk as does Mrs T and have been very happy with the level of service provided. I will be going with them again for the Autobiography and probably also cover my tyres and wheels too (already used the tyre insurance which means the policy has paid for itself).

Dealers must get an enormous kick back for selling GAP, and I think he got animated with me as they had hoped in getting some or all of the discount back by this route
- should have figured I'm not taken in that easily.
£1,200 for GAP insurance is insane. Motor dealers have been taking the michael with GAP insurance for years and an FCA (Financial Conduct Authority) study that began in March 2013 concluded that Motor Dealers were overcharging for GAP insurance by up to £76million per year!

As you've stated they have indeed enjoyed considerable kick-backs from the sale of GAP insurance, for years. However the FCA did at least try to take steps to curtail their abuse of consumers in terms of GAP insurance when they introduced new laws in September last year that they'd hoped would break the dealer's point-of-sale-advantage.

Since then, when a dealer wants to try to sell you GAP insurance they have to follow a 4-day rule which in simple terms works like this:
<ul>[*]Day 1 - They introduce the concept of GAP insurance to you and when doing so have to provide you with specific information (known as "Prescribed Information") to you which will detail things like the price of the policy (separately to anything else), the main features, benefits and exclusions, whether it's optional or compulsory and (importantly) advice that it is available from other providers. They CAN NOT sell you a policy on Day 1 even if you want it![*]Day 2 - is the first day that you can instruct the dealer that you would like to purchase their GAP insurance policy. They absolutely must NOT initiate any GAP insurance related conversation with you.[*]Day 3 - As per day 2, you can instruct the dealer that you want to purchase their policy but they cannot initiate any GAP insurance related conversation with you.[*]Day 4 - (or later) is the first day that the dealer can again raise the topic of GAP insurance with you (assuming you haven't been in touch with them about the same, on either Day 2 or 3.[/list]

We've certainly seen our sales increase as a result of these new rules due to more people searching online for GAP insurance however curiously we've also seen (alongside some very questionable interpretation of the rules by some motor dealers) some Motor Dealers actually charging more (and in some cases considerably so) for GAP insurance since the new rules came in to force than before.
 

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I've got gap cover thru my LR dealer. It seems ok to me going by memory it's a 3 year deal includes inflation for £499.
Probably could have searched for a better deal but as they threw in 5 year wheel and tyre insurance you could say £250 for gap ins and bish bosh job done
 

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This is something I'm currently thinking about, I was going to take out LR's Gap Insurance but as as the vehicle I bought is 1yr old, they are unsure as to whether they could offer this me. as they only offer the insurance on brand new vehicles, the sales person was a little unsure it's a brand new insurance that they have brought out and it's not very clear as to if they can offer me it yet.. I'm now looking at the website sponsor Gap insurance, seems ok and very reasonable.
 

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Waynedear said:
This is something I'm currently thinking about, I was going to take out LR's Gap Insurance but as as the vehicle I bought is 1yr old, they are unsure as to whether they could offer this me. as they only offer the insurance on brand new vehicles, the sales person was a little unsure it's a brand new insurance that they have brought out and it's not very clear as to if they can offer me it yet.. I'm now looking at the website sponsor Gap insurance, seems ok and very reasonable.
Waynedear, it would be pretty unusual for a dealer group to have a GAP insurance policy that they can only offer to cover brand new vehicles... it'd considerably restrict their sales potential and open them up to larger claim values (new vehicles depreciate at a faster rate then used vehicles etc). It'll be interesting to see what they come back to you with.

If you have a copy of their policy terms that you can send on to me, I'll gladly do a thorough comparison as to how their policy compares with either of ours.
 

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Hello yes here is what they was offering me however like I said at the moment they are not sure if it applies to a 1 yr old carhttps://www.landrover.co.uk/ownership/insurance/asset-protection-insurance.html
 

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Hi Tyberius
Yes , the guys who sponsor our forum.
Speak to David at Gapinsurance.co.uk

In my opinion you shouldnt be driving without it...
You are only 80 per cent insured.....
I have 6 or 7 family vehicles insured with them.
And so helpful when my daughters car written off.....ended up getting new car....
Given them a call......cover works out at less than 20p a day...
But always always always go for the top cover!
Replacement Gap.
Good Luck
Oh......and tell David - Spiderman said you get 10 percent forum discount - he will sort it
 

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Our forum sponsor could not price match with ALA GAP Insurance, so I bought from them- 5 yrs Replacement Plus for £280 with maximum benefit:25K
 

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Surprised at that - even with discount?
There will be a reason for that.....
To be honest.....for me its not always about price.....
There is a price to customer service and claiming when you need it and the help I got, I would pay that little bit more anyway....but thats just me.....
Out of interest Mattson.....
How much over the 5 year policy did you save by not going with the recommended company?
 

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I arranged GAP through Gapinsurance.co.uk advice was first class plus 10% off to boot. It was really easy and quick to sort ( tanks tim ) and was £150 cheaper than the JLR asset protection offered from the dealers for 4 YRS cover. Hopefully will never need it but up to now cant fault the service I received.
 

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SH58TON said:
<span style="display: inline !imant; : none; : transparent; color: rgb0, 0, 0; font-family: Verdana,Arial,Helvetica,sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; line-height: 16.8px; orphans: 2; text-align: left; text-decoration: none; text-indent: 0px; text-trans: none; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;">I arranged GAP through Gapinsurance.co.uk <span style="display: inline !imant; : none; : transparent; color: rgb0, 0, 0; font-family: Verdana,Arial,Helvetica,sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; line-height: 16.8px; orphans: 2; text-align: left; text-decoration: none; text-indent: 0px; text-trans: none; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;">advice was first class plus 10% off to boot. It was really easy and quick to sort ( tanks tim ) and was £150 cheaper than the JLR asset protection offered from the dealers for 4 YRS cover. Hopefully will never need it but up to now cant fault the service I received.</span></span> 
You are certainly in good hands there
 
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