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MY14 Jaguar F Type 3.0S Convertible
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I'm fairly sure the pay out is back to invoice value and not currect value so no.
 

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Vendor
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118 Posts
So if an insurance product is paying out market value on a car, how about the current rising secondhand values?
Are they going to pay out more than you originally paid for the vehicle
In theory this can happen at any given time, though would normally be through a combination of a considerable discount involved in the original vehicle purchase, a very early write off and limited vehicle availability at the time of loss. It doesn't happen very often though.

That said, given the more recent surge in used vehicle values as a result of limited new car availability, the chances of this happening are considerably higher than usual.

I'm fairly sure the pay out is back to invoice value and not currect value so no.
On one hand, you're right... on a basic level an Invoice GAP insurance policy wouldn't return you to a figure higher than the original invoice price paid for the vehicle. However a motor insurer who is obliged to pay out enough money to replace the vehicle with one of an equivalent make, model, age, mileage and specification as the vehicle that was written off, could well be in the position of needing to pay more than the original invoice price.

With my own car for example... I bought it pre-registered with 6 miles on the clock in February 2020 for £24,300. Last week it reached 9,000 miles. When I checked last week, Glass Guide were reporting its current value as £26,600 and; searching all the usual suspects I couldn't find a similar age and spec' vehicle on sale for less than £25,700.

Hence if my car was written off now, there's a fairly healthy chance my motor insurer would need to be paying me more than the £24,300 that I paid for it.
 

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MY16 Evoque SE TECH TD4 fully loaded
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In theory this can happen at any given time, though would normally be through a combination of a considerable discount involved in the original vehicle purchase, a very early write off and limited vehicle availability at the time of loss. It doesn't happen very often though.

That said, given the more recent surge in used vehicle values as a result of limited new car availability, the chances of this happening are considerably higher than usual.
Interesting, as my car has increased in price by almost £1000 since purchased last month or so, therefore Gap insurance would be useless?
 

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Interesting, as my car has increased in price by almost £1000 since purchased last month or so, therefore Gap insurance would be useless?
There are different types of GAP insurance but, with Invoice GAP insurance for example, the simple answer would be that if your motor insurer is paying more than the original invoice price, then there'd be no claim to make on the Invoice GAP insurance policy. Your motor insurer has to pay less than the original invoice price for a shortfall (the "gap") to exist.

So... in the immediate short term it could be argued that the policy would be useless, yes. Although if your car was written off and there was no claim to be made on the GAP insurance policy, you'd either be offered the option of updating the GAP insurance policy with your new vehicle details or taking a refund of unused premium (possibly a 100% refund depending on the timescales involved).

The issue to keep in mind though is that GAP insurance policies are not short-term policies. The majority of policies are purchased for durations of 3yrs+ and must be purchased within a limited time after taking delivery of the vehicle (e.g. with us you need to buy within 3-months of taking delivery of the vehicle).

Whilst right now, there's a surge in used vehicle values and so the risk of this is higher, it's not expected be long lived and a total loss motor insurance claim a couple of years down the line for example, is unlikely to see them pay anything like the original invoice price of the vehicle.

Thus, it would not be sensible to forgo years worth of GAP insurance cover just because at this moment in time, used car values are high(er).
 

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MY2021 P300e S Eigar Grey
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Discussion Starter · #105 ·
After two months I am finally getting my car back today.

In all honestly I still don’t fully understand how it was stolen but it required a change of key fobs and some electrical works. The wait to get these has been incredibly frustrating but hopefully it will return in good shape.
 

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2016 TD4 180 HSE MY17
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191 Posts
Here is an article on how they used sophisticated equipment to intercept and clone and then steal it.
 

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2021 P300e R-Dynamic HSE, Eiger grey, black pack, black alloys, sliding pano roof, red calipers, etc
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332 Posts
Here is an article on how they used sophisticated equipment to intercept and clone and then steal it.
That article is actually good news for us Range Rover owners. Out of all the keyless entry cars stolen they only managed to get away with one Range Rover Sport. 95% of the stolen vehicles were BMW and Mercedes which proves that Land Rover have better security than a lot of other manufacturers.
 

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MY20 Porsche Macan S - Volcano Grey
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That article is actually good news for us Range Rover owners. Out of all the keyless entry cars stolen they only managed to get away with one Range Rover Sport. 95% of the stolen vehicles were BMW and Mercedes which proves that Land Rover have better security than a lot of other manufacturers.
.....or that the thieves know LR’s aren‘t as sort after as the German makes 🤣🤣
 

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MY20.5 R-Dynamic HSE
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3,301 Posts
Think pivi pro is enough to put any thief off
 

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They probably just want something that’s reliable as a getaway car 🤣 it would be a bit embarrassing waiting for LR assist outside a bank 🤔🤦‍♂️
 
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MY20.5 R-Dynamic HSE
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That's the last thing you want in a getaway car for the red DPF light to come on and go into limp mode, best just stick to the mk2 jags
 
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P300E on order autobiography
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ok you lot have you finished ... you're giving us a bad name 😂😂
 

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2016 TD4 180 HSE MY17
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Basically JLR baked anti-theft properties into their vehicles.
Give it some time, one day all manufacturers will cotton on to this.
 
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