Gap insurance query

sam1970

I am looking to buy GAP insurance for a six months old Audi I am buying but I am not very clued about this type of insurance. I guess I should go for a return to invoice policy but which company should I use? what exclusions I should be aware of? and more importantly what value should I insure?..the car now is worth £29,000 with at least £4000 of optional extras....should I buy 3 years cover or is it worth it to go longer?

hollie.weimeraner

Alot of the above questions are a matter for your own personal circumstances. I have always used back to invoice and haven't yet needed to use it. I've also always used www.ala.co.uk who have always been competitive.

BJV

There are three main types of gap insurance. Which one is best for you depends on what you want it to do.

Finance gap insurance - just clears the difference between your vehicles valuation and the invoice price you paid.

Return to invoice pays the difference between your vehicles valuation and the invoice price your paid

Vehicle replacement plays the difference between your vehicles valuation and the replacement cost of another vehicle the same age mileage and condition as yours was on the day you collected it even if it has gone up.

You can find 1 - 5 years on line. So just Google Gap Insurance get some quotes and read the policies. Some even allow you to defer the start date.

Sorry forgot to say I good place to see estimated rates of depreciation is http://www.whatcar.com/car-depreciation-calculator.

Good Luck

TadleyBaggie

I have recently needed to make a claim on GAP insurance that I took out on a 6 month car (the claim was just before the 3 year point). The company I used (Cardif Pinnacle) handled the claim very well, I provided them with all the infor they needed and after a small delay where they queried with my car insurance company about the write-off value, they paid out promptly.

sam1970

it sounds like it is an insurance worth buying. I think return to invoice carries less hasstle than replacement vehicle as you do not go through arguments about what a similar vehicle is specially if your is not being made any more

BJV

It just depends what you want to cover.

Just make sure that you find a policy which does not cap or have a market value for the purchase price. Also make sure it covers dealer fitted extras like paint protection.

Google gap insurance get some quotes read the policies. PS good luck with your Audi. We had a TT before the kids and loved it.

sam1970

Thanks alot