GAP cover for private purchase.

hillcats

Hi all,
Is it possible to get gap cover on a private purchase vehicle?
Having looked around some websites, I noted the mention of needing a VAT invoice which I obviously don't have...
In an ideal world I'd like to cover this for 4/5 years.
Thanks

InsideInsurance

It depends on what class of GAP insurance you are talking about.

RTI you wont be able to get for fairly obvious reasons. VR you may be able to and you certainly can get Agreed Valuation.

CB1878

If it is bought privately then Agreed Value may be the way to go. In absence of a VAT invoice from a garage then the value protected is based on Glass' Guide usually. This means that you can be protected from the Glass' Guide Retail value on the day you buy the cover to the Glass Guide Retail Value on the day the vehicle becomes a total loss.

Be aware that there may be age and mileage restrictions for the vehicle on the day you buy the policy. Also check what initial value can be protected, some providers will cover 105% of the GGR value at inception, some 100%. That extra 5% could mean a £500 more on a £10000 vehicle, so worth checking out.

hillcats

Click4gap shows - any opinions?

Return To Invoice Gap Insurance Is Suitable For:
http://www.click4gap.co.uk/productsRTI.asp

• new and used cars
• cars less than 7 years old when the policy is purchased (no age limit after start date)
• cars that have covered less than 80,000 miles when the policy is purchased (no mileage limit after start date)
• cars with a purchase value of less than £50,000
• cars purchased privately or through a trade entity
• cars purchased any time in the last 90 days
• cars used for private or business purposes
• cars purchased using cash or a personal bank loan
• cars purchased using finance including but not limited to Motor Loan, PCP and Personal Bank Loan, contract hire or any style of leasing agreement

CB1878

hillcats wrote: »

Click4gap shows - any opinions?

Return To Invoice Gap Insurance Is Suitable For:
http://www.click4gap.co.uk/productsRTI.asp

• new and used cars
• cars less than 7 years old when the policy is purchased (no age limit after start date)
• cars that have covered less than 80,000 miles when the policy is purchased (no mileage limit after start date)
• cars with a purchase value of less than £50,000
• cars purchased privately or through a trade entity
• cars purchased any time in the last 90 days
• cars used for private or business purposes
• cars purchased using cash or a personal bank loan
• cars purchased using finance including but not limited to Motor Loan, PCP and Personal Bank Loan, contract hire or any style of leasing agreement

Under the 'Are there any limitations on the benefits'

• The maximum benefit payable under this policy is £25,000
• You can't claim on Gap Insurance if your motor insurer gives the option to replace the car with a new one
• Gap Insurance cant be transferred to a different car or owner
• If the motor insurers offer of settlement is accepted without our agreement we may refuse to deal with your claim, grant no payment or calculate your claim using Glass's Guide value on date of loss
• If Gap Insurance is purchased more than 21 days after the car is purchased we may adjust the claim by any depreciation since time of purchase of the car *
  
• If you don't notify us within 30 days of the date of loss, we may refuse to deal with your claim and grant no payment under this policy.

The Insurer will not pay for:

• any discount given to you by the seller
• any warranty charges or insurance premiums
• vehicle excise license (vehicle tax disc)
• portable equipment such as satellite navigation equipment, entertainment equipment, mobile phones etc.
• if the car was purchased from a motor dealer, any amount by which the invoice price of the car exceeds Glass's Guide retail value on the date the car was purchased or policy inception
• where the car was purchased privately, any amount by which the declared value on the schedule exceeds Glass's Guide trade value plus 5% on the date the car was purchased or policy inception
• VAT where you are VAT registered.
• any amount by which Glass's Guide retail value exceeds the motor insurance settlement at time of loss.
• optional extras or modifications that were not fitted by the manufacturer
• any claim if full and final settlement was not paid under the motor insurance

They only cover to 105% of GG Trade Value. There are others that cover to 105% of GG Retail, and this means you could be protected to a figure thousands of pounds higher with another provider.

* just as an aside, this is a really important detail for those looking into Gap for dealer purchased vehicles (or even privately purchased vehicle here, they are not too clear). Basically if you take out the Gap three weeks after buying the vehicle, and the vehicle has had a book drop, then you payout can be reduced. As some providers allow you between 45 and 180 days to buy your cover, this is something that may be quite important to know. 180 days could be up to 6 GG book drops, and could mean a reduced payout of thousands of pounds. This type of clause is rare now, but I have seen it on another providers VRI policy recently. Sorry OP, off your original question I know!

forgotmyname

Surely if your a savvy MSE car buyer you bought a Mondeo for £2000 and the insurance will value it at more than that.

So GAP shouldnt be needed

DaniP

Yes it is possible!

You can have GAP or RTI on a private purchase. I used to sell it!

I bought my car and the GAP from the same company. Call them to see if they sell GAP seperately.
www.purplecontracts.com