Insurance company ordering a new car to replace stolen car?

silvercar

I thought GAP insurance pays the difference between what the insurer will pay you and the costs of the new car....or is it the difference between the insurance payout and the costs of a new car now?

There may be different types of GAP insurance, I know one type only ensures that you are not left with a debt if the insurer pays less than the outstanding finance.

I think you need to compare what the insurer will give you in ££ against the cost to you of getting a new car. If that leaves you with cash in your hand, then that is the way to go. If however it leaves you out of pocket then let the insurer source the new car.

I will admit to being confused on the GAP insurance, presumable this is the exact situation that it is meant for, so maybe someone can explain how you should be using it.

Nearlyold

Some GAP insurances cover up to the outstanding finance, some cover up to the original invoice price of the car and some cover either for a period of time paying out whichever is the largest GAP

rs65

Your first post suggests they are going to replace with a new car. I suspect they are going to replace with a second hand car. You need to find out what is correct.

naeemsyed wrote: »

So based on this new information and that I do have gap insurance. Do you still think I should ask PRIVILEGE to pay off BLACK HORSE (Credit finance)? and if so would I still too have to pay from my pocket?

You need to find out what your cash settlement would be, what your outstanding finance is and what the GAP insurers will pay.


RTI GAP doesn't sounds the best option for you. Replacement car may have been better.