Gap Insurance Claim query

FloFlo

My car has been declared an insurance write off, insurance have paid out and finance cleared. I had GAP return to invoice insurance through MAPFRE ABRAXAS WARRANTY and they are horrendous to deal with. No one will discuss the claim on the phone that is if you can get through after being on hold for 15 mins so you have to communicate by email.

The offer they have made does not include the dealer discount but in their terms and conditions which they quoted to me in a reply email seems to state that it should include the dealer discount.

Can anyone help to clarify this? Below is the T&Cs they quoted to me which are the same in the contract I signed.

‘Net Invoice Price’ means the price paid by the Insured for the Insured
Vehicle including all factory or dealer-fitted options specified in the Insured Vehicle’s manufacturer’s price list, and any discount given but excluding the price paid for accessories and extras, road fund licence, new vehicle registration fee, fuel, paintwork and upholstery protection kits, insurance or warranty premiums (including the premium for this policy) and any Negative Equity.

AndyMc.....

If the finance has been paid off, what are you claiming for?

FloFlo

AndyMc..... wrote: »

If the finance has been paid off, what are you claiming for?

We have return to invoice gap insurance, it pays the difference between the market value paid by the insurance company and the net invoice price at the point of sale. You can have this insurance even if you have no finance.

Quentin

You get the "NET" invoice value (less the insurance settlement)

Car_54

"‘Net Invoice Price’ means the price paid by the Insured for the Insured
Vehicle including all factory or dealer-fitted options specified in the Insured Vehicle’s manufacturer’s price list, and any discount given but..."

You have to understand that while the option prices are positive sums which increase the NIP, the discount is a negative amount which reduces it.

The insurers Ts and Cs do not say they will pay you the discount, simply that it goes towards calculating the NIP.

FloFlo

Quentin wrote: »

You get the "NET" invoice value (less the insurance settlement)

Not quite you get the difference between their market valuation and the 'Net' invoice. Their market value price and the car insurance market value can be different - but we've already sorted that bit, its the 'Net' invoice price we're stuck on.

Quentin

Net means the figure on the invoice after any discount! You can't/won't be given the discount you were given as well!

FloFlo

Car_54 wrote: »

"‘Net Invoice Price’ means the price paid by the Insured for the Insured
Vehicle including all factory or dealer-fitted options specified in the Insured Vehicle’s manufacturer’s price list, and any discount given but..."

You have to understand that while the option prices are positive sums which increase the NIP, the discount is a negative amount which reduces it.

The insurers Ts and Cs do not say they will pay you the discount, simply that it goes towards calculating the NIP.

I am not ashamed to say that this is the bit I am finding it difficult to make sense of. Their breakdown looks like this. From what i had read online and from reading the paragraph I quoted I thought they would pay the discount too.


Vehicle Price: £24,514.79
Delivery: £699.67
Mahogany/Curbar Black Cloth: £495.00
Number Plates: £25.54

Total: £25,735.00

Discount: -£1789.00
Newport Vehicle Debtors: - £500

Net Invoice Price of your vehicle: £23,446.00

Quentin

No need to be ashamed, but you have misunderstood - as posted above the "net" price you paid included the discount you were given, and that is the figure you should end up with after the write off

FloFlo

Quentin wrote: »

Net means the figure on the invoice after any discount! You can't/won't be given the discount you were given as well!

What I read online suggested that the whole point of return to invoice is to put you in the position that you could buy the car again now even if the discount was no longer available, that combined with the fact that their terms say the 'Net' invoice includes any discount given made think that they would.

"This is return-to-invoice insurance, designed to compensate for the rising cost of cars, or where a discount has been given on the cost of the car which might not be available again in the future."

FloFlo

Quentin wrote: »

No need to be ashamed, but you have misunderstood - as posted above the "net" price you paid included the discount you were given, and that is the figure you should end up with after the write off

Oh well if that is the case hubby will have to adjust his aspirations on a replacement car