Gap insurance

DrEskimo

You will only be able to claim in the event of a total loss...I imagine the lifetime incidence of having a total loss is very small....

For me I got GAP despite buying outright, and was keen specifically for replacement vehicle because I knew my EV would be updated and would cost a lot more.

The other side is that I've read enough on car forums to know an insurance company typically pay below what is needed to replace the car for a like for like comparison even at the time of the accident. I know I spent a long time finding my car for the price I paid. I almost thought it was guaranteed that the insurance payout would have a shortfall in getting me in an equivalent Zoe just prior to the total loss. 

The fact that for £50/year I could not only have a third company deal with the valuation haggling, and not only pay out the shortfall between the insurance valuation and getting the equivalent car before the accident from a dealer, but also has the advantage of being worth thousands by protecting both the deprecation and price increase from an updated Zoe model.

I mean, it's highly unlikely I will claim on it, but for the sake of £50/year over 5yrs, it was a small cost with a potentially high upside....

Grumpy_chap

DrEskimo said:

You will only be able to claim in the event of a total loss...I imagine the lifetime incidence of having a total loss is very small....

Given the way insurance companies inflate the costs of repairs and hire car etc., I would have thought it would be quite high.  I have no facts to base this on, only expectation.  With some cars and some areas, the likelihood of total loss (theft) is probably near to 100% based upon Police briefings around our way.