New car

gadget88

My wife is getting a new car next year first car my worry is if any damage or write off she won’t get the full value back of the car. How much less might it be? I worked out as we are paying cash any replacement may have to be on finance? Anybody had that problem before?

elsien

New new car as opposed to new to her car?
GAP insurance. 

Grumpy_chap

gadget88 said:

My wife is getting a new car next year first car my worry is if any damage or write off she won’t get the full value back of the car. How much less might it be? I worked out as we are paying cash any replacement may have to be on finance? Anybody had that problem before?

Is this a brand new car?  If so, it is not uncommon for insurance to cover the full value for the first 12 months.

Outside of that, you'd get back the market value of the car at the time.  That is the value paid less depreciation up until write off.  You'd have suffered that depreciation in any case.

There is also insurance called Return-to-Invoice GAP that you may wish to investigate.

greyteam1959

If you go down the Return To Invoice or Gap Insurance route don't buy it from the dealership.
Buy it yourself

gadget88

Thanks so around £100 or less a month. Seems good option just have to decide if we use finance to buy car or cash. I see you can exchange it after 5 years or buy it at market value or just pay off balance. Not sure what’s best. 

Grumpy_chap

gadget88 said:

Thanks so around £100 or less a month. Seems good option just have to decide if we use finance to buy car or cash. I see you can exchange it after 5 years or buy it at market value or just pay off balance. Not sure what’s best. 

That doesn't seem to follow information earlier in the thread.

Flight3287462

Here is the invoice we paid on a pre reg Kamiq (nice price paid for a car with 10miles on it, before prices went crazy )  for four years of cover.

Bigwheels1111

There are 3 or 4 types of gap insurance.
Make sure you get the right one, not from a dealer who want their cut.
I opted for a like for like replacement 5 year policy.
Mine was a pre reg and almost half price.
If policy was claimed on I would have got enough money to replace it like for like.
3 months old and 8 miles on the clock.
As mine was the last of the model I would have got the updated version as replacement.

DrEskimo

gadget88 said:

Thanks so around £100 or less a month. Seems good option just have to decide if we use finance to buy car or cash. I see you can exchange it after 5 years or buy it at market value or just pay off balance. Not sure what’s best. 

As above, it will be a lot less than £100/month. Around £250 for the 4/5yr term.

How much is the interest to finance the amount? Unless it's 0% it would be far better to pay cash. Your option to exchange the car in 5yrs is no different (you can do this whenever).