Gap insurance - am I covered

cjp2308

Having eventually been told by my insurance company that my claim is to be settled, after my car was taken without consent by someone unknown to me - I've had a look at the paperwork for the GAP policy and noticed the below-  I was under the impression as my insurance are satisfied it was essentially theft or TWOC then it should be covered but from reading the below, it seems it may not be as no violence was used.

Anything I can do here to ensure the GAP policy applies? 

[Deleted User]

cjp2308 said:

Anything I can do here to ensure the GAP policy applies? 

Yeah, just make sure you keep your keys secure at all times and for example don't just leave them on a table in a public place .... oh wait ... too late.

Probably would have been better to read the policy before a total loss than afterwards.

cjp2308

[Deleted User] said:

cjp2308 said:

Anything I can do here to ensure the GAP policy applies? 

Yeah, just make sure you keep your keys secure at all times and for example don't just leave them on a table in a public place .... oh wait ... too late.

Probably would have been better to read the policy before a total loss than afterwards.

Lesson learnt there...

What would be the outcome for example if  my GAP claim is rejected, would I still be entitled to the settlement offer provided by my insurance? 

born_again

Surely you take the insurance settlement & the GAP pays out the difference between that & what it costs to replace.
GAP is not going to cover the whole amount. 
Hence the name GAP

cjp2308

born_again said:

Surely you take the insurance settlement & the GAP pays out the difference between that & what it costs to replace.
GAP is not going to cover the whole amount. 
Hence the name GAP

Thanks GAP say not to accept the insurance offer though - last thing I want is to end up with 0

Grumpy_chap

The GAP insurer says not to accept the offer as, in case they do honour your claim, there is a duty to minimise the loss to the GAP insurer and that means maximising the payout from the vehicle insurer.  So that the gap is smaller.  How old is the car and how big is the gap at present?

cjp2308

2018 I paid 19,995 was written off less than 8 weeks later- shall I wait for my insurance offer then consider whether to use the GAP

400ixl

What type of gap insurance is it? Invoice value, market value etc?

Is it not a case of you get the insurance offer and speak to the gap insurer and confirm they are happy with accepting that value and they then settle the difference. Then you either accept or try to push for more from the insurer.

cjp2308

400ixl said:

What type of gap insurance is it? Invoice value, market value etc?

Is it not a case of you get the insurance offer and speak to the gap insurer and confirm they are happy with accepting that value and they then settle the difference. Then you either accept or try to push for more from the insurer.

RTI so return to invoice value. 

As you can tell I've never made any insurance claim before and after this hope I don't have to again. I'll wait for offer from insurance then worry about it I think 

born_again

cjp2308 said:

2018 I paid 19,995 was written off less than 8 weeks later- shall I wait for my insurance offer then consider whether to use the GAP

So you are talking about a claim from 2018?

Or are we loooking at what has happened in this thread..

https://forums.moneysavingexpert.com/discussion/6354426/police-didnt-prosecute-for-twoc-what-does-this-mean-for-my-insurance-claim/p1

ontheroad1970

born_again said:

cjp2308 said:

2018 I paid 19,995 was written off less than 8 weeks later- shall I wait for my insurance offer then consider whether to use the GAP

So you are talking about a claim from 2018?

Or are we loooking at what has happened in this thread..

https://forums.moneysavingexpert.com/discussion/6354426/police-didnt-prosecute-for-twoc-what-does-this-mean-for-my-insurance-claim/p1

I don't believe he is - he is referring to a previous claim