VRI GAP insurance advice

john2017

Hi I’m looking for advice on dealing with my GAP insurance provider.
My car was smashed into and written off during a police chase all captured on cctv etc.My car was parked in the town centre on a main road at the time.The car has been written off and my insurance have made an offer and I’ve accepted.
my question is how does my GAP cover work?
I took out VRI or vehicle replacement gap insurance some 3 years ago when the car was new but the same car is now 9k more expensive “the car was 3months old and 700miles ex demo” 

Am I like with normal car insurance able to dispute their figure and give them 3 adverts of similar cars for sale?
thanks.

DrEskimo

First question is how long was your GAP insurance cover? If you bought cover for 3yrs are you sure it's not lapsed?

You need to speak with the GAP provider to discuss your replacement, typically before you settle with your car insurance provider. After all, they are covering the shortfall between the payout and the replacement vehicle.

Not sure what you mean by disputing and negation. Have you even spoken to them? What are you looking to negotiate?

jimjames

What's the GAP between your finance figure and the amount offered? What are the terms of the policy? "Some 3 years" is a bit vague so you might want to check the exact dates so you know if the cover is valid.

iwb100

I don’t know for sure but I suspect the issue here is the GAP insurer is just classing your original purchase as second hand. So a second hand car the same as yours would be like for like in their view. You need to read the terms and conditions and then speak to them. 

Sandtree

john2017 said:

Am I like with normal car insurance able to dispute their figure and give them 3 adverts of similar cars for sale?
thanks.

It is insurance like any other and therefore you have a right to complain and escalate to the Ombudsman if you are unsatisfied with their settlement. The ombudsman, and most motor insurers, do not have a "3 advert" policy however... the problem with adverts is anyone can list anything at any price and so a 20 year old Fiesta could be listed for £40k but that doesn't mean its worth that which is why both ombudsman and insurers use the motor industry guides like Glass, CAP and Parkers.

People often do submit adverts, sometimes engineers call the advert and ask if they'd except 10% lower (or whatever brings it more in line with the proposed settlement) and other times they'll respond similar to the above without making enquiries... some will know their advert is highly optimistic and others will be sure their car really is unique and so deserves the above market value.