Gap insurance

DullGreyGuy

VillaFan1874 said:

Bigwheels1111 said:

VillaFan1874 said:

Morning, and apologies if this has been covered elsewhere but I can't access this website on my only laptop (work one and its blocked) so only way if my phone.

I bought a 2nd hand vehicle a few weeks ago that come with 30 days free gap, via Insure That, which expires 29th April.  They have quoted me £266 for 3 years cover whereas go compare etc is saying  cheapest is circa £100 also for 3 years.  These are "return to invoice" prices.  I know there is the fca investigation due but I do want to be covered, but thrown by the difference in prices, any advice would be appreciated 🙂

First the fca bit is about how it was sold.
Online was say £200, at the dealer, £500-£1000 for the same policy.
Some complaints as to not being a fair policy etc.
My opinion is I paid around 1% of the car price for like for like replacement on my pre reg car.
When I had a little issue with a big red bus, I thought it might be written off, if it had I would have received enough money to replace it like for like.
ie 3 months old with 8 miles on the clock.
As the new 5008 model was out, it would have cost around 28k over the price of my car.
So would have been well worth it to me. They fixed my car so no claim.
You will be covered, as it’s the selling that’s at issue, not the cover.

Thanks. 

So does the higher quote seem more normal than the lower? And having the replacement clause a better idea than simple return to invoice?

You say the cheapest was £100, how much were the rest? If there is a wide spread then thats just different pricing. If there is no one less than £266 other than this one then it's time to read the policy book to see if there is a reason why it's much cheaper. 

Historically policies sold by dealerships were notably higher than those available direct 

VillaFan1874

DullGreyGuy said:

VillaFan1874 said:

Bigwheels1111 said:

VillaFan1874 said:

Morning, and apologies if this has been covered elsewhere but I can't access this website on my only laptop (work one and its blocked) so only way if my phone.

I bought a 2nd hand vehicle a few weeks ago that come with 30 days free gap, via Insure That, which expires 29th April.  They have quoted me £266 for 3 years cover whereas go compare etc is saying  cheapest is circa £100 also for 3 years.  These are "return to invoice" prices.  I know there is the fca investigation due but I do want to be covered, but thrown by the difference in prices, any advice would be appreciated 🙂

First the fca bit is about how it was sold.
Online was say £200, at the dealer, £500-£1000 for the same policy.
Some complaints as to not being a fair policy etc.
My opinion is I paid around 1% of the car price for like for like replacement on my pre reg car.
When I had a little issue with a big red bus, I thought it might be written off, if it had I would have received enough money to replace it like for like.
ie 3 months old with 8 miles on the clock.
As the new 5008 model was out, it would have cost around 28k over the price of my car.
So would have been well worth it to me. They fixed my car so no claim.
You will be covered, as it’s the selling that’s at issue, not the cover.

Thanks. 

So does the higher quote seem more normal than the lower? And having the replacement clause a better idea than simple return to invoice?

You say the cheapest was £100, how much were the rest? If there is a wide spread then thats just different pricing. If there is no one less than £266 other than this one then it's time to read the policy book to see if there is a reason why it's much cheaper. 

Historically policies sold by dealerships were notably higher than those available direct 

One or two just under, the rest maybe 10-15 more, and these are return to invoice policies, I have read the 266 wording, and this is "back to invoice" also.  Reading 2 more, ones for 95 and 110, these are return to invoice polices, what I don't want to do is pay over 150 more for basically the same cover.  The finance Co said they don't sell gap, and the Co (266) is independent, from what I can see anyway, they are called "insure that"

Bigwheels1111

VillaFan1874 said:

Bigwheels1111 said:

VillaFan1874 said:

Morning, and apologies if this has been covered elsewhere but I can't access this website on my only laptop (work one and its blocked) so only way if my phone.

I bought a 2nd hand vehicle a few weeks ago that come with 30 days free gap, via Insure That, which expires 29th April.  They have quoted me £266 for 3 years cover whereas go compare etc is saying  cheapest is circa £100 also for 3 years.  These are "return to invoice" prices.  I know there is the fca investigation due but I do want to be covered, but thrown by the difference in prices, any advice would be appreciated 🙂

First the fca bit is about how it was sold.
Online was say £200, at the dealer, £500-£1000 for the same policy.
Some complaints as to not being a fair policy etc.
My opinion is I paid around 1% of the car price for like for like replacement on my pre reg car.
When I had a little issue with a big red bus, I thought it might be written off, if it had I would have received enough money to replace it like for like.
ie 3 months old with 8 miles on the clock.
As the new 5008 model was out, it would have cost around 28k over the price of my car.
So would have been well worth it to me. They fixed my car so no claim.
You will be covered, as it’s the selling that’s at issue, not the cover.

Thanks. 

So does the higher quote seem more normal than the lower? And having the replacement clause a better idea than simple return to invoice?

I just got 3 quotes, totallossgap.co.uk, www.directgap.co.uk, www.ala.co.uk

Cheapest first.

My mum is getting a Citroen C3 Max Just under 20k brand new.

So the quotes for 3 yeas were, £158 £185 £201

Total were the best price, I had their cover before but not claimed on.

It covers all 3 levels £158 for 3 years, £315 for 2 years.

Your policy will pay the difference between Your motor insurance settlement, in the event of it being declared a total loss, and the higher of either:
1.- The amount outstanding on finance.
2.- The original purchase price you paid.
3.- The replacement cost of another vehicle the same age, mile...

The lower quote £80.25 covers 3 years, £178 for 5 years.

Your policy will pay the difference between Your motor insurance settlement, in the event of it being declared a total loss and the higher of either ...
1.- The amount outstanding on finance.
2.- The original purchase price you paid.

How long will you keep the car ?. 3 year or 5 or more.

5 year old car will be worth say 6k from the selling prive of 20k if your lucky.

A replacement at just under 5 years would cost 25k if not more.

Have you gor another 19k spare ?.

At 3 a 20k car is wort say 10k.

So 10/15k to find.

Does that make it easy to decide.

The way I see it is higher price gives you a brand new car, Like for like.

Lower price gets you 20k back. You then need to find 5k to replace Like for Like.

A quote for a 40k car is £290 or £370 for 5 years.

VillaFan1874

Bigwheels1111 said:

VillaFan1874 said:

Bigwheels1111 said:

VillaFan1874 said:

Morning, and apologies if this has been covered elsewhere but I can't access this website on my only laptop (work one and its blocked) so only way if my phone.

I bought a 2nd hand vehicle a few weeks ago that come with 30 days free gap, via Insure That, which expires 29th April.  They have quoted me £266 for 3 years cover whereas go compare etc is saying  cheapest is circa £100 also for 3 years.  These are "return to invoice" prices.  I know there is the fca investigation due but I do want to be covered, but thrown by the difference in prices, any advice would be appreciated 🙂

First the fca bit is about how it was sold.
Online was say £200, at the dealer, £500-£1000 for the same policy.
Some complaints as to not being a fair policy etc.
My opinion is I paid around 1% of the car price for like for like replacement on my pre reg car.
When I had a little issue with a big red bus, I thought it might be written off, if it had I would have received enough money to replace it like for like.
ie 3 months old with 8 miles on the clock.
As the new 5008 model was out, it would have cost around 28k over the price of my car.
So would have been well worth it to me. They fixed my car so no claim.
You will be covered, as it’s the selling that’s at issue, not the cover.

Thanks. 

So does the higher quote seem more normal than the lower? And having the replacement clause a better idea than simple return to invoice?

I just got 3 quotes, totallossgap.co.uk, www.directgap.co.uk, www.ala.co.uk

Cheapest first.

My mum is getting a Citroen C3 Max Just under 20k brand new.

So the quotes for 3 yeas were, £158 £185 £201

Total were the best price, I had their cover before but not claimed on.

It covers all 3 levels £158 for 3 years, £315 for 2 years.

Your policy will pay the difference between Your motor insurance settlement, in the event of it being declared a total loss, and the higher of either:
1.- The amount outstanding on finance.
2.- The original purchase price you paid.
3.- The replacement cost of another vehicle the same age, mile...

The lower quote £80.25 covers 3 years, £178 for 5 years.

Your policy will pay the difference between Your motor insurance settlement, in the event of it being declared a total loss and the higher of either ...
1.- The amount outstanding on finance.
2.- The original purchase price you paid.

How long will you keep the car ?. 3 year or 5 or more.

5 year old car will be worth say 6k from the selling prive of 20k if your lucky.

A replacement at just under 5 years would cost 25k if not more.

Have you gor another 19k spare ?.

At 3 a 20k car is wort say 10k.

So 10/15k to find.

Does that make it easy to decide.

The way I see it is higher price gives you a brand new car, Like for like.

Lower price gets you 20k back. You then need to find 5k to replace Like for Like.

A quote for a 40k car is £290 or £370 for 5 years.

Thanks 

The quote of 266 is for 3 years with the policy wording saying its "back to invoice gap" , motor easy have quoted £108 for 3 years and RTV and RTI, ALA £95 with just return to invoice. So what you're saying is to look for RTV RTI and replacement? As it stands I'd be looking to exchange in 2.5-3 years time

Bigwheels1111

VillaFan1874 said:

Bigwheels1111 said:

VillaFan1874 said:

Bigwheels1111 said:

VillaFan1874 said:

Morning, and apologies if this has been covered elsewhere but I can't access this website on my only laptop (work one and its blocked) so only way if my phone.

I bought a 2nd hand vehicle a few weeks ago that come with 30 days free gap, via Insure That, which expires 29th April.  They have quoted me £266 for 3 years cover whereas go compare etc is saying  cheapest is circa £100 also for 3 years.  These are "return to invoice" prices.  I know there is the fca investigation due but I do want to be covered, but thrown by the difference in prices, any advice would be appreciated 🙂

First the fca bit is about how it was sold.
Online was say £200, at the dealer, £500-£1000 for the same policy.
Some complaints as to not being a fair policy etc.
My opinion is I paid around 1% of the car price for like for like replacement on my pre reg car.
When I had a little issue with a big red bus, I thought it might be written off, if it had I would have received enough money to replace it like for like.
ie 3 months old with 8 miles on the clock.
As the new 5008 model was out, it would have cost around 28k over the price of my car.
So would have been well worth it to me. They fixed my car so no claim.
You will be covered, as it’s the selling that’s at issue, not the cover.

Thanks. 

So does the higher quote seem more normal than the lower? And having the replacement clause a better idea than simple return to invoice?

I just got 3 quotes, totallossgap.co.uk, www.directgap.co.uk, www.ala.co.uk

Cheapest first.

My mum is getting a Citroen C3 Max Just under 20k brand new.

So the quotes for 3 yeas were, £158 £185 £201

Total were the best price, I had their cover before but not claimed on.

It covers all 3 levels £158 for 3 years, £315 for 2 years.

Your policy will pay the difference between Your motor insurance settlement, in the event of it being declared a total loss, and the higher of either:
1.- The amount outstanding on finance.
2.- The original purchase price you paid.
3.- The replacement cost of another vehicle the same age, mile...

The lower quote £80.25 covers 3 years, £178 for 5 years.

Your policy will pay the difference between Your motor insurance settlement, in the event of it being declared a total loss and the higher of either ...
1.- The amount outstanding on finance.
2.- The original purchase price you paid.

How long will you keep the car ?. 3 year or 5 or more.

5 year old car will be worth say 6k from the selling prive of 20k if your lucky.

A replacement at just under 5 years would cost 25k if not more.

Have you gor another 19k spare ?.

At 3 a 20k car is wort say 10k.

So 10/15k to find.

Does that make it easy to decide.

The way I see it is higher price gives you a brand new car, Like for like.

Lower price gets you 20k back. You then need to find 5k to replace Like for Like.

A quote for a 40k car is £290 or £370 for 5 years.

Thanks 

The quote of 266 is for 3 years with the policy wording saying its "back to invoice gap" , motor easy have quoted £108 for 3 years and RTV and RTI, ALA £95 with just return to invoice. So what you're saying is to look for RTV RTI and replacement? As it stands I'd be looking to exchange in 2.5-3 years time

Return to Invoice is £148 at  motor easy for my mums car.

£80.25 at Totall gap, hello total gap.

You get two for one and save money.

1.- The amount outstanding on finance.
2.- The original purchase price you paid.

I went for the top product as my car was a pre reg old shape with new shape coming is 3 months.

I paid £14,350.

3 months later a like for like replacement would have cost 35k or more.

I would have made 20k plus if my car had been written off.

Totall gap is cheaper but the price is very low compared to the price of the car.

Just know you will probably not use it, but if you do its well worth it.