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Discussion Starter #1
Hi all my car was a year old last week, i was told my insurance will cover the car for the first year as a new car, now wondering if to get gap insurance ,also which one I know there are 2 types, is it me but they seem to make things to complicated what's you thoughts cheers.
 

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Personally do not bother.
 

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Outright purchased or on finance?

With outright purchase no finance risk, but exposed to insurers valuation if written off. If on finance you have the additional risk of the o/s loan amount + the insurer valuation if written off.
Gap policies can be found online at much lower costs than dealers offer. :)
 

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Discussion Starter #4
Owned outright, and if I purchased gap I would go online.
 

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Then its solely your attitude to risk. Policies for back to invoice value for 2 years can be had online for a moderate cost.

I guess as Clint would say do you feel lucky. 馃槀
 

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When I purchase new cars I always go for Gap Insurance incase my car is ever written off I would get the market value from the Insurance company, and the Gap makes up the difference to get a brand new one. I have used Chris Knott Insurance off this site, give them a ring they are really helpful and their policies are not that expensive.....
Regards
Phil
 

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When I purchase new cars I always go for Gap Insurance incase my car is ever written off I would get the market value from the Insurance company, and the Gap makes up the difference to get a brand new one. I have used Chris Knott Insurance off this site, give them a ring they are really helpful and their policies are not that expensive.....
Regards
Phil
GAP insurance does not allow you to have a brand new car when you claim it just makes up the difference between the write off money offered by your insurance company and the cost of a like for like vehicle replacement
 

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I use a guy who undercuts Chris Knott by a fair margin, or at least he has done for me several times.

Message me if you鈥檇 like his details. Cheers
 

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GAP insurance does not allow you to have a brand new car when you claim it just makes up the difference between the write off money offered by your insurance company and the cost of a like for like vehicle replacement
You can get a "back to invoice" gap insurance which, as the name says, pays you the difference between your insurers settlement and the original invoice cost of the car when purchased.

Be aware that in the event of a claim you must let the gap insurers negotiate the settlement with your insurers directly.

You must not accept any settlement offered by your insurance company yourself.
 

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And of course "Back to Invoice" Does not take into account any price rises. Only puts you back in the same financial position as you were when you bought the car.
 

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And of course "Back to Invoice" Does not take into account any price rises. Only puts you back in the same financial position as you were when you bought the car.
Correct..... but a better outcome than a payout to the " current market value"..... which does take account of depreciation .... which will of course equate to considerably less!
 

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GAP insurance does not allow you to have a brand new car when you claim it just makes up the difference between the write off money offered by your insurance company and the cost of a like for like vehicle replacement

Properly negotiated the write off settlement will give you enough money to buy a like replacement - accept nothing less..
 

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Discussion Starter #15
Been told only gap i can take now as car is year old is top up gap if car written off top up pays 25% of insurance pay-out :unsure:
 

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Been told only gap i can take now as car is year old is top up gap if car written off top up pays 25% of insurance pay-out :unsure:
Recently had quotes on my Superb from several places. Since it was used ( 1 month old pre-reg actually) I cannot get a new replacement policy but I can back to invoice or the current value. Most will not postpone the start of cover until its a year old (I am covered by Aviva for that) but some will.

Its a bloody minefield especially as one company phones me twice a day wanting to get my money.
 

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Discussion Starter #18
Yes I'm with Aviva, speaking to a nice chap from the gap insurance company, seems that there is a lot of false information out there re new for old with insurance company's and advised to check very carefully when you take out insurance on a new car :unsure:
 
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