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gap insurance??????

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14/1/2009 12:45:52  
 

Posts: 308
Since: 11/1/2009
Status: offline 		anyone know anything about gap insurance and has anyone claimed, i currently in the process of buying a 3200 and was told by a friend that he took gap on his m3 drove it for a year then got paid on the full amount he paid for the car so he never lost anything, is this true?
14/1/2009 12:52:09  

Posts: 624
Since: 22/10/2007
Status: offline 		I just took gap insurance on my Jaguar, £300 for 3 years!

Basically the gap insurer covers the 'gap' between what you paid for the car and what your main insurer pays you out on the event of a total write-off.

So you buy a £50k car, drive it for 3 years while it depreciates to say £25k. If you then write it off and your insurer pays you the £25k market value, the gap insurer should give you another £25k to make it back up to your purchase price. Sounds too good to be true but seems like it works...

Don't know anyone who has claimed though...

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Lewis

4200GT - Nettuno with tan
Aston Martin DB7 6.0 Vantage Volante
Marcos Mantula GTSpyder 4.6
Lotus Turbo Esprit S3 2.2 - almost finished!
Jaguar S-Type 4.0
14/1/2009 13:23:59  
 

Posts: 308
Since: 11/1/2009
Status: offline 		i dont want to sound dodgy but am i right in saying if you cant keep up with payments and say your goes "missing" or write off they pay it all off so your not out of pocket, im thinking about buying a maserati 3200 on finance for 3 years how do you think that would work
14/1/2009 14:28:16  

Posts: 4164
Since: 5/6/2007
Status: offline 		How can you even think of buying a 2nd hand super car with supercar running costs  on finance ,           recipe for disaster in my eyes , if it was new totally different kettle of fish but 2nd hand  thats one risk too many and the quickest way to fall out of love with the marque, were talking about a 7 year old plus car here   you seem already to be scrutinising costs if your budget is to tight it will end in tears    jmho

regards loz


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Old pompous spods current stable
52 plate 4200 cc Lowered Tubi's and full GS body kit,steering wheel and rack
55 plate 4200 cc Gransport Full Larini system,AP Racing big brake upgrade ,more stuff pending

14/1/2009 15:04:56  

Posts: 679
Since: 13/1/2007
Region: NORTHAMPTON
Status: offline 		hmmm-not sure i agree with you ther loz-at least about finance being more beneficial to a new car.

if you buy a new car you got a ****load of costs on top of it's actual value i.e dealer profit,vat ,sales tax etc. at the point  your car leaves the showroom and you're into the finance company's rule of (47? ithink) unless you've put down a hefty deposit you are already into neg equity.

this is much less prevalant in a s/h car.

also in some instances it is beneficial to buy on finance for peace of mind-more so for a prestige marque i think.

also it would be a shame if one couldn't drive one's dream just cause they didn't have the cash there and then

what d'ya think?


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i only please one person per day. today is not your day. tomorrow is not looking good either.
14/1/2009 15:35:24  

Posts: 4164
Since: 5/6/2007
Status: offline 		Sorry Rob , what i omitted to say was that i was assuming the  majority of new masser/ high end cars  are generally bought through businesses  and are therefor tax write offable  where  running costs /depreciation etc is concerned . I dont move in the kinda circles where people can splash around 90-100k on the 2nd or 3rd car    wish i did   something might rub off

regards loz 

_____________________________

Old pompous spods current stable
52 plate 4200 cc Lowered Tubi's and full GS body kit,steering wheel and rack
55 plate 4200 cc Gransport Full Larini system,AP Racing big brake upgrade ,more stuff pending

15/1/2009 8:17:32  
 

Posts: 447
Since: 15/4/2008
Status: offline 		Swaying off the original subject here guys! Is Gap insurance worth it?? Only if you can afford it is the right answer...

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Masa, Cambiocorsa, 4200, 05 ( CAR NOW SOLD )
Porsche Carrera 2S, 05
Mercedes CLS500, 08
15/1/2009 11:13:22  

Posts: 467
Since: 4/1/2009
Status: offline 		I was under the impresion GAP insurance only paid the difference between what the insurer pays out and what the market value of your car is.   For example if you were to write off a car with a market value of £25k  and the insurer pays out £20k (Insurers never pay the full market value) the gap insurance would pay £5k.

This kind of policy is good if you have finance on your car.
15/1/2009 11:31:05  

Posts: 226
Since: 31/7/2008
Region: Bristol
Status: offline
quote:

ORIGINAL: Gring

I was under the impresion GAP insurance only paid the difference between what the insurer pays out and what the market value of your car is.   For example if you were to write off a car with a market value of £25k  and the insurer pays out £20k (Insurers never pay the full market value) the gap insurance would pay £5k.

This kind of policy is good if you have finance on your car.


Agreed, it's to cover the 'gap' between the value of the loan, and the value of the car in the event of a problem/repayment.  It's to avoid owners (typically on new cars) getting into massive negative equity if the car is say written off or stolen.  Of course, you can get gap insurance on second-hand purchase, however typically the gap of finance and value should be lower given the slowing of depreciation; however in the current climate it could be more valuable!

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Now: Lexus ISF
Previously: 3200GT Manual (Azzuro Argentina) and GranSport (Blu Mediterraneo)
15/1/2009 13:46:43  
 

Posts: 308
Since: 11/1/2009
Status: offline 		i completely disagree with you loz, i can buy a 3200 for £16000 put down £10000 borrow £6k whats wrong with that?
the thing with gap is by the time you finish paying off the interest on that £6k the total could be £19000 the car has cost you, so if you were to write it off and insurance giving you £11k and you owe another £8k they pay that off for you, so it comes to my original question is it that easy? surely not but thats what the dealers told me 
15/1/2009 14:03:49  
 

Posts: 447
Since: 15/4/2008
Status: offline 		Some of you guys got it wrong...marcos is right, its got nothing to do with the marget value. Pay 20K for a car, aftre two years worth say 10k. insurance pays out the 10k, Gap pays the balance of what you paid £10k.
As I said, good if you can afford it like most Insurance Policies.

_____________________________

Masa, Cambiocorsa, 4200, 05 ( CAR NOW SOLD )
Porsche Carrera 2S, 05
Mercedes CLS500, 08
15/1/2009 14:16:03  
 

Posts: 308
Since: 11/1/2009
Status: offline 		circlease good 2 speak 2 u hope we can meet up soon as i have not seen you since we met that day, have a few things to ask you (not about cars) but ye i think i will get the gap as they told me £200, i dont think its a lot
15/1/2009 14:18:26  

Posts: 624
Since: 22/10/2007
Status: offline
quote:

ORIGINAL: circleace
Some of you guys got it wrong...marcos is right...


This happens all the time


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Lewis

4200GT - Nettuno with tan
Aston Martin DB7 6.0 Vantage Volante
Marcos Mantula GTSpyder 4.6
Lotus Turbo Esprit S3 2.2 - almost finished!
Jaguar S-Type 4.0
15/1/2009 14:18:28  

Posts: 467
Since: 4/1/2009
Status: offline
quote:

ORIGINAL: circleace

Some of you guys got it wrong...marcos is right, its got nothing to do with the marget value. Pay 20K for a car, aftre two years worth say 10k. insurance pays out the 10k, Gap pays the balance of what you paid £10k.
As I said, good if you can afford it like most Insurance Policies.


Sorry, but you are wrong.
15/1/2009 14:23:25  

Posts: 624
Since: 22/10/2007
Status: offline 		Market value is purely subjective. What you think your car is worth, what a dealer thinks it's worth and what an insurer thinks it's worth. Even the guide price books disagree on market values on anything unusual or special.

Gap insurers will pay out to bridge the gap between current market value at the time of total loss (i.e. what your insurer gives you - they MUST pay market value, or at least their interpretation of it) and original purchase price. A great deal if you have a bad accident after 2 yrs and 11 months in a highly depreciating car...

At least that's how it was explained to me.

_____________________________

Lewis

4200GT - Nettuno with tan
Aston Martin DB7 6.0 Vantage Volante
Marcos Mantula GTSpyder 4.6
Lotus Turbo Esprit S3 2.2 - almost finished!
Jaguar S-Type 4.0
15/1/2009 14:30:04  
 

Posts: 308
Since: 11/1/2009
Status: offline 		you see what i dont get is what happens if you have the car for a year and say when you sell it you have lost £4k in value not forgeting what you have lost in finance, whats stopping people from deliberating claiming to get their money back? it cant be that easy but yet people out there claim they do it all the time, sorry if i have offended people by sayin this just curious
15/1/2009 14:30:38  
 

Posts: 447
Since: 15/4/2008
Status: offline 		NOT WRONG!!! Gap insurance pays the difference between the original price you pay for the car and what your insurance company pays out. This is 100% correct.

_____________________________

Masa, Cambiocorsa, 4200, 05 ( CAR NOW SOLD )
Porsche Carrera 2S, 05
Mercedes CLS500, 08
15/1/2009 14:33:23  

Posts: 467
Since: 4/1/2009
Status: offline
quote:

ORIGINAL: circleace

NOT WRONG!!! Gap insurance pays the difference between the original price you pay for the car and what your insurance company pays out. This is 100% correct.


I dont know where you get that from, but seriously its not correct.  I think if you are unsure, phone a GAP insurer and they will fill you in.  I cant prove what I say.  I am just going on experience.
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