DRDILL wrote:

Hi, i too have GAP insurance and mine quite clearly states that the Gap insurer will make up the shortfall between what the Car insurer pays out and what i paid for it originally,(invoice value), even if the vehicle is a total loss in the last month of the cover,( when the vehicle value would be much lower). What the GAP insurer will do is argue the write off value with your car insurer to reduce the amount it has to pay out, but i will get back the amount i paid originally for the car.

2meters wrote:

DRDILL wrote:

Hi, i too have GAP insurance and mine quite clearly states that the Gap insurer will make up the shortfall between what the Car insurer pays out and what i paid for it originally,(invoice value), even if the vehicle is a total loss in the last month of the cover,( when the vehicle value would be much lower). What the GAP insurer will do is argue the write off value with your car insurer to reduce the amount it has to pay out, but i will get back the amount i paid originally for the car.

That's what I thought it was supposed to do. Now I'm wondering????????????
If I buy 'Back to Invoice' insurance, surely it is simply the difference between my insurance company's valuation (settlement offer) and the original invoice? Or am I being assumptive?
Don't mind paying for peace of mind, as long as I get what it says on the tin.
Having just found myself a lovely car, I don't want anything going wrong.
Any advice greatly read guys and gals.

DRDILL wrote:

Hi, i too have GAP insurance and mine quite clearly states that the Gap insurer will make up the shortfall between what the Car insurer pays out and what i paid for it originally,(invoice value), even if the vehicle is a total loss in the last month of the cover,( when the vehicle value would be much lower). What the GAP insurer will do is argue the write off value with your car insurer to reduce the amount it has to pay out, but i will get back the amount i paid originally for the car.

mse wrote:

leedsunited wrote:

MSE - The sales blurb you have produced is exactly what i received, the reality is different and there is really
only one mug here if you beleive what somebody on the end of your insurance help line tells you is gospel.

Original cost of your vehicle: £20,000
Deposit: £2,000
Amount of loan: £18,000
18 Months later the car is stolen or is in an accident and declared a total loss.
Amount still owing to your finance company: £12,000
The insurance company pays you only: £9,000
With GAP Insurance, you will receive: £11,000 Only if both your GAP insurer & your main insurer agree on the same valuation of the total loss, if your GAP insurer thinks the car is worth £12,000 then you will only receive £9,000

Answer me two questions which are crucial to this:

1, Who values or makes a decision on what your car is worth if it is written off?

2, Who's valuation do the GAP insurers use to establish what the car is worth?

I know a fair few people who have not had the problems you have had - and as i mentioned, if its sold to you like that and it isnt the case, then they have bigger issues for miss-selling...hence why banks are now paying £bn to fix their mistakes!

In answer to your question - your missing the point, there is no valuation on back to invoice, its all about (certainly in my T&C's) the difference between my insurers value and the invoice price...its the difference from the main insurance company valuation nothing else...thats what it says in cold hard contractual black and white - its my insurance company valuation - not some finger in the air figure.

Anyway your insurance company values your car - you have already submitted the invoice to the GAP company and they knew the price you put at sale - there is the difference they pay...as long as you took the cover that applies to the gap eg if the gap is £30k but you only had £20k of cover then you will be £10k short

Im sorry you seemed to be screwed...the only advice i was given was not to take the dealers GAP insurance for that reason.

I think what ever anyone says about gap insurance leedsunited is not going to believe. I know you got ripped off but I think most will keep an eye out with your advice my beauty.

sweetafton wrote:

I think what ever anyone says about gap insurance leedsunited is not going to believe. I know you got ripped off but I think most will keep an eye out with your advice my beauty.

here's my policy wording

"if your vehicle is stolen or declared an insurance write off following fire, theft or accident, RTI will pay the difference between the insurer's valuation and whichever is the greater of 1. the purchase price or 2. the finance settlement figure"

as for where/when/who provides the insurance (a reason a dealer used to try and convince me that a LR product was a safer purchase at double the price) then Kam supplied mine. He works for/owns WarrantyUK, which is a trading name of MHC Finance. MHC Finance is a subsidiary of M Hasnain & Co Ltd. Which is an agent for JD Concepts Ltd. Which is authorised and regulated by the FSA, reg no FRN 314466 which essentially means the insurance product is underwritten in the event that any of those companies go belly up. ============
2010 TDV8 HSE - ooo laa laaaaaaaaa
2007 TDV8 HSE - superb car and very reliable
============
2012 - dearly departed, sadly missed.. to return in late 2013 with a new TDV8!

So which is the best, just ordered the wife's new car today, waiting on delivery times and finance to be sorted but wouldn't mind looking into this a bit further, might get details from dealers and compare with others suggested, kams etc

Some of the policies out there are total carp.

The thing to check is the max claim they will pay out - some are only 15K which could leave a big shortfall.

The best one to go for is "Replacement Car" with a 50K limit that way in 2 years should something bad happen you should get a brand new car regardless of any increase in dealer prices.

The problem with back to invoice is perhaps you got a discount at the time of purchase and then the price went up by 1K in the last year, suddenly you could still be short by quite a bit to replace what you had.

Also check the policy covers for stolen keys theft - some don't so should you lose the keys or your house gets broken into and they drive off after finding the keys you've lost out big time !

I've not yet used them, but this one was the only one I could find with up to 50K cover http://www.car2cover.co.uk/Vehicle-Replacement-Insurance


for 3 years with a value of 50 to 75K they quoted :

Your Vehicle Replacement QuotationInstant on-line cover can be purchased now for;
£20,000 claim limit £239.00
£25,000 claim limit £259.00
£50,000 claim limit £299.00

Thats for all 3 years cover which seems good ?

There was a thing on this a little while back on Watchdog. Exactly the same thing happening to many were the insurance company value it less than the GAP insurance so as said before you get left with a shortfall.

Picking up the wife's car on Friday, is gap cover worth it in it's first year as her insurance covers new for old if over 60% damage or theft and they'll replace it like for like

Would the gap cover be a waste of money or am I missing something?

Only that the GAP insurance runs for 3 years. They earn on selling you the insurance and usually try to push it on you. I have purchased it 3 or 4 times now and never paid the full price

So I could take it out in a years time? Then have 3 more years cover , which is worth it

Not 100% sure as I've always purchased at the time of purchasing the car but I wouldn't see why not if the insurance covers the 1st year. Might be worth a PM to KAM maybe to check

Pinged Kam an email