[nordberg]

So I'm collecting my new car tomorrow.... I've spoken with my insurers (ensure) who tell me that in the event of a total loss during the first 12 months, I will be offered a like for like replacement. This being the case, what should I do about GAP? I've seen some mention of deferring the first year? What does that mean exactly? If I'm planning on keeping the car for 3 years, do I only need a 2 year GAP policy?

[Arwmjc]

Originally Posted by nordberg

So I'm collecting my new car tomorrow.... I've spoken with my insurers (ensure) who tell me that in the event of a total loss during the first 12 months, I will be offered a like for like replacement. This being the case, what should I do about GAP? I've seen some mention of deferring the first year? What does that mean exactly? If I'm planning on keeping the car for 3 years, do I only need a 2 year GAP policy?

Need to make sure they will def replace like for like with same options etc...

[Proftinkerpot]

Car2cover offer the ability to defer the gap policy in year 1 and so on you effectively buy a 2 year policy for 3 years cover. I bought mine and have to say customer service has been excellent. I emailed a query in on a Saturday morning. Had a reply in 20 minutes then when I phoned to follow up I got the girl who emailed me who was really helpful. They are also recommended by Which magazine.

[nordberg]

Originally Posted by Proftinkerpot

Car2cover offer the ability to defer the gap policy in year 1 and so on you effectively buy a 2 year policy for 3 years cover. I bought mine and have to say customer service has been excellent. I emailed a query in on a Saturday morning. Had a reply in 20 minutes then when I phoned to follow up I got the girl who emailed me who was really helpful. They are also recommended by Which magazine.

That's what I think I will do. Any stipulation when it can be taken out? I've checked their FAQ but can't see it. I'm sure you have to take it out within a few weeks of taking delivery?

[davyk31]

Be careful with the like for like replacement clause. If the exact model is no longer available or there has been any upgrade they have the right to revert back to offer you market value. I have been through this with my Dad in the last few months and it was a nightmare. He has a Yaris which was written off, at time of accident and for the next 4 weeks the exact same model was available but they dragged their feet until an "upgrade" model was released, same look exactly but a bit more standard equipment. They wanted extra cash to "upgrade" or the other option was market value which was several grand below the amount required to buy a new car.

Had he had GAP insurance it could have been used and would have been mega useful if he had been forced to take market value. My advice would be to still have GAP in place for year one, it doesn't cost a lot more and could be very useful.

[nordberg]

Originally Posted by davyk31

Be careful with the like for like replacement clause. If the exact model is no longer available or there has been any upgrade they have the right to revert back to offer you market value. I have been through this with my Dad in the last few months and it was a nightmare. He has a Yaris which was written off, at time of accident and for the next 4 weeks the exact same model was available but they dragged their feet until an "upgrade" model was released, same look exactly but a bit more standard equipment. They wanted extra cash to "upgrade" or the other option was market value which was several grand below the amount required to buy a new car.

Had he had GAP insurance it could have been used and would have been mega useful if he had been forced to take market value. My advice would be to still have GAP in place for year one, it doesn't cost a lot more and could be very useful.

That's good advice. Who was your dads with?

[BMWSKI]

Don't risk it! Buy GAP for the entire PCP length (if you have it) and if you change your car early you can transfer your GAP to another car...you won't lose out that way and your car will always be covered until you change

[DickieGibbo]

Originally Posted by BMWSKI

Don't risk it! Buy GAP for the entire PCP length (if you have it) and if you change your car early you can transfer your GAP to another car...you won't lose out that way and your car will always be covered until you change

+1

[Proftinkerpot]

That's what I think I will do. Any stipulation when it can be taken out? I've checked their FAQ but can't see it. I'm sure you have to take it out within a few weeks of taking delivery?
When you apply online, it asks if the had been bought in the last 180 days. I applied the day after I collected the car to have it in place and also because I had all the relevant papers to hand. You need the invoice value and the registration number

[BMWSKI]

I'm sure with ALA they said within 60 days??? Don't quote me on that though. I would get it immediately. I would hate for you to get in an accident off the forecourt for the sake of a few quid! It's really quick to set up and they only need an approximate value. The have pricing categories and make sure you get 'vehicle replacement plus'...

[MWA]

Like @BMWSKI , I went with ALA for a vehicle replacement plus.. They replace the car with the same or similar make and model and specs. Let's say you bought a policy for an e90, and in a few years while your policy is active, the e90 was replaced with an F30, your car would be replaced with the f30.. If you're not happy with the replacement, you can choose to decline, and ask for a return to invoice, then you would be given the money to go elsewhere!

[MWA]

Has anyone here, made a claim through their gap insurance policy?? How was the experience?

Fair and square people are recommending companies here based on their experience in 'buying the policy' which is not really that useful, as for anyone taking your money, would be nice to you but surely not always the case when they're giving you their money

[davyk31]

My Dad was with Prestige I beleive it was, I hadn't heard of them but with needing to speak to my brokers I am told their approach was pretty typical. In his case the car cost about 15k, their market value was just under 12k wheras the "new model" car was nearer 16k. So they really wanted to get a reason to payout the 12k rather than pay for the new car at 16k. We eventually got there but it was hard and I don't mind a fight. They also argued over who would supply the car, they wanted an unknown broker to supply but I argued that as he had bought from his local main dealer as he wanted the relationship and service brought by that they needed to put him back in the same position and supply by the same or another local main dealer. Eventually won that one too but took a lot of calls and stand offs. Ultimately they always had the threat of "oh well if you are not happy we will just pay market value" so I had to tread heavily but careful at same time.

My advice as before and as other have recommended is buy GAP as soon as you get the car, take it for the term you have the car, if you sell early you can now refund it or else you can put it towards the next car.

And yes there is a time limit to buy it, think it is 180 days. However you can still buy GAP after this point but it isn't back to invoice it refers to the market value of the car when you take out the policy. I did this on my 335d after I had it 4 or 5 months and the market value the insurer gave was actually higher than my invoice value ( it was a used car ) so I was mega happy.

As regards claims I have never heard of any payouts but the terms of the policies are pretty clear and simple so can't see why they wouldn't pay out. It is always a fight with your insurer over the car value should it be written off but with GAP you really don't need to get involved in that battle as the GAP insurer will make up the difference.

[MarkG_M5Comp]

Originally Posted by BMWSKI

Don't risk it! Buy GAP for the entire PCP length (if you have it) and if you change your car early you can transfer your GAP to another car...you won't lose out that way and your car will always be covered until you change

+1 again!

[dopper99]

Agreed, buy it from day one. I dont trust insurance companies with their less-than-year-old car replacement policy!

I've also insured for the full amount that car2cover allow.... I think its £30K.

Reason being, if the car is written off or stolen after say 2 and a half years, you might get a pay out of say £20K from the insurance. Then you need another £30K to buy your £50K (list price) car again.
No point in having Vehicle Replacement cover if the payout cant replace the vehicle