12-10-2020, 02:15 AM | #2 |
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Martin Lewis has an informative piece about GAP insurance on his website.
https://www.moneysavingexpert.com/in...gap-insurance/. My car is just coming up to a year old and I am thinking about it again. |
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12-10-2020, 02:47 AM | #3 |
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__________________
Arrived: '20 330e M Sport in Mineral Grey
'03 MY 996 Turbo in Arctic Silver Gone: '18 Golf GTI Performance DSG in Tungsten |
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12-10-2020, 03:13 AM | #4 |
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Gap Insurance
Just joined forum new 330i M Sport, What is the general feeling on taking out this type of insurance? Is back to invoice the best?
Regards JP02 |
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12-10-2020, 10:26 AM | #5 |
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Worth it's weight in gold unless you have deep pockets. I have used ALA on my daughters car in the UK for years. There was a discount on Honest John. Might still be there.
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12-10-2020, 11:54 AM | #6 |
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I had a return to invoice on a F30 320d msport. It was totalled just after a year of ownership. With the insurance payout and gap I got back the amount I paid for it
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12-11-2020, 04:14 AM | #7 | |
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Quote:
They offered 20% discount on Black Friday however when I went to take out the replacement policy they informed me they had changed their terms on 01 October. For a replacement policy the vehicle has to be less than 30 days from 1st registration and with an invoice of no more than £32000. They said the replacement policies were proving too expensive for the underwriters. So I had to opt for the return to invoice which IMO is 2nd best. |
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12-12-2020, 11:27 AM | #8 |
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It’s very important to check your car insurance, I very nearly bought new car replacement gap insurance without realising that my LV insurance, rather surprisingly, already gave me it, just for the first year.
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12-13-2020, 04:24 AM | #9 | |
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1. If you financed your vehicle via PCP, there’s a fairly decent chance you negated the new-for-old cover from LV. Many finance companies behind PCP agreements will deny the motor insurer the ability to replace the vehicle new-for-old in an attempt to prevent you from profiting from the vehicle having been written off by, being able to sell a newer, more valuable vehicle at the end of the PCP term than the vehicle you would have had, had it not been written off. When the finance company does this most (though granted not all) motor insurers revert to a market value payout. 2. You won’t be able to buy GAP insurance after that first year. Most GAP insurance policies can only be purchased with a matter of months of taking delivery of the vehicle. Some will permit 6, most will permit just 3. |
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12-13-2020, 12:46 PM | #10 | |
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