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GAP insurance

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Hi all,

My first post, so please be gentle!! [;)]

I am interested in taking out GAP insurance for my 997S. What I'm referring to is the insurance that would cover the shortfall between my insurance company's valuation of the car against the price of a new, identical, model should the car be written off or stolen (and not recovered). I have been speaking to my local OPC about this who told me that they are soon to be launching a new GAP scheme. I was wondering whether other members had taken out GAP insurance and what people's opinion of it was.

Thanks in anticipation.
 
Your insurance will normally replace your car with a new one in the first year. So there is no gap problem for the first 365 days and you don't need it.
What you do after that depends. It depends on how much you value peace of mind, but there is a limit on the gap payout, that does not fully cover problems with the more expensive models.
 
GAP or RTI, normally covers two or three years so does give peace of mind if the usual insurance stories are to be believed.
Porsches own GAP insurance I found to be very expensive, so maybe their new one will be better!!
It lost them the deal when I purchased my last car, three years cover for £325.00 (Lombard), Porsche were quoting me in the thousands.
Has been a waste of money on my last three cars I'm pleased to say (none stolen or crashed).
But when the cost of a car written off doesn't even cover the finance [:mad:]

garyw
 
garyw, thanks for your reply. I don't have finance, so don't have to worry about that, but just wanted the GAP inurance as a way of replacing the 997 ('new for old') should anything disastrous happen to it. Do you have a contact number for Lombard?

Many thanks.
 
Like anything its the % of the policy in comparison to the value of the said goods and also the max payout under the GAP policy, also not all insurance companies do offer ' new for old ' replacement in the first 12 months although most large and reputable insurance companies do, providing the GAP policy covers Total Loss without raft loads of exclusions then IMO generally its a good policy that hopefully you dont claim on.

PS Just seen my first 997 on the Road - need say no more.
 
ORIGINAL: garyw

Guy I dealt with was Richard Causon 0116 282 8300

garyw
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Many thanks for everyone's input on this. I spoke to Richard at Lombard and have decided to take up a policy with them.

For the benefit of anyone else who may be interested, the cost of the cover is £8.25 per month over 3 years (approximately £300). The maximum amount they would pay out is £15,000 (which hopefully should be more than my 997 will depreciate in that time [;)]).
 
almost as many opinions as people[:D]
gap a bit like warranty extension-you never need it till you need it.....i have two friends who have saved thousands after 2 write offs in first yr.others "wasted "their money..take your choice
as for scotchguard-i dont know but i had mine zymolled at delivery and topped up occasionaly-it remains pristine[:D].one colleague had scotchguard and said it was great,one said not longlasting so a waste...
 
Gap insurance is a yes for Porsche drivers; firstly cos the brakes are so good that people can and in an emergency will crash into the rear of your car; with the rear engine this is more likely a right off. Secondly, it may get stolen; sorry but that is the reality!

Scotch gaurd, I did but wouldn't again - better to spend the money on a good detail (Zymol) twice a year.
 
Chris, GAP is a stand alone product.. and the Porsche one is expensive, about £1000 was mentioned in the last thread on the subject.
I paid £325 for mine for the three year cover on RTI... shop around and possibly contact Jamie who may do a product at a good cost.

garyw
 
Try www.click4gap.co.uk, got me a very good deal on the Cayman S last year - about £255 for a Return to Invoice value of £53k. At that time the web site wouldn't give quotes over £50k, but they can deal with you over the phone.

Ian
 
Having had a new car scrapped within 6 hours of picking it up....(by one un-careful lady driver)[:mad:], I would never buy such a high value car without GAP insurance. The car will loose far more in depreciation in the first month than the cost of the insurance...
 
I bought GAP cover for my turbo ex OPC. Cost me £600. Thankfully not needed it yet but it does give return to full invoice value for three years cover! As has already been said I wouldn't buy such an expensice car without it! You could probably shop around and get it cheaper though!
 
I have a Return to Invoice product on my car at £8.25 a month which you can cancel at any time so no upfront hit.

Also would recommend www.elitedetailing.co.uk for Zymol Royale which is what I had.

Let me know if you want details of the Return to Invoice GAP policy. I don't sell it but can point you in the right direction. Also, new car finance rate to beat OPC if you are buying in that way.
 
ORIGINAL: robertc@okw.co.uk

Having had a new car scrapped within 6 hours of picking it up....(by one un-careful lady driver)[:mad:], I would never buy such a high value car without GAP insurance. The car will loose far more in depreciation in the first month than the cost of the insurance...
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My regular cover gives me return to invoice for the first year anyway and after that, market value including accessories. GAP would be a waste for the first year but I will see what cover costs then.
 
hi jamie

would be interested in gap insurance so if you have any details


chris


ORIGINAL: Jamie Garside

I have a Return to Invoice product on my car at £8.25 a month which you can cancel at any time so no upfront hit.

Also would recommend www.elitedetailing.co.uk for Zymol Royale which is what I had.

Let me know if you want details of the Return to Invoice GAP policy. I don't sell it but can point you in the right direction. Also, new car finance rate to beat OPC if you are buying in that way.
Click to expand...
 
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