GAP Insurance

[paulwat]

Hi All,

Picked up my Boxster on Friday and before I left the showroom the OPC offered me GAP insurance. My understanding was that this would payout the difference between what I paid for the car and what I am offered by my insurers, am I correct here?

The quote was for £499 to cover two years which seems reasonably cheap given that in two years time the car could be worth a good 10K less than last friday as far as an insurance company is concerned. This leads me to think there are some gotchas lurking somewhere to trip me up so I would welcome any experience of this type of policy.

Regards

Paul

 

[Rickster]

We took gap insurance on the GFs new car from Mini sheffield 2 weeks ago and the guy offered me gap insurance for my 04 boxster that i bought 8 months ago from OPC Reading.

2 years = £300.

Seems really good and i was sceptical at first but he gave me the details to take away. I will probably take it out. Seems like it does pay out up to purchase price

Must simply work on the odds of people writing cars off / getting stolen is pretty small.........

 

[964RS]

Rick,

It's just another method for dealers to scam some money off you. Put your £300 in the bank and have a slap up weekend in 2 years time to congratulate yourself on being a safe driver. In my opinion if you walk away from an accident in which your car is written off - I would thank my lucky stars. On a new car: most insurance pays in full if a new car is written off in the first year so the premium only really pays for the second year - not so cheap now?

Cheers!

 

[Gary C]

ORIGINAL: 964RS

Rick,

It's just another method for dealers to scam some money off you. Put your £300 in the bank and have a slap up weekend in 2 years time to congratulate yourself on being a safe driver. In my opinion if you walk away from an accident in which your car is written off - I would thank my lucky stars. On a new car: most insurance pays in full if a new car is written off in the first year so the premium only really pays for the second year - not so cheap now?

Cheers!

Well, I bought a brand new Impreza in sept 2003 for £24K and I bought the GAP insurance for £300.

In April 2007, the car was stolen. My insurance payed out £13500, the GAP payed out £10000.

So after 3 1/2 years of motoring, I lost £500.

My GAP insurance policy started after the first year of ownership and ran for the subsequent 3 years. Not bad cover for £300.

Then £10K went on a 24,000 mile mint Carrera 3.2

 

[Rickster]

my car is 4 yrs old and i bought it from an OPC 8 mths ago which cost me well over the 'market value' the insurance company would give me.

When you include the high spec etc which the insurance company may not even pay out for (sat nav, phone, bose, full leather etc), 'market value' wont be anywhere close to what i paid for it.

£300 for potentially £10, 000 i think its well worth it! Bloody car tax is more than that now!!!

Any other thoughts anyone?

 

[Gary C]

Of course they make money from it, but its fairly cheap (compared to the price of the car) and when its needed, it is very comforting.

If anybody does buy it though, make sure you find out what documents you would need in case of a claim.Mine required an original sales invoice, which I did not have. Fortunatley, the dealer was still trading and managed to find a copy in their files (Thanks Wildings of Morcambe). Also, on a new car, see if it can be deffered for the first year if your insurance would cover a new car anyway.

Also verify what type of 'Gap' insurance. Mine was VRIP (vehicle replacement insurance protection) and that paid the difference between invoice and insurance payout upto 10k. Some 'Gap' policies only cover the gap between any outstanding finance owed and insurance payout.

In summary, well worth it in my case, but make sure what it covers

 

[MrDemon]

I stopped buying it, and moved to just a better insurance company from a cheapo one, the saving from gap buys you nicer insurance.

most 5 star offer return to invoice in the 1st year anyway on new cars.

"It won’t cover anything you think your car insurance owes you. If your main car insurance company offers you less than the market value of the car, and you accept, the GAP insurer won’t make up the difference."

+ "Your car has been labelled a total write-off"

 

[plherbert]

I've just purchased GAP insurance through ALA after reading many reviews online. Ended up calling them for some further detail, I was very impressed with their approach and subsequently signed up. Does anyone have some insurance provider recommendations that would offer a return to invoice on older cars, say 5-10 years old.

 

[kitchens]

Used ALA on my 987 Spyder 3 year policy £270 thankfully never needed to claim was back to value of what I paid . Not one to subscribe to these policies but in this case gave me piece of mind for my hard earned cash I believe Marsh insurance will give you back to invoice value up to £73K without tracker fitted not sure it would apply to your older cars though .Found ALA very professional to deal with and staff are salaried not commission paid

 

[plherbert]

Yeah to be honest, funny how we all have different attitudes to risk, but ultimately I do think there is much more added value to GAP than the policies of 10 years ago. My understanding originally was for it to clear finance if you found yourself in a position of total loss, however now applicable to cash buyers as much as buyers with finance, and then restoring you back to invoice value.

I do think, I would prefer to pay a bit more for quality specialist insurance that gives better cover than your standard insurance policies, however I've always found the Porsche specialists insurers to be much more costly. I've just paid £220 for a 3 year policy and £20k sum insured, compared to the £800 policy I was offered by OPC, I thought it was a deal.

 

[jdpef356]

You should get one weeks FOC insurance with Marsh on your new Boxster.

My follow up with Marsh proved to be not only as good as other providers but a lot less expensive.

https://www.marsh.com/uk/...rformance-classic.html

 

[Wollemi]

I got 5 years return to invoice gap insurance on my then four year old Boxster S for about £230 with car2cover who were Which recommended. I hope that I will never have to claim but I thought it worthwhile for the peace of mind.

 

[bbbannister]

Was very happy with the quote I received from these people: https://www.ala.co.uk

Rob
https://namesnnumbers.blog/porscheclubgbr23/

 

[polar964]

Take out insurance for an agreed value! Proof of purchase is required. I went with Locktons.

 

[Gorsh]

Just noticed this thread, anyone considering their options for Gap Insurance should take a look at gapinsurance.co.uk. You can take out Gap on used cars too and choose replacement or invoice cover, and buy tyre or tyre and alloy cover from them. Also if you change cars you can use the pro-rata refund towards a new policy and they will give you a good deal.
Another consideration if your car is new, the NFU will cover the full cost of your car if it's written off during the first two years - plus their service is excellent, I've recently had a claim (non fault thankfully) and they have been fantastic to deal with.

No connection to either, just a happy customer.

 

[Third stage]

Another thumbs up for NFU, but they will usually only offer cover for rural postcodes.

 

[Wilbur]

My broker, GAP insurance was £230 for 3 years, and £195 for my SR Jag F pace

 

[Chadders743]

Hi. Has anyone in the R3 region used a wrap company in the North East? Im thinking of having my 987 (Gen 1) front bumper and lower bonnet area clear wrapped to protect from stone chips etc. Would appreciate any experiences and costings. Thanks.

 

[tscaptain]

Hi. Has anyone in the R3 region used a wrap company in the North East? Im thinking of having my 987 (Gen 1) front bumper and lower bonnet area clear wrapped to protect from stone chips etc. Would appreciate any experiences and costings. Thanks.

It's always nice to welcome a new contributor to the forum, so welcome, but why have you posted on this thread? This is about GAP insurance! Best if you start a new thread in the R3 forum. If you need any help let us know.