Dismiss Notice
Hi Guest we emailed you the other day, but we just want to let you know that our Privacy Terms have changed. You can read them here: New Privacy Terms

Car Value Insurance from dealer on new Leon

Discussion in 'Leon Mk2' started by Robdrums, Feb 14, 2008.

  1. Robdrums

    Robdrums "Bitchtits"

    Joined:
    Feb 18, 2006
    Messages:
    211
    Likes Received:
    0
    Is this something that's offered across the board on new Leons at time of sale, a scheme where if your car is written off you are paid out on the amount you originally paid for it, not the market value? £300 for three years doesn't sound that bad, but has anyone actually taken it out?

    Cheers

    Rob
     
  2. alx_chung

    alx_chung Dark Lord of the Torque

    Joined:
    Sep 11, 2006
    Messages:
    1,722
    Likes Received:
    0
    Sounds like Vehicle Replacement Insurance to me. I have it on my car and it basically allows you to buy a new car at the same value as your current one if something happens to it.
    Alex
     
  3. Poverty

    Poverty Guest

    So basically it is GAP insurance?
     
  4. Deev

    Deev Full Member

    Joined:
    May 28, 2006
    Messages:
    308
    Likes Received:
    0
    Don't buy GAP insurance from the dealer! You can get it (much!) cheaper from somewhere like www.click4gap.co.uk
     
  5. Gib83

    Gib83 Neeow!!

    Joined:
    Mar 3, 2007
    Messages:
    334
    Likes Received:
    0
    Sounds very much like GAP insurance. I have it too. Just check the small print and what it covers you for and as long as its all there, its not a bad insurance to have.
     
  6. 14k

    14k Full Member

    Joined:
    Jan 13, 2008
    Messages:
    63
    Likes Received:
    0
    I got the impression gap insurance paid out on the difference between:

    The market value of the vehicle at the time of the accident (this will be what your regular motor insurers value of the car is prior to write-off and hence what they owe you - (normally comfortably below what you would have been able to sell it for to a private buyer) )

    and;

    The price you paid for the vehicle. The car's value "today" or the value of the vehicle when the insurance is taken out

    This is only in the event of an accident and the car is subsequently a write-off of course.

    Personally I don't think it's worth it unless you paid over the odds for your car from the dealer, or if you bought an expensive car which depreciates significantly after use (in which case the gap insurance will be monstrous anyway) To me it seems like a depreciation insurance, except when you want to claim you have to risk killing yourself.


    Please correct me if I'm misunderstanding anything.
     
    #6 14k, Feb 16, 2008
    Last edited: Feb 16, 2008
  7. jasonconnell

    jasonconnell Guest

    Glad I read this - I was about to pay £300 to the SEAT dealer for Gap Insurance and have just found it for £130 on the web! Another thing worth bearing in mind is that I have heard that gap insurance can be deferred for the first year (since your regular motor insurance normally covers you "new for old" in the first year anyway). So that's 130 quid for 4 years cover compared to 300 quid for 3 years from the dealer, I know where my business is going...
     
  8. Rampage

    Rampage Trainee Northener

    Joined:
    May 24, 2003
    Messages:
    1,008
    Likes Received:
    0
    I got it for £125.
    You should note that if you get a pre-reg your insurance won't give you the 1 year cover.
     
  9. AndyGrey

    AndyGrey Full Member

    Joined:
    Jan 17, 2008
    Messages:
    40
    Likes Received:
    0
    Just make sure you know what 'GAP' insurance your getting for your money. There are so many different types on the market.

    1. Cover for the difference between the current market value of you car and the amount paid out by you insurance.

    2. Cover for the difference between the outstanding finance and the insurance payout, so your not left in -ve equity.

    3. And finally the difference between the originally purchase price for the vehicle and the insurance payout.
     

Share This Page