GAP Insurance

Discussion in 'Ibiza Mk5' started by pmerryman, Feb 1, 2011.

  1. pmerryman

    pmerryman Full Member

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    On the Quote it asks GAP claim limit? What would you put in here? Do you put enough to cover the cost of a replacement car?

    Thanks Paul
     
  2. sly200sx

    sly200sx Senior Member

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    I paid cash for my car, I was under the impression GAP was only really valuable if u had finance i.e a car loan for the buying of. Have i been a teet.? lol
     
  3. pmerryman

    pmerryman Full Member

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    I would of thought you were in the same boat. If you had an accident or the car was stolen, it doesn't matter how you paid for it, the car will still need replacing, and there will be a shortfall somewhere.
     
  4. sly200sx

    sly200sx Senior Member

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    I thought it was to cover the now outstanding finance on the car that is now fecked or stolen?
    Ah well, easy come easy go! lol

    Just did a quote on click4gap and its £95 quid for it, if ye go through quidco u get £22 cashback...
    might be worth investing....
     
    #4 sly200sx, Feb 1, 2011
    Last edited: Feb 1, 2011
  5. pmerryman

    pmerryman Full Member

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    Just found this on a GAP insurance web site.

    I paid cash; can I still buy a policy?
    Yes! Vehicle Replacement Insurance pays the difference between the purchase price and the cost of replacing the car with a new car of the same specification or of similar age if the car was not new when purchased. It makes no difference how you have chosen to buy the vehicle!
     
  6. m0rk

    m0rk sarcasm comes free

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    I went for RTI insurance, so that if it's written off, I can just take the insurance money & the 'RTI' insurance and buy a new one :)
     
  7. pmerryman

    pmerryman Full Member

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    Did you do the Vehicle Replacement GAP ?
     
  8. Biker

    Biker Full Member

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    I thought the same as you mate, that GAP insurance was used to pay off any shortfall to the finance company that a settlement may have left.

    So do I understand this, you are saying you can take GAP insurance out for three years and if your car is a total loss in that three years you get a brand new one? I might have to have some of that...lol
     
  9. sly200sx

    sly200sx Senior Member

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    It is this, if i paid 15k for a boc, and the insurance says at time of crash write off or stolen it is worth 'market value', then the gap insurance pays you the difference from what you paid on yer invoice to what the insurance co pays out to u.

    Car = £15k
    Insurance value = £10k
    Gap pays you £5k

    Means that u can then go and buy another 15k boc, or whatever.
     
  10. Biker

    Biker Full Member

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    Sorry for all the questions, but as I have had mine for nearly a year can I still take out a policy?
     
  11. m0rk

    m0rk sarcasm comes free

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    No, you need to take it out within about a week of purchase IIRC
     
  12. sly200sx

    sly200sx Senior Member

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    Think so, Although more expensive for some reason if you've owned the car for more than 90 days, and it seems you have only the one option of 'return to value' ranther than 'return to invoice'.

    here is where i got mine from (in the last 10 mins wi £22.50 quidco cashback :D

    Not yet had the car for 90 days yet!

    http://www.click4gap.co.uk/index.asp
     
  13. pmerryman

    pmerryman Full Member

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    Anyone help on this?
     
  14. CodeMonkey

    CodeMonkey Full Member

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    You can do RTI up to 3 months from new purchase, with up to 3 months delay before activation.
    Bought my FR in late Sept 2010, RTI kicks in March 2011 for 4 years. Cost about £230 for up to £12k gap.
     
  15. grant 123

    grant 123 Senior Member

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    i have GAP, Worked out £150 for 3 years cover, less than a pound a month
     
  16. sly200sx

    sly200sx Senior Member

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    The cover amount is what the max u can claim as the GAP.
     
  17. sly200sx

    sly200sx Senior Member

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    Mine was £88 for 2 years and £5k cover... Plenty for me, not had any car more than 24 months. Next will be the Bocanegra R 1.6 TSi wi 230bhp, :D :D
     
  18. pmerryman

    pmerryman Full Member

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    The car was 10598 so what price would you use for the gap.
     
  19. pmerryman

    pmerryman Full Member

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    The car was 10598 so what price would you use for the gap.
     

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