[up'sadaisy]

has anyone took out the gap insurance from vw or have you used some one else if so how much was it andwho did you use

 

[Rednaxela]

What exactly is gap insurance?

 

[ZumbaQueen]

Vw don't do gap insurance they contract it put to a company called Abraxus.

They pay any difference between the insurance valuation in event of a claim and by and large the invoice price

 

[Nigel]

Yep we took it out mainly cos my son who is 18 is learning to drive in our up! And will probably use it once he has passed his test and God forbid anything happened it seems like a sensible precaution.. Our dealer reduced our gap payment to £329 over 3 yes. Seemed fair enough

I never have done gap before but because of a few more what ifs and we have bought our up on a PCP we decided to go for it

It's up to how you feel about those things

Nigel

 

[montys1]

My dealer quoted £399 at first which I though was dear so I didn't commit and said I would check it out and come back on it.I did some research online and it seems a worthwhile investment, just notat the price quoted. A lot of people on Moneysavingsexpert.com recomended Gap Insurance from Ala.co.uk who offered the same 3 year cover with matching or even improved features for a fraction of the price - £90.
Armed with the info I went to the dealer and he did his best to pick holes in it butin the end I said if he would halve his price to £200 I would keep itall in house - including VW insurance which was the best quote I had to date. He went with the £200.

 

[ZumbaQueen]

It won't be with VW as they stopped doing gap in 2010 it will be with a company called Abraxus would have no association with VW at all.

 

[GaveUp]

Our dealer wanted £399 and was through Black Horse but I had alreadychecked out ala so didnt go with vw. My insurance replaces car & extra packs if damage value is a certain percent.

 

[montys1]

The dealer I'm using has Gap through AMS Asset Secure, don't know if that's Abraxus. When I said keeping in house I guess I meant dealer organised.

 

[siannyd]

£399 don't know if I'll take it yet

 

[GaveUp]

Ala was just over £100 for 3 years.

 

[RDA]

Remember the PPI scandal ? This is the latest version of the same scam.

These guys peddle FUD - Fear, uncertainty and doubt.

 

[Rednaxela]

I still don't understand what it is...

 

[siannyd]

Basically if you crash yr UP! on the first day for instance and it cost you say £10,000, because you've driven off the forecourt it's then classed as used so yr normal insurance would cover it's used value- say £6,000 for arguments sake. So suddenly you've only got £6,000 to buy a £10,000 new car! CRISIS! so somebody invented gap insurance which means for £399 for 3yrs you fill that gap/shortfall in cost. So in this example you would claim on your normal insurance and get £6,000 then claim on the gap insurance and get £4,000 to fill the gap! Ta daaa brand new UP!
fingerscrossed we never need either!
Hope this helps

 

[mogwai]

Looking at the ala.co.uk site even the Return to invoice product (which is better than GAP,as it covers the shortfall between the insurance and the cost of a brand new up) is only £137 for 3 years vs £399 the dealer wants to charge me for it.

 

[Leif]

Looking at the ala.co.uk site even the Return to invoice product (which is better than GAP,as it covers the shortfall between the insurance and the cost of a brand new up) is only £137 for 3 years vs £399 the dealer wants to charge me for it.

I'm glad I skipped the gap insurance. When I bought mine, I was told the FSA required them to speak to me, and they then did the sales spiel for gap insurance etc. Mmmm. Mind you, the fact that there is a shortfall sounds like a scam. Surely insurance should put you in the position you were in before the accident.

 

[RDA]

Basically if you crash yr UP! on the first day for instance and it cost you say £10,000, because you've driven off the forecourt it's then classed as used so yr normal insurance would cover it's used value- say £6,000 for arguments sake. So suddenly you've only got £6,000 to buy a £10,000 new car! CRISIS! so somebody invented gap insurance which means for £399 for 3yrs you fill that gap/shortfall in cost. So in this example you would claim on your normal insurance and get £6,000 then claim on the gap insurance and get £4,000 to fill the gap! Ta daaa brand new UP!
fingerscrossed we never need either!
Hope this helps

But my insurance, in common with many other policies, provides an identical replacement new car in the first year, so what is the point in GAP insurance ?

 

[ZumbaQueen]

£399 don't know if I'll take it yet

I wouldn't at that price, if it was all inhouse with VW Insurance running the whole thing it'd be fine but they're justa broker and finding the same deals we are and charging a standard 400 quid

 

[Rednaxela]

Thanks for the heads up.. I had not heard of it before...

 

[ZumbaQueen]

Remember the PPI scandal ? This is the latest version of the same scam.

These guys peddle FUD - Fear, uncertainty and doubt.

Doesn't all insurance work like that in a way. I wouldn't be happy if my insurance company gave me 6K for my 2 year old car and I'd have to buy a Kia Picanto!!

 

[willowaz]

i got offered £350 for it, and im sure all the info says thru vw not an external broker. got told i can change my mind at any time up until i get the car...