[bugbabe34]

Can anyone recommend an alternative insurer to the VW offering for £349? I've got them down to £249 but after reading other comments on here I'm guessing that is still very expensive. I've asked my salesman if I can cancel at this late stage, but I haven't heard back yet.

 

[rcjwjj]

Try
https://www.ala.co.uk/retail/quote.php?action=goto&group=cars&options=1 I think it should cost you less than £100 for 3 years and they seem reputable.

 

[bugbabe34]

Thank you rcjwjj. Yes your right, the quote from ala was £90. There aren't that many companies that do it. I was just wondering if anyone had already researched it and was in the know! Have found some differing opinions on moneysupermarket.com

 

[kirstyr]

I was quoted 70-80 for 3 years, but cant remember where! Pretty sure I just googled gap insurance, and took it from there.
You just need to decide if you need it or not, i've opted against, only because i'm hopingthe up will retain its value, and I'm doing less than 6000 miles per year. If your driving lots, it will be worth it I imagine.

 

[Charlie82]

Hi I would read the Which Gap Insurance review.http://www.which.co.uk/money/insurance/guides/gap-insurance/return-to-invoice-gap-insurance-review/hope this helps

 

[bugbabe34]

Thanks everyone. Just cancelled my GAP insurance order with the dealer, so I can source it myself for £80 instead of £249 (salesman had knocked £100 off already!)

 

[whassup]

If you insure with NFU Mutual they will replace your car if it's written off for the first two years, and as I keep my cars for about two and half years its not worth it for me. Plus the cover from NFU Mutual is excellent.

 

[bugbabe34]

Thank you Whassup. Will look into that when I renew

 

[clowesa]

Forgive me for being a brainless idiot but is the Gap insurance cover the same for all companies?

I have to admit to being totally bone idle and not wanting to go through reams of internet searches, comparison sites and terms and conditions so I was happy enough to stick with the VW arranged Gap insurance after they'd knocked off £100.

Am I a complete moron?

 

[bugbabe34]

Not at all. It's the easiest option. There's return to invoice, agreed invoice or vehicle replacement. What I didn't like about VW apart from the over inflated cost, was that they didn't actually tell me which I was buying

 

[bugbabe34]

I only cancelled mine the other day, after doing some research and getting help on here

I know one of the differences is whether they pay your excess for you, that differs from company to company Edited by: bugbabe34

 

[clowesa]

Not at all. It's the easiest option. There's return to invoice, agreed invoice or vehicle replacement. What I didn't like about VW apart from the over inflated cost, was that they didn't actually tell me which I was buying

Thanks bugbabe34, I'll have to look up the three options to see exactly what each one means (I make no apology if they're totally obvious & I'm just slack).



I have to agree though, the salesman did go through the basics but didn't actually explain exactly what I was getting BUT I'm still a lazy bugger and just hoping that either a) I never need it or b) if I do, it'll cover me for what I do need.


Here's to having more money than sense

 

[ZumbaQueen]

My salesman has told me 'don't buy anything you've seen on the Internet you know we'll give you a good deal when it comes to paperwork day'

Not really sure what it is but as long as it's no more than 80 quid that I can get from Direct Gap and certainly not the 400 quid they wanted to charge I'll be a happy puppy

 

[bugbabe34]

Someone said they make so much commission (some to the salesman and some to the dealer) that you can definitely knock them down, but I guess they won't go as low as £80. Be interesting to see tho. Please do let us know

 

[bugbabe34]

Clowesa, btw typo above, should be agreed value not agreed invoice

Don't want you looking for the wrong thing

 

[clowesa]

Thanks bugbabe34, that actually makes more sense & I think I can pretty much work out what they are.

I'm having a serious re-think now, mainly because all you nice forum members seem to have already done the work for me and come up with a number of insurers that I can check out. It does seem pretty stupid to splash out nearly £300 on something I can get for less than £100.

Weird really, I may have more money than sense but I'm also from Yorkshire and it's not like me to hand over hard earned cash where it isn't necessary.

Thanks guys

 

[clowesa]

OK, so I've done my bit of research and it looks as though Return to Invoice is around the £80-£100 mark and Vehicle Replacement is £140-£150, depending on the claim limit you choose.

Return to Value Gap is only available if you've had the car more than 3 months (i.e. if you've chosen not to have GAP in the first year because you're covered by your car insurance for vehicle replacement). In this case, the GAP covers you for the difference between the insurance payout and the actual value of the car at the time you take out GAP, not the original purchase price.

So my next question is; As I'm not paying cash for my up!, when choosing my GAP claim limit, do I need to select a higher figure to take into account finance charges/interest?



Edited by: clowesa

 

[pugliablue]

I would have thought the whole point of GAP insurance would be to cover all your costs,finance included? If the car is financed then technically you don't own the car so even if they replace your car for a new one you would still owe the finance company the full outstanding balance. I did ask my dealer about this but it confused him!! I found it easier to finance the car myself,bank loan etc as its far cheaper,easier to sell the car later if you needed to and not linked to the car. In time GAP is going to be the next PPI style miss selling scandal. Most people don't need it and some are sold it without even knowing about it. The dealers do a good job of making you thinks its essential to have it!

 

[bugbabe34]

I self financed too as the stealership originally quoted an extortionate amount of interest. After complaining the manager got to within £600 of the personal loan I had already taken, whoops, I forgot to mention that when I complained!! Muppets! They prey on people not knowing what they are doing, classic example with GAP

Good question about the interest though. Mine worked out to £750 on £8k. So not too much to worry about on an invoice value of £12555
Edited by: bugbabe34

 

[clowesa]

Thanks pugliablue, what you say makes sense and I reckon you're probably right about the mis-selling and making people think it's essential too.

Anyway, according to the policy summary at ala.co.uk, their Return to Invoice(RTI) GAP pays either the difference between the insurance payout and the original invoice price of the car OR the outstanding balance owed on the finance agreement, whichever is the greater.

Their Vehicle Replacement (VR) GAP pays either the difference between the insurance payout and the current value of replacing the vehicle with a new one OR the outstanding balance owed on the finance agreement, whichever is the greater.

So, you only need to select the claim limit that will definitely cover the difference between the original cost and the insurance payout (in anything up to 3 years time). How much they pay and who they pay it to all depends on when (if at all) during the GAP insurance period you total your car.

MY BRAIN HURTS !!