Gap insurance?

Just re-reading up on this.

Be sure to check your insurance documents, if your insurer offers vehicle replacement in the first year and something happens then your gap is void.

The more I look at ALA the less competitive Audi's is.
 
I found www.gapinsurance123.co.uk to be helful when I called them to ask questions about their cover, best of all if there was a problem they are within a 20-30 minute drive from where I live. I'm not sure if others do the same, but when I asked what happens if I change the car within the policy term, they said they give credit to the next one you take out.

Price of car £32,000 cover limit for £20,000 over 3 years (deferred for the first year as my insurance does new for old) came in at £157. Their top level of cover will pay out even if the car has increased in price, as long as you don't go over the £20k limit.

I'll be going with them when the time comes.
 
Guys. Definately recommend Gap Insurance ever since my mum wrote off a car a few years ago and the insurance money would not allow her to afford the same car/age! I have car2cover, had M3 last year and wrote it off paying out quickly with minimal fuss. Since taken out on S3 and one of the most competitive around. Also I had a Golf between cars and they refunded balance without any drama!
 
Yeah you're right in 3 years time if your car gets stolen. You'll get a cheque from your normal insurer for say £15000 and another from your GAP insusurer for £25000
 
Where does the GAP insurers get the money to pay up? I don't quite understand...
 
So I went with ALA, noticed in the terms:

2. Notify the police of any loss or damage by theft within 24 hours or as soon as reasonably possible.

Don't forget that, and read your policy.
 
audi upgrades
I told Audi how much ALA would do it for and they matched it, with no problems.
Wheel and tyre free too.
 
CraigI said:
I told Audi how much ALA would do it for and they matched it, with no problems.
Wheel and tyre free too.
Click to expand...

Mine where willing to get close to the ALA quote but the Audi gap was only return to invoice and not a replacement car. Worth bearing in mind.
 
I didn't go for Audi due to the number of years.

If you go online search for a discount code, should get 10-20% off
 
I asked Audi to price match another quote and they couldn't. They did however reduce their offer by 50%, so it goes to show the margins they make.
 
Apologies if I'm covering old ground. I got a bit bored when I got to page 2, insurance discussions are pretty boring lets be honest!

My question is this. I'll be collected my new 8V A3 in January so am looking at GAP insurance but having read the bit below, in the link below, it doesn't look like I need GAP insurance if the people I go for can provide me with this 'new car replacement' option? Maybe these types of 'everything covered' policies are over priced and I'm better to get them (standard car insurance without the 'new car replacement' supplement and GAP insurance) separately?

GAP insurance is probably not suitable if…
Your car is less than 12 months old and you’re the first registered owner
Most fully comprehensive car insurance policies offer 'new car replacement' during the first 12 months of ownership.

https://www.moneyadviceservice.org.uk/en/articles/do-you-need-gap-insurance

Maybe I've missed something, in which case I can only apologise.
 
You can easily negotiate getting the GAP insurance thrown in with the car. I have no idea what the quote was from the dealer, I just told him I wanted it thrown in so he did :)
 
I got GAP thrown in with the car when we got it. The car was an ex Audi demonstrator. We took Audi finance then decided after a week that finance was not for us and we paid it off. Is the Audi GAP insurance linked to the finance agreement as we never received any paperwork?
 
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A3Kent said:
Apologies if I'm covering old ground. I got a bit bored when I got to page 2, insurance discussions are pretty boring lets be honest!

My question is this. I'll be collected my new 8V A3 in January so am looking at GAP insurance but having read the bit below, in the link below, it doesn't look like I need GAP insurance if the people I go for can provide me with this 'new car replacement' option? Maybe these types of 'everything covered' policies are over priced and I'm better to get them (standard car insurance without the 'new car replacement' supplement and GAP insurance) separately?

GAP insurance is probably not suitable if…
Your car is less than 12 months old and you’re the first registered owner
Most fully comprehensive car insurance policies offer 'new car replacement' during the first 12 months of ownership.

https://www.moneyadviceservice.org.uk/en/articles/do-you-need-gap-insurance

Maybe I've missed something, in which case I can only apologise.
Click to expand...

Some car insurers in the first year of a new car give a new car replacement, check with your insurer. If that is the case and something happens in the first year only, gap will not give you any money if you reject the new car replacement from your insurer.

I think only direct line and a select few do vehicle replacement, and your gap should let you defer a year if you get new car replacement.

However, would you want to wait 3+ months again?

Phil-1 said:
I got GAP thrown in with the car when we got it. The car was an ex Audi demonstrator. We took Audi finance then decided after a week that finance was not for us and we paid it off. Is the Audi GAP insurance linked to the finance agreement as we never received any paperwork?
Click to expand...

I wouldn't imagine so as one is an insurer underwritten by a company and the other is a dealer selling cars. If you had to use GAP it would be then that they ask is it financed or not, it shouldn't make a difference but check the terms of your gap insurance and ring them.

Andyh1873 said:
What was the penalty, if any, for paying off the finance so soon?
Click to expand...

On the Audi PCP - If it's within 14 days of taking it out you should be charged nothing, if it's outside of that it's usually the interest rate up until the time of settling. So for example on the second month they would charge one more months interest plus the amount owed.
 
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A3_Rider said:
Some car insurers in the first year of a new car give a new car replacement, check with your insurer. If that is the case and something happens in the first year only, gap will not give you any money if you reject the new car replacement from your insurer.

I think only direct line and a select few do vehicle replacement, and your gap should let you defer a year if you get new car replacement.

However, would you want to wait 3+ months again?
Click to expand...

What alternative do I have?
 
A3Kent said:
What alternative do I have?
Click to expand...

Well the GAP I went for (ala) is the invoice price. My insurer gives me the market value only, not a replacement.

So in the event of something happening let's say in 5 months the insurer would pay out say 25k, the invoice price is 30 so gap would give 5. I wouldn't be told by gap no payout as the insurer hasn't offered me a new car replacement.

The same applies for each year thereafter until gap runs out, the only thing is I won't be forced to take a new car in year 1, as I don't want to wait so long and would probably just not want the same car.
 
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A3_Rider said:
Well the GAP I went for (ala) is the invoice price. My insurer gives me the market value only, not a replacement.

So in the event of something happening let's say in 5 months the insurer would pay out say 25k, the invoice price is 30 so gap would give 5. I wouldn't be told by gap no payout as the insurer hasn't offered me a new car replacement.

The same applies for each year thereafter until gap runs out, the only thing is I won't be forced to take a new car in year 1, as I don't want to wait so long and would probably just not want the same car.
Click to expand...

Thanks for this. So basically you are saying to take out normal car insurance (without new car replacement) but get GAP separately as Return to Invoice?
 
I'd say to go for gap cover with replacement car rather than RTI as that'll cover any future price increase and also any discount you've got from the dealer. With RTI you'll get the invoice price after discount. It's only about £20 more for the term but will cover an extra 10% ish of value.

Si.
 
That depends on if you want the same car again.
If it was stolen from your driveway, you wouldn't want the same car to be stolen again in 6 months time.
 
You wouldn't have to get the same car again, it would just pay out the value to get the same spec car you had at the new/full price. So in theory, you would be paid any discount you got from the dealer.

Si.
 
So in theory the 'replacement car' GAP policy gets you the cash amount or car in the current financial climate where as RTI gets you the cash amount back to the original invoice?
 
I thought replacement car was to replace the car and not give you the cash. Where as return to invoice gives you the cash.
I'd also like to know.
 
So what's stopping scammers buying cars via carbrokers for £3-5k cheaper, having them deliberately stolen and then claiming replacement cash at full retail amount?
 
I'm maybe not as sure about this as i thought i was. I wouldn't have thought an insurance company with no links to Audi could make you buy another Audi. I just see it as future-proofing your investment.

Liquidfusion-S3 said:
So what's stopping scammers buying cars via carbrokers for £3-5k cheaper, having them deliberately stolen and then claiming replacement cash at full retail amount?
Click to expand...

I would imagine this kind of thing has happened but it would be a very slow process of making money :)

Si.
 
Psyman79 said:
I'm maybe not as sure about this as i thought i was. I wouldn't have thought an insurance company with no links to Audi could make you buy another Audi. I just see it as future-proofing your investment.



I would imagine this kind of thing has happened but it would be a very slow process of making money :)

Si.
Click to expand...

Not a slow process if you do it in bulk lol
Ok so I just read up again and here it is from ALA replacement car:

1. I own my vehicle outright (payment with cash or using personal loan)

Vehicle Replacement Insurance will pay the difference between your comprehensive insurer's settlement and the replacement cost of a vehicle of the same make, model, specification and age as the one you originally purchased. This is new-for-old replacement if the car you purchased originally was brand new or one of the equivalent age as that you originally purchased if it was a used car.

Our claims administrators would pay you the settlement directly unless you request them to source the vehicle on your behalf. <<<<<<<<<<<< This
 
Someone in one of the old threads said that the GAP insurer placed the replacement car order directly with a broker or dealer to source a replacement car

This way they don't pay full RRP on it.

Perhaps this can be clarified by a GAP broker.
 
A3Kent said:
Thanks for this. So basically you are saying to take out normal car insurance (without new car replacement) but get GAP separately as Return to Invoice?
Click to expand...

Exactly, be sure to check the terms of the GAP insurance. For example some may only pay the difference in finance owed, if you didn't get finance in the first place that would be useless/if you paid a hefty deposit you would lose all that. You need the return to invoice that includes finance and the original price of the car, as they will pay whichever is greater.

Psyman79 said:
I'd say to go for gap cover with replacement car rather than RTI as that'll cover any future price increase and also any discount you've got from the dealer. With RTI you'll get the invoice price after discount. It's only about £20 more for the term but will cover an extra 10% ish of value.

Si.
Click to expand...

That's right in one sense, especially the discount part as long as the terms of the gap policy don't exclude that, something you would need to check.

Psyman79 said:
You wouldn't have to get the same car again, it would just pay out the value to get the same spec car you had at the new/full price. So in theory, you would be paid any discount you got from the dealer.

Si.
Click to expand...

No, replacement means you get no payout. Remember this is first year only.
 
A3_Rider said:
Well the GAP I went for (ala) is the invoice price. My insurer gives me the market value only, not a replacement.

So in the event of something happening let's say in 5 months the insurer would pay out say 25k, the invoice price is 30 so gap would give 5. I wouldn't be told by gap no payout as the insurer hasn't offered me a new car replacement.

The same applies for each year thereafter until gap runs out, the only thing is I won't be forced to take a new car in year 1, as I don't want to wait so long and would probably just not want the same car.
Click to expand...

A3_Rider,

I am thinking along the same lines as yourself, but am struggling to find an Insurance Company which doesn't offer a Replacement Vehicle clause in their policy.

Can I ask who your insurer is...?

Thank you
 
kingbilly said:
A3_Rider,

I am thinking along the same lines as yourself, but am struggling to find an Insurance Company which doesn't offer a Replacement Vehicle clause in their policy.

Can I ask who your insurer is...?

Thank you
Click to expand...

ALA and Gap123 - Don't forget to search for discount codes, should save 10-20%
 
audi upgrades
Martinbanshee said:
The quote I got from them for GAP was steep, I might just go back and ask if they can price match.
Click to expand...

Was the finance person who did that, not the salesman.
Told them I'd get it elsewhere, they asked how much and said they'd match it.
Just under £400 less I think. Shows you the mark-up on these products.
 
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