Just done a PCP, Get GAP?

I'll do it ;) they have emailed every day since I got the quote so that's getting annoying ;)

Is it best to go with the recommended level of cover? They suggest 10k. Car was 16k and doing it over 3 years. I guess it covers all bases. They don't ask many questions tbh, make of the car, how much it cost and how long you want it for

It's unlikely that you'll ever be more than 6K in the hole, so sounds good. Ensure that the 16K value you're putting against it is the total amount payable (car+interest), not just what you paid for the car.
 
It’s not that cut and dry, if you are certain want to be in the same (new) car after a total loss then vehicle replacement is a better proposition. If I’d have incurred a total loss between months 4-12 of owning my car, return to invoice wouldn’t have got me into a new one as the list price had gone up.

Yes, this "same new car" has an interesting twist. Taking your list price comment and expanding on it: If a new model comes out, shortly after the car you purchased (and your car now being the 'old' model), you could end up in the newer equivalent model and be £ thousands better off (lets assume you buy a heavily discounted outgoing model BMW just before the new 3 series is released, and then the new model is not discounted at all initially). They cant put you back into a new F30 series 320d when they don't exist anymore, and it has been replaced by the G30 series. If you see what I mean.
 
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It's unlikely that you'll ever be more than 6K in the hole, so sounds good. Ensure that the 16K value you're putting against it is the total amount payable (car+interest), not just what you paid for the car.

Oh really? The site makes it sound like you just need to put what you paid for the car including deposit etc?

Just checked, this is from ALA

This GAP Insurance policy will, in the event of a total loss, pay the difference between the comprehensive insurer’s market value settlement and the original vehicle invoice price or the finance settlement figure, whichever is higher at the time.

So all good based on the invoice amount I assume
 
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Theres also the argument that if you need GAP insurance you cant really afford the car, as your deposit must be absolutely minimal.

I'm not sure this makes any sense. I owned my M3 when it was nicked, and between the insurance and GAP I got back what I paid. What's not to love about that?!

Slight edit - got a bit less than I paid, cos Click4GAP were a nightmare. I now use ALA.
 
Yes, this "same new car" has an interesting twist. Taking your list price comment and expanding on it: If a new model comes out, shortly after the car you purchased (and your car now being the 'old' model), you could end up in the newer equivalent model and be £ thousands better off (lets assume you buy a heavily discounted outgoing model BMW just before the new 3 series is released, and then the new model is not discounted at all initially). They cant put you back into a new F30 series 320d when they don't exist anymore, and it has been replaced by the G30 series. If you see what I mean.

This is why I went for vehicle replacement on my Zoe, it's basically 100% guaranteed that the model I have is no longer going to exist within a couple of years (and in fact it's already going to cost at least £1k more to replace due to the reduction in grant), so if the worst should happen I'll actually end up in a better car with a bigger battery
 
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If I’d have incurred a total loss between months 4-12 of owning my car, return to invoice wouldn’t have got me into a new one as the list price had gone up.

But it's almost certain your car insurance would have - as a result GAP is largely worthless for the first year IMHO, infact many GAP providers allow you to defer cover until after your insurers new for old clause has expired.
 
This is why I went for vehicle replacement on my Zoe, it's basically 100% guaranteed that the model I have is no longer going to exist within a couple of years (and in fact it's already going to cost at least £1k more to replace due to the reduction in grant), so if the worst should happen I'll actually end up in a better car with a bigger battery

Yes, and I wanted to double check that I was correct so I actually phoned the gap insurer a moment ago and spoke to them. It works like this:

In the event of your vehicle being declared a Total Loss (written off) through accident, fire, theft, or flood, Replacement GAP insurance aims to pay the difference between your Motor Insurance payout and THE GREATER OF either:

  • The amount (if any) outstanding on finance at the time of claim EXCLUDING any Negative Equity brought forward from a previous vehicle (unless the optional "Negative Equity Cover" was purchased), OR
  • The ORIGINAL PURCHASE PRICE that you paid for your vehicle first time around, OR
  • The cost of REPLACING YOUR VEHICLE with one of the same Make, Model, Age, Specification and Mileage (or nearest equivalent) as your original vehicle was when you first bought it - even if the replacement vehicle cost is MORE than you bought the vehicle for first time around.
So, it's the third bullet point. I questioned that in my case I would be entitled to an 18 month old M5 Comp Pack despite the fact that would be a new model now and that it would be priced at around £30k more than what I'd paid for my M5 last year, and he confirmed this would indeed be the case. The only caveat he highlighted was that the gap insurer wouldn't actually go out and source a car for me, deal with BMW and buy it on my behalf, but provide the funds as a cash sum.

Win!
 
Yes, and I wanted to double check that I was correct so I actually phoned the gap insurer a moment ago and spoke to them. It works like this:

In the event of your vehicle being declared a Total Loss (written off) through accident, fire, theft, or flood, Replacement GAP insurance aims to pay the difference between your Motor Insurance payout and THE GREATER OF either:

  • The amount (if any) outstanding on finance at the time of claim EXCLUDING any Negative Equity brought forward from a previous vehicle (unless the optional "Negative Equity Cover" was purchased), OR
  • The ORIGINAL PURCHASE PRICE that you paid for your vehicle first time around, OR
  • The cost of REPLACING YOUR VEHICLE with one of the same Make, Model, Age, Specification and Mileage (or nearest equivalent) as your original vehicle was when you first bought it - even if the replacement vehicle cost is MORE than you bought the vehicle for first time around.
So, it's the third bullet point. I questioned that in my case I would be entitled to an 18 month old M5 Comp Pack despite the fact that would be a new model now and that it would be priced at around £30k more than what I'd paid for my M5 last year, and he confirmed this would indeed be the case. The only caveat he highlighted was that the gap insurer wouldn't actually go out and source a car for me, deal with BMW and buy it on my behalf, but provide the funds as a cash sum.

Win!

Let's hope you don't write off your current car right near the end of the policy aye ;)

I wonder if that's a thing, i bet it is.
 
Might as well ask here since it's kinda related rather than starting a new thread - went to look at a new car today, got a PCP quote loaded with optional extras - are any of them actually worth it?

Total Loss Protection - £399, Autogylm - £349, Cosmetic Repair Insurance - £399. They also offered a 'Delivery Pack' for £199 consisting of a full tank of fuel and 7 days insurance... :o

I know from reading here that GAP insurance is better off gotten elsewhere, but Cosmetic Repair Insurance intrigued me. They said it allowed up to 15 repairs without any excess payment.
 
I wouldn’t. Decline it all and get GAP elsewhere. That delivery pack is a joke, a tank of petrol is what? £60-70? And then £130 for insurance for a week?! Lol that works out like £6700 a year!
 
Might as well ask here since it's kinda related rather than starting a new thread - went to look at a new car today, got a PCP quote loaded with optional extras - are any of them actually worth it?

Total Loss Protection - £399, Autogylm - £349, Cosmetic Repair Insurance - £399. They also offered a 'Delivery Pack' for £199 consisting of a full tank of fuel and 7 days insurance... :o

I know from reading here that GAP insurance is better off gotten elsewhere, but Cosmetic Repair Insurance intrigued me. They said it allowed up to 15 repairs without any excess payment.

The seven day insurance is provided via dealers as a facility by insurance companies (insurance co uses it as a bit of a loss leader I guess), I am 99% sure it is free of charge to the dealer. So, £199 for a tank of fuel. Even in something with a massive tank like a Panamera Turbo that's only £90, and in a Fiesta it's probably going to cost them more like £50!

GAP is usually £150-200 if you buy it online yourself.

Autoglym is a waste of time.

Cosmetic repair insurance will have loads of caveats - you will find that anything that can't be remedied using smart repair techniques is excluded. If you post up the full terms and conditions I am sure we could have a field day lol.
 
When I have bought new and second hand cars from Ford they have come with 7 days free insurance. It allows them to easily tax the car and they hope that you will accept the full year quote provided when you phone to activate the 7 days. So I would be want that full tank of petrol and free insurance for nothing.
 
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