Gap insurance?

Haggisman

Haggisman

Haggisman

Soldato
Joined
6 Oct 2004
Posts
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Location
Birmingham
Picking up my new car on Monday and want to get some Gap insurance, had a decent quote from ALA who get pretty good reviews, but it appears that as of yesterday, they no longer offer vehicle replacement, so need a new option, needs to cover 5 years, any recommendations?
 
Silly question but how do you mean vehicle replacement. As in like for like. Your bought from new but now 1 year old BMW is a total loss they will order you a new on, same spec despite an increase in OTR price
 
Ala have only temporarily suspended vehicle replacement plus whilst terms are finalised by the new underwriters.

Depending on how long that is meant to take you could wait, you don’t need to have taken the cover out by the purchase date fortunately.
 
paradigm said:
Ala have only temporarily suspended vehicle replacement plus whilst terms are finalised by the new underwriters.

Depending on how long that is meant to take you could wait, you don’t need to have taken the cover out by the purchase date fortunately.
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Hmm, might give them a ring then and see how long they think, have replacement through my insurance for the first year anyway, and think you have 90 days to take out GAP
 
Depending on what you are getting do you even want vehicle replacement? Typically as a model ages it tends to be cheaper to buy new as discounts increase.
 
It's a Renault zoe, so chances are in 2-3 years the model I have won't exist any more as it will have been superceded by a bigger battery (and probably more expensive) version

Plus the government grant potentially won't exist any more (or at least be reduced) which means any replacement will cost me £4.5k more

sad099 said:
Hi
Yes we used them , were cheaper and seemed to have better cover than the other ones we used with better features.
We bought a combined RTI/Vehicle replacement policy
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They are quoting me £260 for that combined cover for 5 years, ALA were £306 with a 25% off code, totallossgap seem to have lots of good reviews of the price and purchasing the policy, but can't find any mentioning claiming :/
 
Haggisman said:
It's a Renault zoe, so chances are in 2-3 years the model I have won't exist any more as it will have been superceded by a bigger battery (and probably more expensive) version

Plus the government grant potentially won't exist any more (or at least be reduced) which means any replacement will cost me £4.5k more



They are quoting me £260 for that combined cover for 5 years, ALA were £306 with a 25% off code, totallossgap seem to have lots of good reviews of the price and purchasing the policy, but can't find any mentioning claiming :/
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Yes - that's what we found as well ,they seem to have good reviews etc - however I guess we wont know as with any insurance how good they are until you claim.
They are covered by the correct memberships and underwritten etc - so should the need arise (fingers crossed there is no need) they should be ok to deal with and pay out as they say.
 
sad099 said:
Yes - that's what we found as well ,they seem to have good reviews etc - however I guess we wont know as with any insurance how good they are until you claim.
They are covered by the correct memberships and underwritten etc - so should the need arise (fingers crossed there is no need) they should be ok to deal with and pay out as they say.
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I claimed through ALA a couple of weeks ago. You just deal directly the underwriter (at least I did on a return to invoice policy). Once they had all the information from my normal insurance about their payout they took a couple of days to get back with a payment amount and it was with me 3 days after accepting
 
I went with direct gap as they seemed to have the cheapest cover at the time, something like £250 for 4 years RTI/vehicle replacement. Also had good reviews too. Hopefully won't use it but nice to know it's there.
 
I paid about £130 for 3 years, 4 years seemed disproportionately more money so I didn't bother. At £130 it seemed worth a gamble but £250 is loads.

The reality of GAP insurance is that almost nobody will ever find reason to claim - generally higher value cars are too valuable to be easily written off. This is why its so comparatively 'cheap' given what it offers - the policy:payout ratio must be tiny.
 
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