Quick question if you don't mind

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sparkie1984
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Quick question if you don't mind

Post by sparkie1984 » Sat Aug 26, 2017 9:04 am

morning,

I am hoping to pick up a used car this week, I don't know the exact date of registration yet so have only done a quick quote on your website with my best guesses and the prices are much better than the dealership offers!

I am a little confused by the two policy options, am I right in thinking if its a used car I only want the option to go back to invoice as it wasn't a new car to replace? or am I misunderstanding?

Thanks

Simon
2014 125D, pronav, electric seats, folding mirrors, adaptive xenons, auto high beam,

Gone - 2013 120D, 3 door, xenons, red leather etc

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Re: Quick question if you don't mind

Post by GapInsurance.co.uk » Sat Aug 26, 2017 9:37 am

sparkie1984 wrote:
Sat Aug 26, 2017 9:04 am
morning,

I am hoping to pick up a used car this week, I don't know the exact date of registration yet so have only done a quick quote on your website with my best guesses and the prices are much better than the dealership offers!

I am a little confused by the two policy options, am I right in thinking if its a used car I only want the option to go back to invoice as it wasn't a new car to replace? or am I misunderstanding?

Thanks

Simon
Good morning Simon.

Firstly, the lack of date of registration isn't too much of an issue. If you speak to one of the team if/when you're ready to purchase the GAP insurance and still aren't sure of the date, if you let them have the registration number they can check the DOR for you.

As for your question about the difference in the policies, you're not the first and certainly won't be the last to ask the same question :-)

You can however have either policy for a used vehicle. In nutshell, at the time of any claim that may arise, Invoice GAP insurance is only really concerned with how much you paid originally for the vehicle you bought. Replacement GAP insurance however is concerned with how much it would cost (at the time of claim) to replace your vehicle with an equivalent to what you bought, originally.

E.g. If you bought a 3yr old 2.0 116i Sport 5-Door, with 20,000 miles on the clock for £14,000 and the car was written off in 2-years time (making your vehicle 5yrs old):

Invoice GAP insurance would aim to pay the difference between your motor insurance payout and the £14,000 that you paid for yours originally.

Replacement GAP insurance would aim to pay the difference between your motor insurance payout and what it would cost at the time of claim to buy another 3yr old 2.0 116i Sport 5-Door with circa 20,000 miles on the clock. If that replacement vehicle cost is higher than the £14,000 you paid originally then subject to the claim limit of the GAP insurance policy being sufficient, the Replacement GAP policy would cover the increase in cost.

If however, the replacement vehicle cost at the time time of claim had fallen lower than £14,000, the Replacement GAP insurance would revert to Invoice GAP insurance (e.g. it aims to do/pay more than an Invoice GAP insurance would but, if that doesn't workout it'll at least be on par).

I hope that helps.

If you have any further questions, please ask.

David
Invoice, Replacement & Contract Hire GAP Insurance quotes at up to 85% less than your Motor Dealer
T: 01484 490095 E: support@gapinsurance.co.uk W: gapinsurance.co.uk F: facebook.com/gapinsurance

sparkie1984
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Re: Quick question if you don't mind

Post by sparkie1984 » Sat Aug 26, 2017 12:19 pm

Hi David,

So essentially the replacement GAP insurance is the better one as you’d potentially get more benefit from it?

Another question, the car is mine but insured through my mrs with me as a named driver still covered fully comp etc (it’s cheaper with her) does she need to take the GAP? Or do I as the registered owner?
2014 125D, pronav, electric seats, folding mirrors, adaptive xenons, auto high beam,

Gone - 2013 120D, 3 door, xenons, red leather etc

GapInsurance.co.uk
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Re: Quick question if you don't mind

Post by GapInsurance.co.uk » Sat Aug 26, 2017 12:48 pm

sparkie1984 wrote:
Sat Aug 26, 2017 12:19 pm
Hi David,

So essentially the replacement GAP insurance is the better one as you’d potentially get more benefit from it?

Another question, the car is mine but insured through my mrs with me as a named driver still covered fully comp etc (it’s cheaper with her) does she need to take the GAP? Or do I as the registered owner?
Replacement GAP insurance is indeed the superior of the two policies for that very reason :-)

In terms of who should buy the GAP insurance policy, this differs from one provider to another but, with us it's as follows...

Ideally, the insurer would prefer that the individual named on the supplying dealer's invoice, the finance agreement (if applicable), the V5 registration document and identified on the motor insurance policy as the main insured driver, should be one and the same person. Were that isn't possible (and it often isn't) the individual named on the supplying dealer's invoice takes priority and the GAP insurance policy should go in their name because they're viewed to be the person who "purchased the vehicle forming the subject matter of the policy" - or words to that effect.

It then doesn't matter who is driving the vehicle at the time of any incident that led to the vehicle being written off, so long as that individual had both the permission of the person who purchased the vehicle to be driving it AND, was covered by a comprehensive motor insurance policy to be driving the vehicle at that time.

There's an issue I'd like to raise in terms of your motor insurance setup/structure though... best served out of public view. I'll send you a PM.

David
Invoice, Replacement & Contract Hire GAP Insurance quotes at up to 85% less than your Motor Dealer
T: 01484 490095 E: support@gapinsurance.co.uk W: gapinsurance.co.uk F: facebook.com/gapinsurance

sparkie1984
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Re: Quick question if you don't mind

Post by sparkie1984 » Sat Aug 26, 2017 1:05 pm

Thanks for your reply David,

I have replied to your PM. I think there’s been a misunderstanding which I’ve cleared up in the Pm hopefully :)

I can send documents over from Admiral if they would be needed
2014 125D, pronav, electric seats, folding mirrors, adaptive xenons, auto high beam,

Gone - 2013 120D, 3 door, xenons, red leather etc

sparkie1984
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Enthusiastic Member
Posts: 467
Joined: Sun Jan 03, 2016 9:04 am

Re: Quick question if you don't mind

Post by sparkie1984 » Fri Sep 01, 2017 7:42 am

Hi David, have taken the replacement cover out just now.

Thanks for all of your help and much cheaper than the £499 the dealer wanted!!
2014 125D, pronav, electric seats, folding mirrors, adaptive xenons, auto high beam,

Gone - 2013 120D, 3 door, xenons, red leather etc

GapInsurance.co.uk
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Posts: 166
Joined: Fri Oct 03, 2014 10:50 am
Location: Otley, UK
Contact:

Re: Quick question if you don't mind

Post by GapInsurance.co.uk » Fri Sep 01, 2017 8:35 am

sparkie1984 wrote:
Fri Sep 01, 2017 7:42 am
Hi David, have taken the replacement cover out just now.

Thanks for all of your help and much cheaper than the £499 the dealer wanted!!
That's great Simon, you're welcome. Thank you for your custom.

Enjoy the car!

David
Invoice, Replacement & Contract Hire GAP Insurance quotes at up to 85% less than your Motor Dealer
T: 01484 490095 E: support@gapinsurance.co.uk W: gapinsurance.co.uk F: facebook.com/gapinsurance

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