Excess Cover?

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damienbutt
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Excess Cover?

Post by damienbutt » Fri Oct 20, 2017 9:31 pm

Hi,

Looking to purchase my Gap Insurance from you guys. I was originally looking at ALA which offer an Excess Cover option. As my insurance excess including the compulsory excess is £750 this was appealing to me. I don't seem to see that option on your website though. Is it not something you offer?

GapInsurance.co.uk
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Re: Excess Cover?

Post by GapInsurance.co.uk » Sat Oct 21, 2017 12:04 am

damienbutt wrote:
Fri Oct 20, 2017 9:31 pm
Hi,

Looking to purchase my Gap Insurance from you guys. I was originally looking at ALA which offer an Excess Cover option. As my insurance excess including the compulsory excess is £750 this was appealing to me. I don't seem to see that option on your website though. Is it not something you offer?
Not yet I'm afraid. Our GAP insurance policies include cover for up to £250 of motor insurance excess but we're unable to offer cover for higher amounts at this time. It is something that we'll hopefully be launching shortly though but I'm unable to confirm exactly when that will be.
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

damienbutt
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Re: Excess Cover?

Post by damienbutt » Sat Oct 21, 2017 1:50 pm

OK. So is that a £250 excess cover for the duration of the policy?

So I am still interested.

Car was £40,235 RRP. After discounts approx £32,500. 4 Year PCP so I want the Gap for 4 years too. I am looking at the "Replacement Gap".

What is the negative equity cover and does it apply to the "Replacement Gap"

I am also interested in the Alloy and Tyre Cover too.

GapInsurance.co.uk
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Re: Excess Cover?

Post by GapInsurance.co.uk » Mon Oct 23, 2017 11:49 am

damienbutt wrote:
Sat Oct 21, 2017 1:50 pm
OK. So is that a £250 excess cover for the duration of the policy?
Yes, but only in relation to a Total Loss claim. E.g. if you purchased a 4-year GAP insurance policy and then within that 4-years your vehicle was deemed a Total Loss (written off) through accident, fire, theft or flood... if, as part of that Total Loss claim with your motor insurer, you had to pay an excess, the Replacement GAP insurance policy would aim to pay the "gap" between motor insurance payout and replacement cost PLUS up to £250 of the excess that you paid to your motor insurer.

It's not an "Excess Protection" cover which will cover your excess if you claim on your motor insurance for a minor bump etc.
damienbutt wrote:
Sat Oct 21, 2017 1:50 pm
Car was £40,235 RRP. After discounts approx £32,500. 4 Year PCP so I want the Gap for 4 years too. I am looking at the "Replacement Gap".
Our website should therefore have initially quoted you £254.73 for a 4-year Replacement GAP insurance policy with a £25,000 claim limit which, after applying your forum discount would reduce to £229.26.

In terms of an appropriate claim limit, can you please advise how much the final/balloon repayment is at the end of the PCP term?
damienbutt wrote:
Sat Oct 21, 2017 1:50 pm
What is the negative equity cover and does it apply to the "Replacement Gap"
This only applies if you are part-exchanging a vehicle as part of this purchase when there's more outstanding on finance than the value you're receiving in part exchange. E.g. if you were receiving £10,000 for your part-exchange vehicle but had £12,000 outstanding on finance, you'd be bringing forward (and refinancing) £2,000 of "negative equity" as part of the new vehicle purchase.

Negative Equity is by default not covered by any GAP insurance policy... with us you can pay an additional premium to cover up to £2,000 of negative equity brought forward from a previous vehicle.
damienbutt wrote:
Sat Oct 21, 2017 1:50 pm
I am also interested in the Alloy and Tyre Cover too.
So long as the wheels are not larger than 20" and the alloys are not diamond/laser cut, nor split rim construction nor are they of a polished (chrome) effect, we'd be able to assist with that.

If I can be of any further assistance, please just ask.
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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