Brentacre insurance

[Skyliner33]

All these comments about market value and insurance payouts - isn’t this what GAP insurance is for?

Never take the dealer offered GAP as it is too dear, but somewhere like ALA will provide ‘return to invoice’ cover for around £100 for a year. just swapped my current GAP policy from my Mini JCW to my new (used) Kombi for the remainder.

I‘ve had GAP insurance on various cars and vans for about 5 years - never had to use it but you hope that’s the same with all insurance products.

For insurance I was with Aviva and when I tried to add mods like spoilers and wheels they were ok, but they don’t cover lowered suspension. So I got a quote from APlan and Brentacre - both use Markerstudy and Brentacre was about £75 cheaper.

So I’ve just swapped insurance from Aviva to Brentacre and am happy with the experience with Brentacre so far - any mod that doesn’t increase BHP is free apparently.

Only ones that are not free are if you increase the seating capacity, or large increase in value of the van.

 

[Bav]

All these comments about market value and insurance payouts - isn’t this what GAP insurance is for?

Never take the dealer offered GAP as it is too dear, but somewhere like ALA will provide ‘return to invoice’ cover for around £100 for a year. just swapped my current GAP policy from my Mini JCW to my new (used) Kombi for the remainder.

I‘ve had GAP insurance on various cars and vans for about 5 years - never had to use it but you hope that’s the same with all insurance products.

For insurance I was with Aviva and when I tried to add mods like spoilers and wheels they were ok, but they don’t cover lowered suspension. So I got a quote from APlan and Brentacre - both use Markerstudy and Brentacre was about £75 cheaper.

So I’ve just swapped insurance from Aviva to Brentacre and am happy with the experience with Brentacre so far - any mod that doesn’t increase BHP is free apparently.

GAP insurance is an alternative approach, but be aware that there are various types of GAP insurance, each covering different things.

Return to Invoice will pay the shortfall between the insurer pay-out and the invoiced cost of the van. You will need an official purchase invoice for this type of cover, so may be problematic when buying from a private seller. The amount paid out may not be adequate to replace the van like-for-like if you negotiated a discount at the time of sale. and it may also be problematic if you've added value to the van since purchase (i.e. mods and upgrades) - you'll need to read the policy conditions carefully to determine if added items are/can be covered.​

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Finance will pay the shortfall between the insurer pay-out and any outstanding finance amount, so obviously only of use if you used finance to purchase the van. Also worth noting that, as your outstanding finance amount reduces, so will any GAP payment.​

Return to MV will pay the shortfall between the insurer pay-out and the market value of the van as at the point of purchase. If the market value of the van has increased since purchase, this amount may not be adequate to replace the van like-for-like.​

Vehicle Replacement will pay the shortfall between the insurer pay-out and the amount it costs to replace the van new like-for-like. This protects you from the rising cost of new vehicles, but the GAP premium tends to reflect this. Also, purchasing a new van with the same mods/upgrades already applied may be problematic (and re-modding and re-upgrading may not be covered).​

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Others. There may other, niche GAP products that provide a variation on the above. I can't think of any, but I've been out of the insurance game for almost 5 years, so there may be new products on the market now.​

So, you pays your money and you takes your choice. My preference is the agreed value route and to ensure that that value is reviewed and revised at each renewal. The aim is to try and ensure I would end up with a like-for-like van without being out of pocket, should the worst happen. That's not to say agreed-value policies are always straightforward - estimating the value is often tricky and so too can be getting the insurer to agree the value you want!

 

[T6ARF]

GAP insurance is an alternative approach, but be aware that there are various types of GAP insurance, each covering different things.

Return to Invoice will pay the shortfall between the insurer pay-out and the invoiced cost of the van. You will need an official purchase invoice for this type of cover, so may be problematic when buying from a private seller. The amount paid out may not be adequate to replace the van like-for-like if you negotiated a discount at the time of sale. and it may also be problematic if you've added value to the van since purchase (i.e. mods and upgrades) - you'll need to read the policy conditions carefully to determine if added items are/can be covered.​

​

Finance will pay the shortfall between the insurer pay-out and any outstanding finance amount, so obviously only of use if you used finance to purchase the van. Also worth noting that, as your outstanding finance amount reduces, so will any GAP payment.​

Return to MV will pay the shortfall between the insurer pay-out and the market value of the van as at the point of purchase. If the market value of the van has increased since purchase, this amount may not be adequate to replace the van like-for-like.​

Vehicle Replacement will pay the shortfall between the insurer pay-out and the amount it costs to replace the van new like-for-like. This protects you from the rising cost of new vehicles, but the GAP premium tends to reflect this. Also, purchasing a new van with the same mods/upgrades already applied may be problematic (and re-modding and re-upgrading may not be covered).​

​

Others. There may other, niche GAP products that provide a variation on the above. I can't think of any, but I've been out of the insurance game for almost 5 years, so there may be new products on the market now.​

So, you pays your money and you takes your choice. My preference is the agreed value route and to ensure that that value is reviewed and revised at each renewal. The aim is to try and ensure I would end up with a like-for-like van without being out of pocket, should the worst happen. That's not to say agreed-value policies are always straightforward - estimating the value is often tricky and so too can be getting the insurer to agree the value you want!

So do you know @Bav , how can you get an ‘agreed value’ policy with for example Brentacre?

I’m in exactly the same situation at the minute as @jimc91 …. insurance up for renewal this month with Brentacre and I wouldn’t be surprised if my van is now worth at least 10k more than when I bought it three years ago, what with the amount of time and money I’ve invested in it (modifications/upgrades etc, etc) + the high second hand market?

I’ll be having the conversation with Brentacre to increase the estimated value from my point of view, but it’s all a bit confusing what they would pay out in the event of a total loss!?

 

[Bav]

So do you know @Bav , how can you get an ‘agreed value’ policy with for example Brentacre?

I’m in exactly the same situation at the minute as @jimc91 …. insurance up for renewal this month with Brentacre and I wouldn’t be surprised if my van is now worth at least 10k more than when I bought it three years ago, what with the amount of time and money I’ve invested in it (modifications/upgrades etc, etc) + the high second hand market?

I’ll be having the conversation with Brentacre to increase the estimated value from my point of view, but it’s all a bit confusing what they would pay out in the event of a total loss!?

So, I presume Brentacre act as a broker or intermediary for a range of insurers, rather than acting as an agent of a single insurer or being an insurer themselves? If this is the case, then you inform Brentacre that you're seeking an AV policy and what value you're looking to agree, and it is for them to negotiate the best premium available from the panel of insurers they deal with.

Not all insurers offer AV policies and it may be the case that none of Brentacre's insurers offer them - in which case you'll need to find a different broker/intermediary. If they have 1 or more insurers that offer AV policies, then the insurer will specify the evidence you need to provide to justify the value you're looking to agree. This is usually invoices and receipts, but could also include "comparables" (similar vans on sale for a similar price).

The insurer may push back on your proposed value, so be prepared to defend your position - have ready evidence of market trends, order lead times, retail prices increases, etc. Your credibility and your research can help in marginal cases - just don't expect miracles!

 

[T6ARF]

So, I presume Brentacre act as a broker or intermediary for a range of insurers, rather than acting as an agent of a single insurer or being an insurer themselves? If this is the case, then you inform Brentacre that you're seeking an AV policy and what value you're looking to agree, and it is for them to negotiate the best premium available from the panel of insurers they deal with.

Not all insurers offer AV policies and it may be the case that none of Brentacre's insurers offer them - in which case you'll need to find a different broker/intermediary. If they have 1 or more insurers that offer AV policies, then the insurer will specify the evidence you need to provide to justify the value you're looking to agree. This is usually invoices and receipts, but could also include "comparables" (similar vans on sale for a similar price).

The insurer may push back on your proposed value, so be prepared to defend your position - have ready evidence of market trends, order lead times, retail prices increases, etc. Your credibility and your research can help in marginal cases - just don't expect miracles!

@Bav you must be/have been in the insurance game…. a wealth of knowledge in evidence here!?

 

[Bav]

@Bav you must be/have been in the insurance game…. a wealth of knowledge in evidence here!?

I used to be mate. It's not the most scintillating of subjects at the dinner table, but it did put food on said table.

 

[T6ARF]

I used to be mate. It's not the most scintillating of subjects at the dinner table, but it did put food on said table.

I salute you Sir…. knowledge shared is a great thing!

 

[Bav]

I salute you Sir…. knowledge shared is a great thing!

This forum has helped me avoid making expensive mistakes along my Transporter journey, so I'm more than happy to pay back in my own small way.

 

[helphelp]

Let me clarify that comment. With a market-value policy, if you increase the value you put down for your van, then you might end up paying a higher premium, but you won't end up with a higher pay-out if the worst happens - the maximum the insurer will pay-out is the market value for your van. With an agreed-value policy, the insurer is obliged to pay out that value in the event of a total loss (and if they don't, the insurance ombudsman is your friend - they have big boots and they will use them in that situation).

Do not be mislead by the prices of other similar vans as a guide to value in the event of a total loss you can only expect something around trade or less. In order to get an agreed value you would need to get a written valuation carried out out by a recognised VW garage not main agent but a good independant, It is common for this with classic cars but generally not something I have found with newer vehicles. There used to be a thing called gap insurance which was for new cars but not heard much about this in recent years.

These vans do have a high residual value and each one is very different due to how people personalise them which would always be hard to quantify in a claim.

 

[Bav]

Do not be mislead by the prices of other similar vans as a guide to value in the event of a total loss you can only expect something around trade or less. In order to get an agreed value you would need to get a written valuation carried out out by a recognised VW garage not main agent but a good independant, It is common for this with classic cars but generally not something I have found with newer vehicles. There used to be a thing called gap insurance which was for new cars but not heard much about this in recent years.

These vans do have a high residual value and each one is very different due to how people personalise them which would always be hard to quantify in a claim.

GAP insurance is still around, but there can be drawbacks... See post #22

 

[Bradwilko97]

I thought i would add to forum about my experience, After renewal I did not receive any documentation for the second year running when I have rung to cancel after 5 days as I was not happy that if they can not complete simple delivery of documentation i was not confident what they will be like as a company when it came to a real issue, I received bad attitude incorrect information and back to back lies. Got charged £100 administration fees for the displeasure of 5 days insurance, compaints team are just there to argue with you not to solve the issue. Would deffeintly recommend avoiding this company as there are much more competent campervan insurers

 

[Rioja John]

I’m with Brentacre we bought our van new in Nov 2021 and on 29th Dec with 700 miles on the clock I had a front near side bump with a Honda jazz I was totally at fault, Brentacre and Markerstudy were great the other party was sorted out and my van was repaired a total cost of £6000. I was dreading my renewal premium in 2022 but had a pleasant surprise with my premium just £50 more.

John.