Trinity Lane do an Agreed Value insurance policy. What age is your van?
To answer your initial question, I don't have a company I can recommend - sorry.
If you're going for Return To Invoice GAP, presumably you bought your van from a business and you have an official invoice? (This route would be problematic otherwise.)
Also, if you're planning to modify/convert your van (or otherwise increase it's value) be aware that RTI GAP won't cover that increased value. In this scenario, an Agreed Value policy may be a better approach.
I recently stumbled upon the topic of gap insurance while chatting with a buddy over coffee. He mentioned getting it for his van and how it saved his wallet big time when he had a mishap last winter. Made me think about how we often overlook this type of coverage until it's too late.
In certain circumstances, an Agreed Value policy is more appropriate than GAP insurance.
Some info for you on GAP products here...
Brentacre insurance
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...
For those who aren’t familiar, gap insurance covers the difference between the amount you owe on your vehicle and its actual value in case it’s written off or stolen. I did a bit of digging and found this helpful resource: https://www.insurancecloud.co.uk/services/gap/
That depends on what type of GAP insurance you take out - not all GAP products cover the same thing.
I used Platinum Gap for mine.
Hopefully it is money wasted!
An agreed policy with your current insurer 'might' work out more expensive depending on your circumstances (age/previous claims etc). They are hardly likely to pay out whatever you paid for the van. The Gap Insurance pretty much covers you for 20% of the value of the van at a guess as your insurer will scam you for that amount if the van is written off. They only need 50 to 100 suckers like you and me to cover the cost of paying out for one policy each year but that is insurance for you. 1% seems like a good risk for them.
Won't know how good Gap Insurance is unless the van is completely written off which would probably mean, the driver will also be written off.
Hopefully it is money wasted!
An agreed policy with your current insurer 'might' work out more expensive depending on your circumstances (age/previous claims etc). They are hardly likely to pay out whatever you paid for the van. The Gap Insurance pretty much covers you for 20% of the value of the van at a guess as your insurer will scam you for that amount if the van is written off. They only need 50 to 100 suckers like you and me to cover the cost of paying out for one policy each year but that is insurance for you. 1% seems like a good risk for them.
Won't know how good Gap Insurance is unless the van is completely written off which would probably mean, the driver will also be written off.
What type of GAP product is that? There are different types and few, if any, are suitable for all circumstances.
I hadn't heard of GAP insurance (or is it Gap Insurance?) before being gently mugged by the VW dealer.
This seemed to be one of only a few that would cover 'commercial' vehicles.
Seems to be the same with the other mini weird insurances like bodywork insurance.
Anyway, my GAP/Gap insurance is supposed to cover the shortfall between any insurance payout for a write-off and the purchase price for the next couple of years. As I said - hopefully money down the drain.
What other GAP/Gap insurances are there? As in, what else can I waste some money on?
This seemed to be one of only a few that would cover 'commercial' vehicles.
Seems to be the same with the other mini weird insurances like bodywork insurance.
Anyway, my GAP/Gap insurance is supposed to cover the shortfall between any insurance payout for a write-off and the purchase price for the next couple of years. As I said - hopefully money down the drain.
What other GAP/Gap insurances are there? As in, what else can I waste some money on?
It's an acronym, so it's GAP - stands for Guaranteed Asset Protection.
If you follow the link I posted above (post #8) to @Hevesttix (who turned out to be a bot and has now been removed
), you'll see there are various flavours of GAP, each designed to suit different circumstances.It’s a 72 plate mate
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