Gap Insurance

Discussion in 'Insurance' started by Tommy, 24 Oct 2018.

  1. Tommy

    Tommy Senior Member VIP Member T6 Pro

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    Hi all

    Trying to find some info on gap insurance and if its worth having, any opinions/experiences appreciated, also if you took gap insurance out and you say added a bed/swivel seats etc at a later date does this create issues with the policy already in place

    Thanks in advance
     
  2. PATRICK KINNEY

    PATRICK KINNEY Member T6 Pro

    the gap will only pay the invoice price any mods after that are up to the insurance
     
  3. andys

    andys Senior Member VIP Member T6 Legend

    I thought gap insurance was to make up the difference between book value and the amount required to clear outstanding finance?
     
  4. PATRICK KINNEY

    PATRICK KINNEY Member T6 Pro

    it is to make up the difference the insurance is paying out and whats left to make up the invoice price . so let say you have a 40k van 2 years down the line it gets nicked your insurance says its worth 15k the gap is to make up the 25k left .
     
    andys likes this.
  5. Tommy

    Tommy Senior Member VIP Member T6 Pro

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    Thanks all, sounds likes a worthwhile invest of around £200 for some piece of mind unless I’m reading it wrong
     
    yorkie_pudding likes this.
  6. andys

    andys Senior Member VIP Member T6 Legend

    Ah OK. I'm with Comfort and for the first 2 yrs they pay out the full replacement cost, which as I got a decent discount means I'd make a profit if it was nicked! I might look into gap if I end up keeping it for longer than 2 yrs then.
     
  7. topper

    topper Member VIP Member

    I bought Gap from MotorEasy. Back to invoice for me as I bought a done conversion, so don't need to worry about post purchase modifications.

    If you are to buy a van and then convert/mod, back to invoice wouldn't cover the mods, you can get 'Vehicle Replacement' gap insurance but I'd make sure I kept good records and receipts for all mods, and read the fine print.

    All GAP insurances have a max payout, which means you essentially need to work out the min estimate an insurer will pay and figure out how much 'gap' cover to get you back to square 1, bigger the gap the bigger the premium. But still worth the peace of mind in my book.
     
  8. Sturge

    Sturge Senior Member VIP Member T6 Pro

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    mine is with ALA gap insurance, and they do a few different ones. Mine is return to list price (as opposed to invoice) or outstanding finance whichever is greater but still just relates to the base vehicle. I may be testing it shortly following our accident, but still waiting on insurance decision. If insurance pays out, as vehicle is 10 months old, I get back to invoice price, as opposed to list price. However as my modifications are listed I 'should' get that back too, but really dont know.
     
  9. Tommy

    Tommy Senior Member VIP Member T6 Pro

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    Excellent feedback, will try and get some quotes over the weekend and get something put into place :thumbsup:
     
  10. Ozbar jim

    Ozbar jim Member T6 Pro

    Any consensus on who to goto for Gap insurance??
     
  11. Ozbar jim

    Ozbar jim Member T6 Pro

    John clark motor group pushes Gap insurance from a broker called Ams Insurance.

    I called them and they seemed very helpful and knowledgeable. I asked them if they could give me a quote for Gap and they said "No problem"...then i told them that I was buying a vehicle from JCMG and they said "Ahh..sorry we can't give u a quote, since your buying from them"

    The quote for Gap insurance from JCMG for 4 yrs is £499 with a total payout upto £15,000. Make sure you do ur Due diligence and look around.
     
  12. Sturge

    Sturge Senior Member VIP Member T6 Pro

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    have a look online at ALA - GAP Insurance | Car, Van & Bike GAP Insurance from ALA - slightly cheaper. Haven't had to claim from them at all, but when I have dealt with them they have been helpful. When I switched out of my Discovery to a T6, they refunded part of the unused element of the Discovery policy when I changed over.

    Proof will be from someone who has had to make use of the policy, but I have a policy from them on all our cars and my van.

    Some positive reviews here : ALA Insurance is rated "Excellent" with 9.7 / 10 on Trustpilot
     
  13. Village

    Village Member VIP Member T6 Pro

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    Just looking at GAP at the moment, and worth pointing out that ALA does not cover any vehicles that have been modified. That's any modifications at all, not just conversions.

    I appreciate this differs from what Sturge says above, but it's in their policy wording and i also called them to check
     
  14. Sturge

    Sturge Senior Member VIP Member T6 Pro

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    Ooo. Didn’t notice that. Will check - thanks for the heads up
     
  15. Village

    Village Member VIP Member T6 Pro

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    It's in this section of the policy T&Cs

    upload_2019-9-2_12-8-19.png
     
  16. Ozbar jim

    Ozbar jim Member T6 Pro

    Called AlA Gap. Ur Gap insurance is active..back to what ever amount u payed for..sticker or invoice...but ur mods are not covered. So if van is written off or stolen..the van is covered..but ull be out of pocket on the add ons...oh well:(
     
  17. Hi

    I will be buying a converted T6 transporter (professional done, purchased converted). Since it's new (though due to them converting it I'm not the first registered owner) anyone got any advice on gap insurance? Specifically, ones that will fill the gap to invoice purchase price as a purchased converted vehicle (which is higher than the theoretical T6 base). Or am I covered because my 'invoice' includes all these conversion items?

    As an addition to this thread note some of the firms qouting new for old periods take them away if you reveal that the van is already registered and has been through the professional converters ownership / hands. Including some of the firms mentioned here.
     
  18. Village

    Village Member VIP Member T6 Pro

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    You specifically want back to invoice cover, but will need to clarify that they wont exclude cover for modifications done prior to your purchase from new
     
  19. Yes. I think the challenge is the all of them will. All I can do grind out the calls I guess.

    It also doesn't help your not generally not the first registered owner in these scenarios.
     
  20. So, does anyone achieved having gap insurance on a converted van? For example - buy a converted van off the lot, insure it via A Plan so the conversions are included in the insurance and then have gap insurance being willing to return to invoice? I mean, in theory since the underlying insurance they are topping up covers the internal conversions (just typical camper van stuff) they're on a good base to top up - but I imagine problems like being on exemption lists or not on some form of official vehicle directory or them not liking the alterations.

    Just curious if anyone has done it.
     

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