Hi
My new car will be purchased on a pcp finance agreement, have many members taken out gap insurance, and not through the dealership high prices.
Gap insurance
I took out through dealer… at £301 was quite happy at that and as I got a decent discount on the car through carwow it was worked into the figures to get to what I wanted to pay monthly price for anyway and so was more than happy to pay that.. i would never buy a 40k car without it.
Ordered XC40 B4 FWD Ultimate in Vapour Grey 26/08/23 Factory Order Quoted 12 week Delivery
Delivered 24th January 2024
Gone XC40 B4P R Design Pro Pearl White factory order ( ordered 13/07/21) took delivery 18/10/21
Delivered 24th January 2024
Gone XC40 B4P R Design Pro Pearl White factory order ( ordered 13/07/21) took delivery 18/10/21
A big money spinner this.
Chances of writing it off within a year? No idea, but for the sake of argument say 1 in 1000.
Difference between new value and insurance payout - maybe £5000?
Premium £301.
So for every £301,000 worth of policies sold, they pay out £5k giving a 98% gross profit margin.
Chances of writing it off within a year? No idea, but for the sake of argument say 1 in 1000.
Difference between new value and insurance payout - maybe £5000?
Premium £301.
So for every £301,000 worth of policies sold, they pay out £5k giving a 98% gross profit margin.
T3 Momentum Pro Auto MY20 - Thunder Grey - Intellisafe Surround - Winter Plus - 360 Camera - Tinted Windows - City Map inlays - Spare Wheel
In today's market what GAP - you buy a car, pay a few hundred for gap insurance and are unfortunate to write it off - on insurance books its worth more than you brought it for, they are obliged to pay market value (if lucky) or more often what you paid for it - what does the gap insurance pay?
Yes quite a few policies will give you a new car if written off in first 12 months .. but after that it’s market value… but gap will get you back to invoice price and hence a new car. And so I understand some will think it unnecessary but for me it’s peace of mind and obviously if you’ve bought GAP from supplying dealer it should be a straightforward settlement as they will want to be the ones supplying the new car
Ordered XC40 B4 FWD Ultimate in Vapour Grey 26/08/23 Factory Order Quoted 12 week Delivery
Delivered 24th January 2024
Gone XC40 B4P R Design Pro Pearl White factory order ( ordered 13/07/21) took delivery 18/10/21
Delivered 24th January 2024
Gone XC40 B4P R Design Pro Pearl White factory order ( ordered 13/07/21) took delivery 18/10/21
Hi
Yes, most well known insurance companies will replace the car with a new one if it is written off in the first year, the benefits of this is that you may be able to defer the start of gap insurance for the first 12 months. So if you have a 3 year pcp deal you only need to buy 2 years of gap insurance.
Yes, most well known insurance companies will replace the car with a new one if it is written off in the first year, the benefits of this is that you may be able to defer the start of gap insurance for the first 12 months. So if you have a 3 year pcp deal you only need to buy 2 years of gap insurance.
T4 recharge, plus spec, 23my
We have a 10% discount deal with ALA - almost certain it will be better cover and cheaper than direct with a dealer. Take a look here: gap/
ALA Discount Link: http://www.ala.co.uk/r/?r=Carforum
Use discount code: Forum123
Main points from ALA:
Covers new, used and pre-reg vehicles
Defaqto 5 Star Rated Policies
Up to 75% cheaper than any dealer
ALA Discount Link: http://www.ala.co.uk/r/?r=Carforum
Use discount code: Forum123
Main points from ALA:
Covers new, used and pre-reg vehicles
Defaqto 5 Star Rated Policies
Up to 75% cheaper than any dealer