GAP insurance?

Anan1

wrote:

GAP Insurance

GAP stands for Guaranteed Asset Protection. GAP New for Old cover pays you the difference between the amount that your motor insurer pays you and what it would cost to buy you a new car of the same make, model and specification if you have a claim and your car is written off.

Does anyone here have it? The only company I can find who offer it is AXA, but their policy has a €15000 claim ceiling. I've called a couple of brokers and tried googling, but I can't find any offerings other than AXA's.

mickdw

I think the Axa one is only available on cars that you bought new whereas all the car dealers are advertising GAP on the used stuff on their forecourts.

R.O.R

http://www.gai-international.com/index.php?option=com_content&task=view&id=68&Itemid=171

Didn't read through it, so apologies if it's not relevant.

Based in Malahide.

Anan1

Thanks for that, but they only do commercials. I just rang AXA, they offered me a policy with a maximum payout of €15000 for €260 for 3 years. This sounds fair enough to me.

Atomic Pineapple

A New car as in brand new? so it covers the cost in replacing your second hand car with a brand new one rather than another second hand one?

Anan1

draffodx wrote: »

A New car as in brand new? so it covers the cost in replacing your second hand car with a brand new one rather than another second hand one?

Yes, it covers the gap between the insurance payout and the price you paid for the car brand new - but only up to a max of €15000.

knifey_spoonie

Mapfre also supply GAP Insurance, they do warrantys and the like, dont know exact costs its was just mentioned to me when we looking into their warrantys. Ill root out the info on whats covered, and cost if i can.

Edit

Cant find costs, but they will cover cars upto €60,000

Austin1

Hi Anan1

This is a long shot but if you happen to be driving a relatively new Beemer then this could be right up your street.......

http://www.bmw.ie/ie/en/insights/corporation/BMW_Insurance/BMW_Shorfall/Overview.html

Anan1

Austin1 wrote: »

Hi Anan1

This is a long shot but if you happen to be driving a relatively new Beemer then this could be right up your street.......

http://www.bmw.ie/ie/en/insights/corporation/BMW_Insurance/BMW_Shorfall/Overview.html

Funny you should say that, I rang M&G Milltown this morning about this for my mother's car and spoke to a guy called James who promised to check it out and call me back in ten minutes. I'm still waiting.

I tried another BMW dealership later on, who told me that Mapfre do their shortfall insurance, I have a number for the agent and i'll give him a call tomorrow.

Thanks to all for your help so far.

knifey_spoonie

Have a little more info on GAP from our rep. today.

Max payout 15K
Min Value 5k
Max Value 60K

3 years coverage

Max Age 5YR

You must have fully comp. , will only pay if your ins. company pay on claim to.

If you want a price PM me

thebiglad

Don't forget many insurance policies provide a replacement (new) car in the 1st year after purchase under comprehensive insurance - if you take a GAP policy for 3 years from new you effectively get 2 years cover.

There are 2 types of cover AFAIK

GAP - this will cover the difference between insurance co valuation and the outstanding finance.

GAP-RTI (return to invoice) which will provide the differential between what you paid the dealer and the amount received from the insurer (with the caveat finance is paid 1st and you get the balance) - any extras with the car purchase are not covered - i.e. extended warranties, GAP Insurance, breakdown cover etc.

GAP insurer will often work on your behalf with the vehicle's insurer to maximise the settlement - it is in their interest after all.

Generally it is a very useful cover as rarely will the market value as settled by insurer cover the outstanding finance - but this cover will only operate if the car is a total loss or non-recovered theft so chances you will require it are slim.

Hugely profitable for insurers:D