GAP insurance in the Irish car market

yllw.ldbttr

Seems to be fairly popular in the UK but I've really not seen a lot of it in Ireland.
Has anyone purchased a GAP policy with a new or nearly new car in recent years.
Any providers people would recommend?

I've looked at quotes and they seem to be in the range of max 20k cover for 3 years for around 400 euro...

CiniO

What is GAP insurance?

yllw.ldbttr

CiniO wrote: »

What is GAP insurance?

Covers the difference between the invoice price of your car and the market value that your insurer pays in the event of a write off.

It's effectively a gamble that pays out if your car is written off.

bazz26

A lot of main dealers are offering this here now when you buy from them but I'm not sure the uptake is that high.

yllw.ldbttr

bazz26 wrote: »

A lot of main dealers are offering this here now when you buy from them but I'm not sure the uptake is that high.

I was offeeed it when I bought a bmw in 2008 but not when I bought one last week. Main dealers seem to just add an extra margin to the premium anyway.

Marcusm

yllw.ldbttr wrote: »

Covers the difference between the invoice price of your car and the market value that your insurer pays in the event of a write off.

It's effectively a gamble that pays out if your car is written off.

This is exactly what it is; it is more often referred to in the UKas return to invoice insurance now. Never saw it as a particularly worthwhile product.

cplwhisper

Axa offer same here as independent product. 0906486300 is enquirer number

smash

GAP insurance is as whorthwhile as NCB protection... Useless.

cplwhisper

Gap is usable if own damage claim results in write off with no 3tmrd party blameable for cost of replacement.

Protected bonus is a must but more importantly the customer must clarify what the benefit they are being sold actually covers.
Some clients as for protected bonus and when I ask them what they think it covers they reply 'everything' -
It should cover cost of single claim (not counting fire & theft) within 3yr period.
In some cases , companies like 123.ie still apply a claims loading of at least 10% do ask the clerk to clarify a scenario

If ye are totally confused on the companies t&c then post here and I'll clarify same in plain non jargon

smash

cplwhisper wrote: »

Gap is usable if own damage claim results in write off with no 3tmrd party blameable for cost of replacement.

Protected bonus is a must but more importantly the customer must clarify what the benefit they are being sold actually covers.
Some clients as for protected bonus and when I ask them what they think it covers they reply 'everything' -
It should cover cost of single claim (not counting fire & theft) within 3yr period.
In some cases , companies like 123.ie still apply a claims loading of at least 10% do ask the clerk to clarify a scenario

If ye are totally confused on the companies t&c then post here and I'll clarify same in plain non jargon

Bonus protection only matters if you stay with your current insurer. The majority of consumers don't realise this.

CiniO

smash wrote: »

GAP insurance is as whorthwhile as NCB protection... Useless.

I don't find NCB protection useless.

cplwhisper

A benefit like glass, protected bonus, breakdown cover can all differ per company and are all risks the new company will all take into consideration at quote stage. 123 will promote glass claim with not remove a ncb of 10% yet they'll load your renewal by 10% claims loading so please customers ask the clerks what cover ya have and the pro/cons of same

_Kaiser_

CiniO wrote: »

I don't find NCB protection useless.

Probably means that even with it, you are still screwed in the event of a claim by being tied to the same insurer for years after

As for GAP... just refuse the low-ball offer an insurer gives you and have your documentation and arguments ready and you'll usually get close to what you need to replace it (especially if you weren't at fault - the argument then is "your job is to put me back in the position I was before this incident occurred.. which didn't include a written-off car, or several hundred/grand out of pocket")

Drummerboy08

_Kaiser_ wrote: »

Probably means that even with it, you are still screwed in the event of a claim by being tied to the same insurer for years after

As for GAP... just refuse the low-ball offer an insurer gives you and have your documentation and arguments ready and you'll usually get close to what you need to replace it (especially if you weren't at fault - the argument then is "your job is to put me back in the position I was before this incident occurred.. which didn't include a written-off car, or several hundred/grand out of pocket")

On a car that's up to 3 years old, especially with finance involved......unfortunately you wrong.

I've seen it in action and it works.

But as usual, we see the typical boards reply on this thread. "I know nothing about the subject, therefore I fear it and think it's useless".

It's a fantastic product and probably should certainly be taken up with every new car sold on finance.

_Kaiser_

Drummerboy08 wrote: »

On a car that's up to 3 years old, especially with finance involved......unfortunately you wrong.

I've seen it in action and it works.

But as usual, we see the typical boards reply on this thread. "I know nothing about the subject, therefore I fear it and think it's useless".

It's a fantastic product and probably should certainly be taken up with every new car sold on finance.

Shouldn't be necessary to have to pay yet more for insurance (it's not like we aren't paying enough already) just to ensure you get a fair deal if you ever need to actually avail of it.

Drummerboy08

_Kaiser_ wrote: »

Shouldn't be necessary to have to pay yet more for insurance (it's not like we aren't paying enough already) just to ensure you get a fair deal if you ever need to actually avail of it.

But it is necessary to pay more.

Any normal motor insurance policy will only pay out the market value of the vehicle at the time of the accident.

GAP will pay the difference between that value and the original invoice price of the car within 3 years.

Tell me you wouldnt gladly pay €399 to possibly pay you back a 5 figure sum in the event of a write off or theft?

Del2005

cplwhisper wrote: »

A benefit like glass, protected bonus, breakdown cover can all differ per company and are all risks the new company will all take into consideration at quote stage. 123 will promote glass claim with not remove a ncb of 10% yet they'll load your renewal by 10% claims loading so please customers ask the clerks what cover ya have and the pro/cons of same

It's what it says on the tin, a protected NCD. If you make a claim your risk has changed so that will be reflected in the new policy price but you'll still maintain the same NCD.

Limbo123

Was offered Gap when I purchased my car last year.

Rang my insurance company (Footprint Insurance via a broker) and they said that within the first two years of owning a brand new motor, in the event of a write off they would replace my car for a brand new model.

Needless to say, I didn't bother with GAP.

May be worth checking with your insurance company first before purchasing Gap to see where you stand in the event of a write off.

yllw.ldbttr

Limbo123 wrote: »

Was offered Gap when I purchased my car last year.

Rang my insurance company (Footprint Insurance via a broker) and they said that within the first two years of owning a brand new motor, in the event of a write off they would replace my car for a brand new model.

Needless to say, I didn't bother with GAP.

May be worth checking with your insurance company first before purchasing Gap to see where you stand in the event of a write off.

Cheers, sounds like good coverage. The car I purchased is three years old though, so unlikely I'd qualify.

I still think GAP is a good offer at 400 euro for 20k coverage for 3 years.

cplwhisper

Most insurers, including Axa, cover new-for-old if own damage claim(not caused by 3rd party) , or fire or theft write off in year one of brand new car being cover. After that its market value

jimmycrackcorm

smash wrote:

Bonus protection only matters if you stay with your current insurer. The majority of consumers don't realise this.

If you do have a claim then forget about alternative insurers...

Drummerboy08 wrote:

Tell me you wouldnt gladly pay €399 to possibly pay you back a 5 figure sum in the event of a write off or theft?

Surely market value should be adequate, I.e. if you have a two year old car then you are effectively paying an extra amount to get a new car replacement instead of getting a two year old car to replace your own two year old car. Better putting the 399 on paddy power on Leicester for the premiership again this year.

kala85

Any more information on Gap insurance and particularly insurance companies on the Irish market who are providing it?

Any experiences of actually making a claim on it.

ballybro

Anyone find any companies in Ireland selling this product for individuals to buy ,dealer looking for €399 for 3 years cover but they have at least €100 comission in that price .So wondering if i can get it cheaper myself.

gypsy79

ballybro wrote: »

Anyone find any companies in Ireland selling this product for individuals to buy ,dealer looking for €399 for 3 years cover but they have at least €100 comission in that price .So wondering if i can get it cheaper myself.

And the rest. Chances you write off car in first 3 years is maybe 1 in 10000

You might receive 10000 euro

Therefore the real value removing utility is 1 euro

galwaytt

_Kaiser_ wrote: »

Shouldn't be necessary to have to pay yet more for insurance (it's not like we aren't paying enough already) just to ensure you get a fair deal if you ever need to actually avail of it.

^^^^ this, x 1000.

The whole purpose of insurance is to protect you from loss. To put you back in the same position post-claim, as you were pre-claim.

The fact we're nearly 'accepting' that actually insurance doesn't in fact do that, and we need 'more' insurance to add to the 'normal insurance' is further evidence of how fupped up insurance as a whole, is.

Simply put: there should be no need at all for GAP insurance if insurance was functioning properly.

gypsy79

galwaytt wrote: »

^^^^ this, x 1000.

The whole purpose of insurance is to protect you from loss. To put you back in the same position post-claim, as you were pre-claim.

The fact we're nearly 'accepting' that actually insurance doesn't in fact do that, and we need 'more' insurance to add to the 'normal insurance' is further evidence of how fupped up insurance as a whole, is.

Simply put: there should be no need at all for GAP insurance if insurance was functioning properly.

Yes there is, GAP insurance presents one of the biggest risks there is

MORAL HAZARD

You get what your car was worth at the time of the even not what it was worth originally

That is why it is so expensive btw

Eggs For Dinner

galwaytt wrote: »

^^^^ this, x 1000.

The whole purpose of insurance is to protect you from loss. To put you back in the same position post-claim, as you were pre-claim.

The fact we're nearly 'accepting' that actually insurance doesn't in fact do that, and we need 'more' insurance to add to the 'normal insurance' is further evidence of how fupped up insurance as a whole, is.

Simply put: there should be no need at all for GAP insurance if insurance was functioning properly.

You are being put back in the same financial position you were pre-accident with standard insurance. Another rant just for the sake of it

galwaytt

Eggs For Dinner wrote: »

You are being put back in the same financial position you were pre-accident with standard insurance. Another rant just for the sake of it

No you're not, and I have the claim cheque to prove it.

Insurers by nature aim to pay out as little as possible, and as reluctantly as possible. Most people just roll over and accept it.

As for rant, et tu, Brute???

Eggs For Dinner

galwaytt wrote: »

No you're not, and I have the claim cheque to prove it.

Insurers by nature aim to pay out as little as possible, and as reluctantly as possible. Most people just roll over and accept it.

As for rant, et tu, Brute???

This thread is about Gap Insurance. Do you even know what that is? Getting the correct indemnity from your standard comprehensive policy is a totally different matter altogether

cplwhisper

The €399 for 3 yrs was approx quote that garages sold. Axa Underwriter covered same for the garages. AXA customers could but it as an optional extra once their car turned 1yr old from new car registration date. It year was more as Gap of depreciation was higher values.
€40k was max top up you could claim for but this type of claim only worked if claiming off your own ‘comp/fire or theft claim’ when your car was deemed Cat A or B write off.