High value Gap insurance

[ollie plymsoles]

Hi folks,

Our new turbo s will be with us in the next couple of weeks hopefully so we are just getting some paperwork and prices together.
We'll go with Porsche for the wheel and tyre insurance but we normally shop around for the Gap insurance.

We are having trouble finding Gap insurance for such a high valve car, Our current gt3 and macan were 2nd hand so they were under the 150k limit for the back to invoice gap insurance.

Do we bend over and pay Porsche the £1000+ for 2 years gap or do you guys know or use other companies?
I suppose with Locktons we could insure the car for a fixed amount ?

Thanks.

[elan362]

GAP is there to cover the difference between an insurance payout and the invoice price in the event of a shortfall

Let's say your turbo S is £250k, and your car got totalled and the insurance paid out £150k.
The shortfall is £100k that is what the GAP pays out.

Do you need to GAP insure the whole value (I.e £250k) or only the shortfall cover?

If the later, is it realistic the insurance payout would be less that £150k of the purchase price during the period of GAP cover? (Hard to believe so!)

[alscar]

Gap cover is just that which is why most policies are only needed for say a max of £50k assuming you have that decent insurance policy already in place.
Most policies will in effect get you a brand new replacement car if the worst happens during the first 12 months anyway. Some I believe will even go 2 years.
Other option is to simply get an agreed value policy in the first place.

[woodysnr]

Try a company called ALA Gap insurance

[Cheib]

Get a decent insurance policy. Hiscox have a "return to invoice" cause for the first two or three years on new cars, other firms have agreed value eg Zurich Private Client.

You're buying a great car that's worth a lot of money...that's worth having a high quality policy for IMHO

[bennno]

Esure offered to insure my new 992T for £503 p.a.

Includes new replacement if car stolen or written off year 1.

[ollie plymsoles]

Thanks all.
We are already with Locktons on their specialist porsche scheme for the Gt3 so will phone and ask them.
We are with ALA for gap on the above car but they won't provide gap cover on a purchase price over 150k.

[Fnumber1user]

Is any of the car being paid for on finance? If yes I'd say gap insurance isn't needed as AFAIR it covers full value of replacement? Definitely worth checking regardless.

[NickyF]

I bought GAP insurance through Porsche for my new Panamera Turbo S a couple of weeks ago, The price was reasonable (£500 ish) as the FCA have stepped in and made sure dealers can’t rip you off (at least not with GAP). The policy I bought has a £50K max payout that kind of defeats the object, especially when I know the value of the car will plummet. But £50k extra would be better than nothing was my thinking. Your 911 will likely hold its value better.

[Discombobulate]

In the event of a total loss NFU offer new car replacement (or cash equivalent if not available) for 2 years as standard.

[Robert-udyrh]

I’ve insured my 992 Turbo S via Lockton.

The policy is with Aviva and includes an agreed value which removes the need for GAP. Well, it does for at least for one year.

Could have got significantly cheaper via , I think it was Admiral, but as mentioned in a previous post it’s an expensive car and I think it’s worth paying more for what I hope is a better policy.

Hope I never have to find out but the proof of the quality will be if I have to claim.

[Robert-udyrh]

Discombobulate said:

In the event of a total loss NFU offer new car replacement (or cash equivalent if not available) for 2 years as standard.

Have insured with NFU previously (992 GTS and 992 c2s) and found them to be excellent.

Tried to insure the Turbo S and was told it had to have a Thatcham approved tracker and it was up to me to ensure the tracker is compliant. They were happy with the Porsche tracker on previous cars.

If I had no proof that the tracker is Thatcham compliant in the event of an unrecovered theft I would be waving goodbye to around £200k.

[bennno]

Robert-udyrh said:

Discombobulate said:

In the event of a total loss NFU offer new car replacement (or cash equivalent if not available) for 2 years as standard.

Have insured with NFU previously (992 GTS and 992 c2s) and found them to be excellent.

Tried to insure the Turbo S and was told it had to have a Thatcham approved tracker and it was up to me to ensure the tracker is compliant. They were happy with the Porsche tracker on previous cars.

If I had no proof that the tracker is Thatcham compliant in the event of an unrecovered theft I would be waving goodbye to around £200k.

The tracker fitted as standard is Vodafone, it’s thatcham approved.

[Robert-udyrh]

bennno said:

The tracker fitted as standard is Vodafone, it’s thatcham approved.

I’m 99.9% sure this is the case.

Can you prove it? Which is what will be required in the event of theft.


No proof, no payout.

[bennno]

Robert-udyrh said:

bennno said:

The tracker fitted as standard is Vodafone, it’s thatcham approved.

I’m 99.9% sure this is the case.

Can you prove it? Which is what will be required in the event of theft.


No proof, no payout.

Says so on Porsche website, it’s cat 7

[Discombobulate]

Robert-udyrh said:

I’m 99.9% sure this is the case.

Can you prove it? Which is what will be required in the event of theft.


No proof, no payout.

No, but you can by asking dealer to confirm it is.

[dontpostmuch]

Hey, wondering how you got on?

Having just purchased a similar car and value, I find myself in a very similar position.... Can I ask who you ended up sourcing GAP insurance from?

ALA - will not touch any purchase price pver £125k (most providers stop at any purchase price >£100k)
Hiscox do not offer it, nor do anyone else in the previous chat responses

Thanks

[bennno]

dontpostmuch said:

Hey, wondering how you got on?

Having just purchased a similar car and value, I find myself in a very similar position.... Can I ask who you ended up sourcing GAP insurance from?

ALA - will not touch any purchase price pver £125k (most providers stop at any purchase price >£100k)
Hiscox do not offer it, nor do anyone else in the previous chat responses

Thanks

Pretty much a dead product now, FCA determined only 6% of the premiums were being paid out…..

[Cheib]

Hiscox don’t offer it as a separate policy. It is (or was) included in the standard policy terms…can’t remember now but I think in the first two or three years you got paid full invoice in the event of a total loss.

Plenty of insurers will do agreed value which is effectively the same thing. I have that on two policies I currently have with Chubb and Zurich Private Client.

[stb100100]

Cheib said:

Hiscox don’t offer it as a separate policy. It is (or was) included in the standard policy terms…can’t remember now but I think in the first two or three years you got paid full invoice in the event of a total loss.

Plenty of insurers will do agreed value which is effectively the same thing. I have that on two policies I currently have with Chubb and Zurich Private Client.

Just spoke with Admiral who do not offer 'return to invoice' and instead provide 'fair market value'.

Was anyone able to find any gap insurance providers for cars worth more than £125k? I have always had gap for previous cars so it makes me a tad nervous without one...