Discussion
Im picking up my GT3 hopefully a weeks time, they have offered me 3 year Gap insurance for £695 which i believe will cover the cost to the full retail value of my car even in the 3rd year , does this sound about right for the price or is it negotiable ?
The other thing is i had with my previous car was 1 years free gap insurance included with my standard insurance, if i got this again included after the first year can i buy gap insurance in the 2nd year ?
The other thing is i had with my previous car was 1 years free gap insurance included with my standard insurance, if i got this again included after the first year can i buy gap insurance in the 2nd year ?
Negotiable.
I had done lots of research before I picked up mine. I knew there were many companies out there offering the same for less. As it's merely a financial product that WILL pay out a set amount in a specific circumstance, comparing them is easy.
They said I was one of very few who knew what it was and had done prior research, but needed to make up numbers. They reduced the cost of their product from £420 to £250 and I took it.
Very smart thing to have if your insurance (like mine) will not provide the full invoice cost of the vehicle, but the market value of the vehicle less any options. Ie. I have £6k of options and if I didn't take such a policy, they would have been uninsured from the moment I drove off the forecourt.
However, just to clarify we're talking about the same thing:
I believe Porsche call it "Asset Protection" - ie. it covers the difference between what the insurance company provide and what the invoice was, up to a set value for a set amount of time in the event the vehicle is a total loss.
"Gap insurance" is often referred to as a policy that covers the difference between what the invoice company provide and what is outstanding on finance in the event of a total loss.
Oh, and if you do buy it from Porsche, check the policy documents. About a month later I noticed a small print referring to a small print referring to a printed page insert in the back, referring to another page. And rather than buying "Asset protection", I bought "Gap", which was bloody useless as the car's got no finance on it! Mistake though, and rectified immediately when queried.
I had done lots of research before I picked up mine. I knew there were many companies out there offering the same for less. As it's merely a financial product that WILL pay out a set amount in a specific circumstance, comparing them is easy.
They said I was one of very few who knew what it was and had done prior research, but needed to make up numbers. They reduced the cost of their product from £420 to £250 and I took it.
Very smart thing to have if your insurance (like mine) will not provide the full invoice cost of the vehicle, but the market value of the vehicle less any options. Ie. I have £6k of options and if I didn't take such a policy, they would have been uninsured from the moment I drove off the forecourt.
However, just to clarify we're talking about the same thing:
I believe Porsche call it "Asset Protection" - ie. it covers the difference between what the insurance company provide and what the invoice was, up to a set value for a set amount of time in the event the vehicle is a total loss.
"Gap insurance" is often referred to as a policy that covers the difference between what the invoice company provide and what is outstanding on finance in the event of a total loss.
Oh, and if you do buy it from Porsche, check the policy documents. About a month later I noticed a small print referring to a small print referring to a printed page insert in the back, referring to another page. And rather than buying "Asset protection", I bought "Gap", which was bloody useless as the car's got no finance on it! Mistake though, and rectified immediately when queried.
Vesuvius 996 said:
If you insure with Chubb they pay out agreed value and you don't need GAP.
But if your insurance company don't, then a policy in the middle is good. Due to the car I have and the area I live in, my choice of reasonably (though many say extortionate) priced insurance policies is very limited. Also, should my car be a total loss when 20 months old, this means I will get a brand new car.
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