Gap insurance

[dudlow]

Has anyone got any recent experience of getting an alternative provider to the gap insurance that my Ferrari dealer is trying to push with a car that's coming soon. It looks like a very loaded premium.

Lots online, but recommendations welcome please.

[B3NJY]

Just get agreed value insurance,

[andrew]

new or used car ?
gap to list or gap to finance ?

[dudlow]

Used.
Gap to purchase cost. I appreciate that I can use agreed value on year one, but on 2 and 3 the agreed will probably be much lower than purchase cost.

[orbiter]

It depends on the value of the car as some companies have stopped quoting for GAP on higher value cars since the market turned.

Have used gapinsurance.co.uk and ala.co.uk in the past.

I would suggest calling instead of doing it online as even if they can't quote I've found they offer good advice.

[av185]

Have a few newish Porsche GTs and Ferraris insured with NFU on an agreed value basis.

Sensible premiums excellent service.

[Superleg48]

dudlow said:

Used.
Gap to purchase cost. I appreciate that I can use agreed value on year one, but on 2 and 3 the agreed will probably be much lower than purchase cost.

Agree value insurance is the best way to go. In terms of ongoing value year on year, if your car, now a year older, is worth a bit less but then to replace it like for like with another car that is also worth a bit less than the first year, where is the issue? Also, if you can demonstrate that your car is still worth the same or more, based on prices for like for like cars on the market at renewal, you will have no problem maintaining the value.

The benefit of agreed value policies is they go on for as long as you own the car, rather than a gap policy which has a finite term. Remember, the point about gap or agreed value is, should your car be written off, it protects you to be able to put you back in the same position you were before. Same like for like car, not magically put you in a car 3 years younger than the one you had for free.