GAP Insurance Over £200k
Discussion
I insure with Chubb and previously with Aviva on a high net worth policy for houses and cars. They do an agreed value at list price on the policy so effectively it includes gap insurance eg if my 3 year old DBX was written off tomorrow they would pay me the original list so I could replace it new (obviously they don’t make 550s any more but on principle it works).
Westlondondriver said:
... if my 3 year old DBX was written off tomorrow they would pay me the original list ...
Classic car agreed value policies, often require the value to be reconsidered at every renewal. Any claim payout therefore remains reasonably close to the current value.
On modern cars, the insurance underwriters must be inviting trouble by offering to pay about double the value for any 3 year old vehicle.
Illegal claims have sometimes been submitted following 'accidental' fires.
ALA Insurance used to be one of the main players until the various FCA investigations into the class as a whole but think that’s no longer an issue.
You would always have struggled to buy more than £50k of actual cover iirc.
Agreed value cover is the way to avoid needing.
Post year 1 you will need to probably justify value at that point though - Insurers won’t just go with your requested amount.
First year of all / most “ decent “ car insurance policies should offer new car replacement anyway.
You would always have struggled to buy more than £50k of actual cover iirc.
Agreed value cover is the way to avoid needing.
Post year 1 you will need to probably justify value at that point though - Insurers won’t just go with your requested amount.
First year of all / most “ decent “ car insurance policies should offer new car replacement anyway.
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