I have had a look at a few forum posts regarding GAP insurance and I have also looked on a few GAP insurance websites, but I am still struggling to understand what would be the best option for me, if any at all.
I have ordered an 'R' with quite a few optional extras on a PCP and notice that there are a few types of GAP:
Return to Invoice (RTI)
Vehicle Replacement Insurance (VRI)
Return to Value (RTV)
Finance GAP
I purchased return to invoice for about £350, would cover the understanding finance and I would pocket the difference to original invoice. Dealer brought the price down from £550 so willing to do a deal on it.
on a PCP you'd want Finance Gap really as you don't own the car and you need to make sure if the standard insurance payout is less than the outstanding finance, the GAP insurance covers the difference.
RTI won't work as if the worst should happen, you don't have the invoice to say you "bought" the car.
So becareful which one you choose should you decide to use GAP.
I've been think about this a bit too. Got a 'Rocco a month or so on VW Solutions. They tried to sell me GAP insurance, but it seems much cheaper online.
£95 from car2cover.co.uk seems a good deal for 3 years cover, maximum payout £10,000. I'm still swithering about it as I tend to avoid unnecessary insurance etc.
Straw poll of people on Solutions who think it is a good idea?
Options: 12 point electric black leather seats , dvd sat nav, parking sensors, electric mirrors, prem mats and flaps , alloy door sills , alloy foot pedals, GT steering wheel badge , 1983 mk1 scirocco GLS
dont be conned by vw salesmen trying to sell you gap insurance its a rip off . you can get same cover for less than a third of what they will charge you
Haggle with the vw dealers , when i bought mine they didnt charge me for gap insurance i got it thrown in with the deal, guess it depends how keen they are to do a deal.
As bleedoff says - cars that hold their residual value well don't need gap insurance, unless you get the invoice gap and intend to torch your car to make a profit!
With a Scirocco, if you've got a 3 to 5 year loan on it, after year 1, it should always be worth more than you owe on it - not something you could say with many other cars. Year 1 is generally covered by replacement by your insurer if you have a fully comp policy from a GOOD provider. In year 1 most of the big firms will replace the car with a new one if it's written off or stolen and not recovered.
Last edited by maisbitt on Fri Sep 10, 2010 10:33 am, edited 1 time in total.
2013 - Tornado Red MK7 Golf GTD on order
2011-2013 - Rising Blue 170GT
2009-2011 - Pewter Roc 140GT
2007-2009 - Tornado Red Golf 170TDI GT
2005-2007 - Black Pearl Golf 140TDI GT
2003-2005 - Black Pearl Polo 1.9TDI
Was only £240 and included a deal where by a Scirocco of same engine type would be on your doorstep within 3 hours of a situation where you are without your vehicle (e.g. Theft, Accient etc.).
maisbitt wrote:As bleedoff says - cars that hold their residual value well don't need gap insurance, unless you get the invoice gap and intend to torch your car to make a profit!
With a Scirocco, if you've got a 3 to 5 year loan on it, after year 1, it should always be worth more than you owe on it - not something you could say with many other cars. Year 1 is generally covered by replacement by your insurer if you have a fully comp policy from a GOOD provider. In year 1 most of the big firms will replace the car with a new one if it's written off or stolen and not recovered.
This is precisely why I didn't take out the GAP insurance.
caprinolaw wrote:a deal where by a Scirocco of same engine type would be on your doorstep within 3 hours
Nice sales pitch, but I can't see it happening, can you?
Still, let's hope I never get proven neither right nor wrong.
Yeah i hope im proven neither right nor wrong but the lease company we use we have used as a family for over 10 years and they have always delivered as promised, so i guess there is a certain element of trust.
I went for the AA one that the dealer was selling for £600, for RTI. As soon as I mentioned I could get it for £300 off the internet, he said "Crikey! How much?" then went off to see his boss for 10 seconds and came back to say they would do it for the same price. Funny that.
just ordered a 14.tsi on lease , absolute bargain, only £330 per month,
Car2cover have got pretty much everything for just £160 for 2 years! (RTI cover),
The only concern is that as I am leasing is this right or what, I am pretty confused, as I dot have an invoice price.
I just want to know should I write it off that I am not out of pocket after normal insurance payout!
Options: Truffel Leather, 19" Wheels, DVD Sat Nav, Xenon Lights, Bluetooth Phone, Parking Sensors, Drivers Electric Seat, Electric Fold-able Mirrors, Winter Pack, Hill Hold, Flat Tyre Indicator - added VW Racing Springs, and changed Bluetooth to newer model.
mortc002 wrote:just ordered a 14.tsi on lease , absolute bargain, only £330 per month,
Car2cover have got pretty much everything for just £160 for 2 years! (RTI cover),
The only concern is that as I am leasing is this right or what, I am pretty confused, as I dot have an invoice price.
I just want to know should I write it off that I am not out of pocket after normal insurance payout!
Anyone leasing with GAP insurance?
If the car is written off (less salvage if it has any value (i.e. not stolen)) then your policy will reimburse the lease company the value of the vehicle.
You would not have an invoice because it is not your car and you have not been billed for it either.
There is no point in having GAP insurance on a lease car since it is not yours in the first place. The lease company would always be reimbursed by your insurance company at the time for any loss they have suffered.
