Thoughts on Gap insurance…

[Wotsits]

So could do with some opinions here. With insurers paying out to “current used value” do I need gap insurance?
Current used value will be above list in the present market where as gap will return to invoice?
Feels like standard fully comp is the way to go but I am probably missing something so thoughts appreciated.

Jon, I've been wondering exactly the same.

Traditional gap cover is pretty much useless for a new Macan GTS, even on finance. It's there to protect you from a normal car purchase that tanks say 20-30% of its value in the first year, not something currently worth 20% over list!

As for insuring the upside, I'm not sure to be honest. I would aim for a specialist broker policy who are used to dealing with valuable cars and can do an agreed value. Pace Ward, Adrian Flux, A plan etc, you might get away with agreeing your value at current market rate? I'm going to look to do the same, as I'll be massively peeved if something happens to my car when it arrives as there's no chance of another any time soon.

One of my other cars is a Clio Trophy, slightly different value to a Macan but I have it with Flux at an agreed value which cost me something like £15 extra. WBAC/trade price for the Clio is around £1,500, whereas its real value is currently anywhere around £15k.

[Jon A]

So could do with some opinions here. With insurers paying out to “current used value” do I need gap insurance?
Current used value will be above list in the present market where as gap will return to invoice?
Feels like standard fully comp is the way to go but I am probably missing something so thoughts appreciated.

Jon, I've been wondering exactly the same.

Traditional gap cover is pretty much useless for a new Macan GTS, even on finance. It's there to protect you from a normal car purchase that tanks say 20-30% of its value in the first year, not something currently worth 20% over list!

As for insuring the upside, I'm not sure to be honest. I would aim for a specialist broker policy who are used to dealing with valuable cars and can do an agreed value. Pace Ward, Adrian Flux, A plan etc, you might get away with agreeing your value at current market rate? I'm going to look to do the same, as I'll be massively peeved if something happens to my car when it arrives as there's no chance of another any time soon.

One of my other cars is a Clio Trophy, slightly different value to a Macan but I have it with Flux at an agreed value which cost me something like £15 extra. WBAC/trade price for the Clio is around £1,500, whereas its real value is currently anywhere around £15k.

Thanks Wotsits, good steer!
Will take a look but also will get my insurer (Admiral multicar) to confirm what “current used value” actually means. I know it means what the trade value would be at time of loss, but even this may well be over list particularly in the first six months.
Gap insurance in this case would only be needed to cover the delta at say, 6-12 months old onwards but I don’t think you can buy it like that.
What you say makes sense will look into it.

[Wotsits]

So could do with some opinions here. With insurers paying out to “current used value” do I need gap insurance?
Current used value will be above list in the present market where as gap will return to invoice?
Feels like standard fully comp is the way to go but I am probably missing something so thoughts appreciated.

Jon, I've been wondering exactly the same.

Traditional gap cover is pretty much useless for a new Macan GTS, even on finance. It's there to protect you from a normal car purchase that tanks say 20-30% of its value in the first year, not something currently worth 20% over list!

As for insuring the upside, I'm not sure to be honest. I would aim for a specialist broker policy who are used to dealing with valuable cars and can do an agreed value. Pace Ward, Adrian Flux, A plan etc, you might get away with agreeing your value at current market rate? I'm going to look to do the same, as I'll be massively peeved if something happens to my car when it arrives as there's no chance of another any time soon.

One of my other cars is a Clio Trophy, slightly different value to a Macan but I have it with Flux at an agreed value which cost me something like £15 extra. WBAC/trade price for the Clio is around £1,500, whereas its real value is currently anywhere around £15k.

Thanks Wotsits, good steer!
Will take a look but also will get my insurer (Admiral multicar) to confirm what “current used value” actually means. I know it means what the trade value would be at time of loss, but even this may well be over list particularly in the first six months.
Gap insurance in this case would only be needed to cover the delta at say, 6-12 months old onwards but I don’t think you can buy it like that.
What you say makes sense will look into it.

I'd be interested to hear how you get on with Admiral, as I'm currently on a multicar with them. They're normally the most basic possible, so I doubt they would pay over RRP. I used to be with Pace Ward which was a fantastic policy, agreed value on all cars so no need for gap cover, and £150k of comprehensive insurance for driving other people's cars, which came in really useful multiple times as you're pretty much fully comp on anything on the road.

The only reason I left them is that the premium more than doubled when I tried to put my Mrs onto my insurance for the Aston and Range Rover, which meant no more lifts home from the pub! They're the sort of outfit that would do what you're after as it's quite a different product to off the shelf insurance like Admiral, they (broker) go to their panel with pretty much exactly what you want to insure - value, benefits etc and then see what they get back. You can have allsorts, e.g that £150k fully comp extension. When I bought my Vantage I was 25, brand new £155k car and they're the only ones that would go anywhere near it due to my previous experience, in the end the premium was only £1100 or so!

[DAN@ADRIAN FLUX]

Hi.
Just to let you know that we offer a 12 month product called Total Loss Protection. Whilst it's not exactly the same as your traditional GAP insurance we feel for some customers it can make a cost effective alternative.
Please feel free to take a look if you wish.
https://www.adrianflux.co.uk/extras/total-loss/
Regards,
Dan.

[Jon A]

Hi.
Just to let you know that we offer a 12 month product called Total Loss Protection. Whilst it's not exactly the same as your traditional GAP insurance we feel for some customers it can make a cost effective alternative.
Please feel free to take a look if you wish.
https://www.adrianflux.co.uk/extras/total-loss/
Regards,
Dan.

Thanks Dan - I take it the difference between this and “true” gap is the £10k limit? This May work well on a high residual car like the Macan for year one as any shortfall should be within the limit.
Year two onwards may start to get questionable because of that limit…
The cost looks appealing though if I have got that right??

[macview19]

If over 80 years of age NFU do not want to know about your car insurance business ( age discrimination!!!!!)