GAP insurance

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tiger tony
Posts: 241
Joined: Sat Jul 24, 2021 7:58 am
Location: Banbury, Oxon, UK

Post by tiger tony »

OK folks, who has GAP insurance on their Enyaq and what sort of levels of cover and prices are you getting ?

I usually go with Click4Gap for my cars but recently they seem to have priced themselves a little bit high.

ALA have come back with a reasonable quote.

Just wondered what other owners could recommend ?
Enyaq iV60, Loft, Race blue, 20" Vega's, ME3.0 updated.

labellad1974
Posts: 5
Joined: Thu Mar 24, 2022 4:15 pm

Post by labellad1974 »

I'm hoping to get my car in the next month or so and remember the dealer asking about GAP but I said I would look at it closer to the time, knowing even then it was at least 6 months away (now heading towards 11 months).

My understanding is that in the event of total loss my fully comp insurance pays out market value and GAP makes up the difference between that and what ever is outstanding on the finance.
So now I look at market value for my car and it is £8-10k more than I am paying for it so surely GAP insurance is now null and void? Or am I missing the bleedin' obvious?

Any advice appreciated.
Enyaq iV 60 Loft, black magic, tow bar, panoramic sunroof, convenience basic, parking basic, climate Plus. Ordered October 2021.
Lorttrol
Posts: 124
Joined: Sat Jan 08, 2022 6:14 pm

Post by Lorttrol »

Although I haven't got my Enyaq yet my current insurers will pay out the list price of my car if owned from new. I plan to stay with them when i renew to get that years free gap insurance. Might be worth looking at a different insurer. I've never taken standlone gap insurance and I doubt I ever will. I also put down a hefty deposit of about 40% of the cars value and its unlikely to loose that much in depreciation that quickly so any insurance pay out should cover the outstanding finance. Yes i get that its a risk but i always put my voluntary excess as high as possible to reduce my yearly premium. Its a risk im willing to take. Thats my experience with it anyway.
Ordered 8th Jan 22 - 80, Energy Blue, Loft, Light and View +, Convenience +, Drive Pack +, Comfort seat basic, Climate Package basic, Drive Sport Basic and HUD. Delivery 41 weeks to the day!
Previous: Tarraco, 1st Edition Plus 2.0 TDI 7 speed DSG 4WD
dezember
Posts: 137
Joined: Tue Mar 08, 2022 9:19 pm

Post by dezember »

I am always confused.com with GAP insurance :) Does the GAP covers the diff between what insurers pays and the price we pay when it's new or it covers the shortfall of what we owe to the finance? If I bought in cash, technically there's no shortfall :)
iV60 Metallic Green :) Assisted Drive. Climate basic. Light & view. Parking plus. Lounge. Ordered 1st Dec 2021. Delivered in August 2022.
IanJ
Posts: 229
Joined: Tue Nov 09, 2021 7:32 am

Post by IanJ »

If you were to buy cash without any finance, the GAP could fill the shortfall between your main insurer’s payout (which would be current market price) and either the invoice price or the current purchase price of a new vehicle.

Obviously as the vehicle depreciates in value the GAP payout will increase in step.
iV 80 Suite, Arctic Silver plus various packages. ME 3.1
Ordered late Oct 21 for delivery June 2022. Scheduled production now Week 29 (was previously late September). In transit 25 July 22. Delivered as ordered 17 August 22.
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MikeJL
Posts: 256
Joined: Mon Aug 16, 2021 4:15 pm

Post by MikeJL »

Has anyone claimed on a GAP insurance policy?
28/8/21 Ordered IV60 Lounge, Quartz Grey Metallic. Delivery quoted 6 months!
25/6/22 Collected car!
Software : ME3.0
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