Gap insurance

ALA Gap Insurance, Alloy Wheel and Dent Insurance.
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pmg
Posts: 1393
Joined: Wed Jun 20, 2018 7:31 pm

Post by pmg » Wed Feb 10, 2021 10:15 am

jk88 wrote:
Wed Feb 10, 2021 7:05 am
jaffacake wrote:
Mon Feb 08, 2021 3:58 pm
Never seen any value in it, so no.
Couldn't disagree more - my son's Mini was written off by a lunatic on the wrong side of the road a few years ago. Car was getting on 3 years old, cost £18k new. Insurance paid out around £12k, ALA paid out the balance. Claim was straightforward and paid within a couple of weeks. Wouldn't be without it on any new car now.
Yes, but has his car was then only worth £12K there was no loss of wealth; there was a possible cash flow issue in finding the cost of replacement. Gap insurance grew as a "fashion" because of the increase in the population relying on borrowing and the increase in PCP as the method of car finance.

Like all insurance, the risk of loss to the policyholder is worth the cost of insurance companies profit margin across the line of business. If an individual is "cash-rich" then that cost may not be worthwhile.

That cost is also likely to be increased if the GAP insurance is bought via the selling car dealer due to higher levels of commission paid to dealer and their salesmen.
2019 Macan S Porsche code PKW8WKI8

JurassicGTS
Posts: 335
Joined: Thu Jun 18, 2020 7:19 pm
Location: Sunny Dorset and Marbella

Post by JurassicGTS » Wed Feb 10, 2021 12:31 pm

pmg wrote:
Wed Feb 10, 2021 10:15 am
jk88 wrote:
Wed Feb 10, 2021 7:05 am
jaffacake wrote:
Mon Feb 08, 2021 3:58 pm
Never seen any value in it, so no.
Couldn't disagree more - my son's Mini was written off by a lunatic on the wrong side of the road a few years ago. Car was getting on 3 years old, cost £18k new. Insurance paid out around £12k, ALA paid out the balance. Claim was straightforward and paid within a couple of weeks. Wouldn't be without it on any new car now.
Yes, but has his car was then only worth £12K there was no loss of wealth; there was a possible cash flow issue in finding the cost of replacement. Gap insurance grew as a "fashion" because of the increase in the population relying on borrowing and the increase in PCP as the method of car finance.

Like all insurance, the risk of loss to the policyholder is worth the cost of insurance companies profit margin across the line of business. If an individual is "cash-rich" then that cost may not be worthwhile.

That cost is also likely to be increased if the GAP insurance is bought via the selling car dealer due to higher levels of commission paid to dealer and their salesmen.
Noone is recommending buying GAP from any main dealer it's ludicrously expensive vs something like ALA one of the boards sponsors. At around £80 per year I wouldn't be without it.
If my car was written off in 3 years time I would only be able to replace it with a 6 year old Macan, unlikely to be purchased through a Porsche dealer due to age so no warranty worth having. I wouldn't know really if it had been cared for as mine would have been. With GAP I would be able to go and purchase another 2-3 year old Macan from Porsche without having a major cash outlay. All for £80 per year🤔🤔Does it for me🤗🤗
MY 2018 Carmine red GTS (ours)
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DAN@ADRIAN FLUX
Posts: 27
Joined: Wed May 30, 2018 2:25 pm

Post by DAN@ADRIAN FLUX » Fri Feb 12, 2021 9:01 pm

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.

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