Page 2 of 4

Re: Gap insurance

Posted: Wed Feb 10, 2021 10:15 am
by pmg
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.

Re: Gap insurance

Posted: Wed Feb 10, 2021 12:31 pm
by JurassicGTS
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🤗🤗

Re: Gap insurance

Posted: Fri Feb 12, 2021 9:01 pm
by 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.

Re: Gap insurance

Posted: Tue Mar 07, 2023 9:30 pm
by Deleted User 3546
MSE25 discount code still works with ALA.

We were going to use insurance company for year one, but their policy wording around an identical model being available in the UK doesn’t sit well with such a personalised marque.

Re: Gap insurance

Posted: Tue Mar 07, 2023 9:34 pm
by Skyway
I did an ALA vehicle replacement policy for 4 years with the 25% MSE discount and very happy with that ;)

Re: Gap insurance

Posted: Wed Mar 08, 2023 9:07 am
by wab172uk
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.
Exactly. Why anyone wouldn't buy it is crazy. Insurance companies always try to pay out the least amount possible. Gap will take it back to invoice, so you can go out and but a new car.

I've used Motoreasy for my last 2 cars, and have been very keenly priced.

Re: Gap insurance

Posted: Wed Mar 08, 2023 10:18 am
by Plyphon
I also used ALA with the discount, can't remember what it was on my GTS for 4 years but it was a good enough price.

Wouldn't buy a new car without it. It's such a small, minor cost relative to the cost of your car that puts you back in the position you started if the worst happens.

Re: Gap insurance

Posted: Wed Mar 08, 2023 11:05 am
by dbsk20
I paid £484 with ALA yesterday for 4 years on my GTS.

I didnt use the MSE25 discount code but just checked and it brings it down to the same price i paid through a comparison website.

Dealer quoted me £899 for their '5 star defacto policy', but so is ALA at half the price.

Re: Gap insurance

Posted: Wed Mar 08, 2023 11:13 am
by Skyway
dbsk20 wrote: Wed Mar 08, 2023 11:05 am I paid £484 with ALA yesterday for 4 years on my GTS.

I didnt use the MSE25 discount code but just checked and it brings it down to the same price i paid through a comparison website.

Dealer quoted me £899 for their '5 star defacto policy', but so is ALA at half the price.
You must be doing the quote wrong. I just did an £85K Porsche on their website with the MSE25 code and it came back at £404 for Return to Invoice. Vehicle Replacement would be higher though if that's what you have?

Re: Gap insurance

Posted: Wed Mar 08, 2023 11:15 am
by dbsk20
Skyway wrote: Wed Mar 08, 2023 11:13 am
dbsk20 wrote: Wed Mar 08, 2023 11:05 am I paid £484 with ALA yesterday for 4 years on my GTS.

I didnt use the MSE25 discount code but just checked and it brings it down to the same price i paid through a comparison website.

Dealer quoted me £899 for their '5 star defacto policy', but so is ALA at half the price.
You must be doing the quote wrong. I just did an £85K Porsche on their website with the MSE25 code and it came back at £404 for Return to Invoice. Vehicle Replacement would be higher though if that's what you have?
Ah bugger you are right!

That makes it come out at £484 for Vehicle replacement and i paid £484 for return to invoice :evil: