Interesting discussion going on at our sister forum Xdrivers.co.uk about whether or not to invest in a tracker to reduce the risk of theft.
Has anyone on here done so?
Some people commented that they were happy as long as they were insured however I was a little worried about the gap left from insurance payout to cost and so did some research:
I agree RE insurance, but this can still put you ££££ks out in the event of the vehicle being stolen.
Car insurance companies will only ever give you "market value" for your vehicle when its a total loss. When is it a total loss? If its a write off or if its stolen, recovered AND a write off.
If like me you have GAP insurance and the car is a total loss, its not the end of the world as this will cover the shortfall between the market payout and the price you paid at purchase (depending on the policy taken).
If you're vehicle is stolen and NOT recovered however it is not deemed a write off and you will again only gain market value again which to me seem ludicrous. Source : https://www.abi.org.uk/Insurance-and-savings/Products/Motor-insurance/Written-off-or-total-loss-vehicles
There seems only one way to protect this scenario which is to purchase a tracker, but as above its not foolproof and if for whatever reason it is found and ripped out then you're back at square one again.
Does anyone have any further ideas on how to avoid the above scenario?
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Edit just spoken to my GAP provider and insurer and looks like I would be covered in the event of a stolen not recovered as the vehicle would be classes as a total loss. However looks like this may be different based on insurer to insurer so worth talking to your insurer about.
Has anyone else also done such research and found similar / different?
Has anyone on here done so?
Some people commented that they were happy as long as they were insured however I was a little worried about the gap left from insurance payout to cost and so did some research:
I agree RE insurance, but this can still put you ££££ks out in the event of the vehicle being stolen.
Car insurance companies will only ever give you "market value" for your vehicle when its a total loss. When is it a total loss? If its a write off or if its stolen, recovered AND a write off.
If like me you have GAP insurance and the car is a total loss, its not the end of the world as this will cover the shortfall between the market payout and the price you paid at purchase (depending on the policy taken).
If you're vehicle is stolen and NOT recovered however it is not deemed a write off and you will again only gain market value again which to me seem ludicrous. Source : https://www.abi.org.uk/Insurance-and-savings/Products/Motor-insurance/Written-off-or-total-loss-vehicles
There seems only one way to protect this scenario which is to purchase a tracker, but as above its not foolproof and if for whatever reason it is found and ripped out then you're back at square one again.
Does anyone have any further ideas on how to avoid the above scenario?
---------------------------------------------------------------------------------------------------------------
Edit just spoken to my GAP provider and insurer and looks like I would be covered in the event of a stolen not recovered as the vehicle would be classes as a total loss. However looks like this may be different based on insurer to insurer so worth talking to your insurer about.
Has anyone else also done such research and found similar / different?