Gap Insurance - MC

A

Austin

Member
 Huddersfield
I know this has been covered a few times, but I am now too confused!

Can anyone clarify the situation with GAP insurance and point me in the right direction to get something setup

I have my car insured with Admiral on a multicar policy as A) they accepted my company car history as evidence of no claims B) It was over £250 cheaper as a joint policy! But, they don't offer an agreed value in the event of the car being stolen or written off and as we well know, the Glasses guide wouldn't cover a replacement.

The problem I have is that I bought my car privately, so their is no official invoice for the GAP insurers (Chris Knott) so they will only offer a value of £16,440 as a guaranteed value. My car only has 24k miles on it, and cost me more than this, so I would ideally like a company that will allow me to insure this risk to a higher value. Any suggestions?

Car was bought 12th Feb (So within the 90days required by the insurers)
Car will be 8 yrs old on 2nd March, so I need to act fast
 
Do they not have to provide you with the funds to purchase a comparative spec car? If you provide three cars with a similar spec and all £10k higher than their offer do they then not have to meet the market cost?
 
Not sure how it works with private sales but I've always used ALA back to invoice.
 
@ Angelus - I will give them a call and see what they say on that. Maybe an interesting point

@ DPG - I have just called ALA - Same as Chris Knott, as it was a private sale, would only insure back to a Glasses retail price, so £16,440. Looks like I will just have to insure the gap to £16,440, as I think a basic Glasses guide sits around £12.5k :(

I think I will look at an insurer who offers a guaranteed value for next years renewal
 
Angelus666 said:
Do they not have to provide you with the funds to purchase a comparative spec car? If you provide three cars with a similar spec and all £10k higher than their offer do they then not have to meet the market cost?
Click to expand...

This.

I have had four cars written off between me and my wife. The second to last being her Tigra less than a month after she bought it. As soon as it d evidence of other Tigras around and actually managed to get more than we paid for the car as it was going to cost more to replace.

With her last car they offered me double what I thought they would so bit the arm off, still think somebody got it wrong. :lol:
 
I'm with admiral and asked this exact question last week when they were quoting on the MC I was about to buy. I got through to an underwriter who confirmed that if for example I'd declared the cars value at 16k but the market moved on and to replace I'd need 18k then this is what the payout would be - market value as they say.

I did ask what was to stop somebody declaring a cars value at half its true value in order to reduce their premiums and he said in theory it could be possible however they has some mechanisms in place to flag these instances (as well as being fraudulent!)
 
Dvr80 said:
I'm with admiral and asked this exact question last week when they were quoting on the MC I was about to buy. I got through to an underwriter who confirmed that if for example I'd declared the cars value at 16k but the market moved on and to replace I'd need 18k then this is what the payout would be - market value as they say.

I did ask what was to stop somebody declaring a cars value at half its true value in order to reduce their premiums and he said in theory it could be possible however they has some mechanisms in place to flag these instances (as well as being fraudulent!)
Click to expand...

Thanks for that - reassuring to know
 
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