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Home > Finance & Insurance > gap insurance for a new vehicle bought after 180 days ?????

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dannyRR

Member Since: 10 Nov 2009
Location: XR3i and white stiletto country
Posts: 19

2008 Range Rover Sport TDV6 HSE Java Black

gap insurance for a new vehicle bought after 180 days ?????

hi bought 2 RRS TDV6 Hse in may 08 brand new all singing and dancing with tracker monitors fitted.
me and my bizness partner (father) bought the vehicles and never got round to getting gap insurance.
however my fathers was stolen a month ago from his house while sleeping - usual thing broke in found keys "god knows how" and nicked it - the time frame was 4 hours - alerted tracker but no joy.
we got a call 28days later it was found in a container in felixstowe ready to be shipped abroad.
this was 1 of 72 they recovered.
unfortunately they found and ripped the tracker monitor out.
cut a long story short - can gap be purchased for a vehicle over 180 days old - premium isnt an issue as i just wanna feel safe if that if my pride and joy goes it can be replaced.
also having cobra trak 5 installed to them both as dont like the tracker monitor.
is the cobra trak 5 a wise choice.

many thanks
dan

Wed Nov 11 2009 6:16pm

slcar

Member Since: 24 Sep 2009
Location: Wigan
Posts: 23

Best to ask the dealer you got it off.

Wed Nov 11 2009 6:30pm

npinks
Site Moderator

Member Since: 27 Nov 2007
Location: Watching
Posts: 6716

Forum sponsor Kam100 specialises in GAP Insurance aswell as vehicle finance etc

his GAP is cheaper than dealers prices I have seen too

Wed Nov 11 2009 6:39pm

Pelyma

Member Since: 29 Sep 2005
Location: Sussex
Posts: 1497

NFU insurance includes GAP for the first 2 years. Porsche Cayenne S Diesel 66 Plate

Thu Nov 12 2009 12:00am

kam100

Member Since: 28 Sep 2005
Location: In my office doing quotes!!
Posts: 4771

SEE BELOW..

Last edited by kam100 on Tue Jan 12 2010 8:07pm. Edited 1 time in total

Thu Nov 12 2009 11:27am

dannyRR

Member Since: 10 Nov 2009
Location: XR3i and white stiletto country
Posts: 19

will this cover vehicles that were purchased new 18 months ago?

Thu Nov 12 2009 11:54am

kam100

Member Since: 28 Sep 2005
Location: In my office doing quotes!!
Posts: 4771

Hi Danny. Unsure if you still need this:

http://www.rrsport.co.uk/forum/topic16473.html

Tue Jan 12 2010 8:06pm

Noops

Member Since: 13 Jan 2010
Location: Sheffield
Posts: 4

Re: gap insurance for a new vehicle bought after 180 days ??

dannyRR wrote:
hi bought 2 RRS TDV6 Hse in may 08 brand new all singing and dancing with tracker monitors fitted.
me and my bizness partner (father) bought the vehicles and never got round to getting gap insurance.
however my fathers was stolen a month ago from his house while sleeping - usual thing broke in found keys "god knows how" and nicked it - the time frame was 4 hours - alerted tracker but no joy.
we got a call 28days later it was found in a container in felixstowe ready to be shipped abroad.
this was 1 of 72 they recovered.
unfortunately they found and ripped the tracker monitor out.
cut a long story short - can gap be purchased for a vehicle over 180 days old - premium isnt an issue as i just wanna feel safe if that if my pride and joy goes it can be replaced.
also having cobra trak 5 installed to them both as dont like the tracker monitor.
is the cobra trak 5 a wise choice.

many thanks
dan

Hi Dan,

I notice this is now an old thread, but having recently purchased a GAP Insurance policy for a vehicle I bought more than 180 days ago (sadly not a RRSport - but I can dream!) I thought I'd give my tuppence worth.

You can buy something called Retail Value GAP Insurance. Should the car be written off, this will pay you the difference between your motor insurance payout and the original value of your vehicle at the time you bought the policy... a word of warning though, most policies of this nature determine the original value by referring to the "Private Good" value quoted by Parker's Guide... I found one that will cover you up to the Retail Value quoted by Glass' Guide (at the time of buying the policy) - which, invariably is a higher figure than that quoted as the "Private Good" value by Parker's Guide.

I'm unsure if I'm allowed to post the name of the company I bought my policy from so I'll refrain from doing so, but a quick search for "Retail Value GAP Insurance" on google will have you there in no time.

In a similar vein...

npinks wrote:

Forum sponsor Kam100 specialises in GAP Insurance aswell as vehicle finance etc

his GAP is cheaper than dealers prices I have seen too

His GAP Insurance prices are certainly cheaper than I was quoted by my dealer, but even cheaper prices are available from a number of other online providers... sure there are some unknown companies out there, but there also some well known insurance companies out there too... mine, for example is underwritten by Fortis and I paid much less than the prices being quoted on Kam100's website - although to be fair, in my brief check (something is going on with that website which caused my browser to just about grind to a halt) I couldn't find prices for his Return to Value policy - which incidentally is one of those that only cover to the Private Good Value quoted by Parker's Guide.

Incidentally, Kam100... Either there's a mistake in your policy terms or your policy isn't in fact suitable for vehicles purchased more than 180 days ago (http://www.jdconcepts.co.uk/Resources/Private%20Buyers%20GAP.pdf) Under "Eligibility" it states: "You can apply for this policy if at inception..." and then goes on to say (final point) "...You purchase this policy from a Motor Dealer / Approved Agent within 180 days of the date of Vehicle purchase."

If this is the case, then vehicles purchased more than 180 days are excluded - no?

Regards

Wed Jan 13 2010 11:19pm

kam100

Member Since: 28 Sep 2005
Location: In my office doing quotes!!
Posts: 4771

Thanks Noops for your comprehensive response on this product.
Basically: If you have bought your car from dealer/trader within 180 days (at commencement of the cover) they will cover you to the purchase invoice price.

If it's over 180 days, then it covers you on the private GAP basis, and it will pay to: Parkers - Good price as you mentioned.

This product is priced as follows:

10-20k purchase price, claim limit: £15k
1 year: £110.25
2 years: £131.25
3 years: 168.00 all in.

20-60k purchase price, claim limit: £25k
1 Year: £157.50
2 years: £189.00
3 years: £231.00

we have been referring GAP products to JDC for over 3 years now, and we have had three clients claim with difference circumstances, claims have been swift and have paid out in full.

This is a new product so going on the website in the coming days, the website is still being added to/amended as i type so it's running slower then it should be..

Many thanks once again.

Thu Jan 14 2010 4:36pm

Noops

Member Since: 13 Jan 2010
Location: Sheffield
Posts: 4

kam100 wrote:
Thanks Noops for your comprehensive response on this product.
Basically: If you have bought your car from dealer/trader within 180 days (at commencement of the cover) they will cover you to the purchase invoice price.

If it's over 180 days, then it covers you on the private GAP basis, and it will pay to: Parkers - Good price as you mentioned.

This product is priced as follows:

10-20k purchase price, claim limit: £15k
1 year: £110.25
2 years: £131.25
3 years: 168.00 all in.

20-60k purchase price, claim limit: £25k
1 Year: £157.50
2 years: £189.00
3 years: £231.00

we have been referring GAP products to JDC for over 3 years now, and we have had three clients claim with difference circumstances, claims have been swift and have paid out in full.

This is a new product so going on the website in the coming days, the website is still being added to/amended as i type so it's running slower then it should be..

Many thanks once again.

Hi Kam,

It's clear that this is how the policy is intended to work, but the policy terms and conditions specifically state that in order to be eligible for the policy, you must have purchased the vehicle within 180 days.

Granted, 4 points above this point, it intimates that cover might be available more than 180 days after buying the vehicle, but it's far from clear.

Personally, if I was considering your policy for a vehicle I'd purchased more than 180 days ago, I'd exclude your policy from my considerations on this simple fact alone because it's there in black and white in the final point of the eligibility requirements that I would not be covered.

To clarify, I'm not having a dig at you or your policy, I'm merely wanting to point out that the policy wordings are technically flawed against the policy's intended purpose... I would highly recommend that you have the policies re-worded as soon as possible and if you have sold any of these policies to people who had purchased their vehicle more than 180 days before buying the policy, you need to be issuing a formal endorsement to each of those policies clarifying that they are in fact covered, contrary to what the original wordings stated.

Regards

Thu Jan 21 2010 9:52am

kam100

Member Since: 28 Sep 2005
Location: In my office doing quotes!!
Posts: 4771

Hi Noops.

I really appreciate your feedback and i can see exactly where you are coming from.
I have relayed the info above to the insurance underwriter with a view to getting this changed/made more clear.

Thanks again..

Thu Jan 21 2010 1:33pm

kam100

Member Since: 28 Sep 2005
Location: In my office doing quotes!!
Posts: 4771

Thanks again for the above comments, insurance company have now ammended the docs:

http://www.jdconcepts.co.uk/Resources/Private%20Buyers%20GAP.pdf

Thu Jan 21 2010 3:53pm

Noops

Member Since: 13 Jan 2010
Location: Sheffield
Posts: 4

kam100 wrote:
Thanks again for the above comments, insurance company have now ammended the docs:

http://www.jdconcepts.co.uk/Resources/Private%20Buyers%20GAP.pdf

Much clearer now!

Impressively quick turnaround too!

Fri Jan 22 2010 11:45am

MAW

Member Since: 06 May 2006
Location: Lincs
Posts: 3104

2012 Range Rover Sport SDV6 HSE Orkney Grey

Well done Noops

Fri Jan 22 2010 3:18pm

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