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Since: Jan 02, 2004
Posts: 4854
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(Msg. 1) Posted: Mon Oct 17, 2005 10:55 am
Post subject: Gap insurance
Archived from groups: uk>rec>motorcycles (more info?)
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When I bought the 10R last week, I was offered something called Gap
Insurance. I'd come across this before, usually for people buying on
finance, where after initial depreciation and the excess is taken into
account, a poor mug punter can end up owing significantly more than
the cheque the insurance company give him.
Nowadays, however, they're selling it hard to all purchasers, with the
justification that insurance companies are being much harder on
accepted market value, and also most people have much higher excess
limits (the excess on a policy used to be 50 quid years ago - now it's
more like 500).
I turned down the gap policy last week, but got phoned by the RAC this
morning, pushing it. Apparently, for a few pence less than a tenner a
month, I can guarantee that I will get the £6.5k purchase price of my
bike in the event of theft or write-off. And cover for a grands worth
of leathers etc too. And, apparently, this cover will run for 3
years.
It still seems like a rip-off to me, with a price point designed to
hit the "I won't miss it" level. However, it did occur to me that
with one of these policies, a bike "going missing" after 3 years would
be a good way for a punter to counter depreciation.
Anyone here got a gap policy?
--
Champ |
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External
Since: Feb 19, 2004
Posts: 3129
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(Msg. 2) Posted: Mon Oct 17, 2005 10:55 am
Post subject: Re: Gap insurance [Login to view extended thread Info.]
Archived from groups: per prev. post (more info?)
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Champ says...
> When I bought the 10R last week, I was offered something called Gap
> Insurance. I'd come across this before, usually for people buying on
> finance, where after initial depreciation and the excess is taken into
> account, a poor mug punter can end up owing significantly more than
> the cheque the insurance company give him.
I look on these sort of things in an "it's designed to make them a lot
of money, not to help me" kind of way. I wouldn't even consider it for a
second.
--
Lozzo
Track pixie
GSX-R1000 K1
I haven't lost my mind, it's
backed up to a floppy disc
that's around here somewhere. |
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External
Since: May 07, 2004
Posts: 419
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(Msg. 3) Posted: Mon Oct 17, 2005 10:55 am
Post subject: Re: Gap insurance [Login to view extended thread Info.]
Archived from groups: per prev. post (more info?)
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"Champ" <news.RemoveThis@champ.org.uk> wrote in message
news:ph97l1p2ajpd5bo22vd5di5296d5btonns@4ax.com...
<snip>
>
> It still seems like a rip-off to me, with a price point designed to
> hit the "I won't miss it" level. However, it did occur to me that
> with one of these policies, a bike "going missing" after 3 years would
> be a good way for a punter to counter depreciation.
>
> Anyone here got a gap policy?
Got one for Beckys car. The experience of having the previous car written
off whilst still having 2 years of repayments left on it, then only getting
back half of the money still owed left a nasty taste in the mouth.
The policy will pay off the outstanding finance and top up the insurance
settlement offer to the purchase price. The main thing to bear in mind is
that it must be a total write off or they won't pay out.
--
Dan White
(dan@finex666.org.uk)
Perform an exorcism when replying. >> Stay informed about: Gap insurance |
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External
Since: Oct 29, 2004
Posts: 1930
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(Msg. 4) Posted: Mon Oct 17, 2005 10:55 am
Post subject: Re: Gap insurance [Login to view extended thread Info.]
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Champ emerged from their own little world to say
> When I bought the 10R last week, I was offered something called Gap
> Insurance. I'd come across this before, usually for people buying on
> finance, where after initial depreciation and the excess is taken into
> account, a poor mug punter can end up owing significantly more than
> the cheque the insurance company give him.
>
When it first came out it was a relatively small price to pay for those
individuals who live beyond their means. Very few people knew about it when
I worked in the motor trade 20 years ago. I only became aware of it through
a Lombard Finance rep. who sold a handful of policies to BMW buyers.
> Nowadays, however, they're selling it hard to all purchasers, with the
> justification that insurance companies are being much harder on
> accepted market value, and also most people have much higher excess
> limits (the excess on a policy used to be 50 quid years ago - now it's
> more like 500).
>
> I turned down the gap policy last week, but got phoned by the RAC this
> morning, pushing it. Apparently, for a few pence less than a tenner a
> month, I can guarantee that I will get the £6.5k purchase price of my
> bike in the event of theft or write-off. And cover for a grands worth
> of leathers etc too. And, apparently, this cover will run for 3
> years.
>
> It still seems like a rip-off to me, with a price point designed to
> hit the "I won't miss it" level. However, it did occur to me that
> with one of these policies, a bike "going missing" after 3 years would
> be a good way for a punter to counter depreciation.
>
> Anyone here got a gap policy?
No.
I suspect that now the product has been tailored for the mass market it is
poor value. IMV, any insurance product that needs a hard sell is poor
value. Just greedy sales people chasing commission. Analogous to those
extended warranties that Dixons try to flog.
--
wessie at tesco dot net
BMW R1150GS >> Stay informed about: Gap insurance |
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External
Since: Nov 08, 2003
Posts: 278
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(Msg. 5) Posted: Mon Oct 17, 2005 10:55 am
Post subject: Re: Gap insurance [Login to view extended thread Info.]
Archived from groups: per prev. post (more info?)
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On Mon, 17 Oct 2005 14:31:11 +0100 in uk.rec.motorcycles, Champ says:
>
>Anyone here got a gap policy?
I bought a new car in April and turned down the GAP. AIUI most
standard policies will for a new vehicle pay out in full for the first
year. My excess is £250 so in the event the car was a 100% write off
or stolen that's my total risk.
--
Ian >> Stay informed about: Gap insurance |
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External
Since: Apr 07, 2005
Posts: 97
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(Msg. 6) Posted: Mon Oct 17, 2005 10:55 am
Post subject: Re: Gap insurance [Login to view extended thread Info.]
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External
Since: Jan 19, 2005
Posts: 225
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(Msg. 7) Posted: Mon Oct 17, 2005 10:55 am
Post subject: Re: Gap insurance [Login to view extended thread Info.]
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Champ wrote:
> When I bought the 10R last week, I was offered something called Gap
> Insurance. I'd come across this before, usually for people buying on
> finance, where after initial depreciation and the excess is taken into
> account, a poor mug punter can end up owing significantly more than
> the cheque the insurance company give him.
[snip]
> I turned down the gap policy last week, but got phoned by the RAC this
> morning, pushing it. Apparently, for a few pence less than a tenner a
> month, I can guarantee that I will get the £6.5k purchase price of my
> bike in the event of theft or write-off. And cover for a grands worth
> of leathers etc too. And, apparently, this cover will run for 3
> years.
>
> It still seems like a rip-off to me, with a price point designed to
> hit the "I won't miss it" level.
Had your insurance been 120ukp more for the year and you could be
(almost) certain that you'd get a realistic valuation in the event
of theft/write-off then you might think it is worth it.
However, I doubt that they're really in it "for you".
> However, it did occur to me that
> with one of these policies, a bike "going missing" after 3 years
> would be a good way for a punter to counter depreciation.
Hmmm...  )
> Anyone here got a gap policy?
Not me.
--
Chris >> Stay informed about: Gap insurance |
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External
Since: Jul 23, 2005
Posts: 27
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(Msg. 8) Posted: Mon Oct 17, 2005 10:55 am
Post subject: Re: Gap insurance [Login to view extended thread Info.]
Archived from groups: per prev. post (more info?)
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Champ wrote:
> When I bought the 10R last week, I was offered something called Gap
> Insurance. I'd come across this before, usually for people buying on
> finance, where after initial depreciation and the excess is taken into
> account, a poor mug punter can end up owing significantly more than
> the cheque the insurance company give him.
>
> Nowadays, however, they're selling it hard to all purchasers, with the
> justification that insurance companies are being much harder on
> accepted market value, and also most people have much higher excess
> limits (the excess on a policy used to be 50 quid years ago - now it's
> more like 500).
>
> I turned down the gap policy last week, but got phoned by the RAC this
> morning, pushing it. Apparently, for a few pence less than a tenner a
> month, I can guarantee that I will get the £6.5k purchase price of my
> bike in the event of theft or write-off. And cover for a grands worth
> of leathers etc too. And, apparently, this cover will run for 3
> years.
>
> It still seems like a rip-off to me, with a price point designed to
> hit the "I won't miss it" level. However, it did occur to me that
> with one of these policies, a bike "going missing" after 3 years would
> be a good way for a punter to counter depreciation.
>
> Anyone here got a gap policy?
In my experience private motor insurance should one be considered one
of two ways.
1/ cheap vehicle (eg less than a grand) where the "everything else" is
more important than the value of the vehicle being off by 10% go for
bog standard comp insurance.
2/ cherished vehicle, accept nothing other than an agreed value policy
and vote with your feet and wallet until you find a company willing to
play.
In all cases excess should never be more than £100 tops, and no other
silly rules or get out clauses either. >> Stay informed about: Gap insurance |
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External
Since: Apr 01, 2005
Posts: 119
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(Msg. 9) Posted: Mon Oct 17, 2005 10:55 am
Post subject: Re: Gap insurance [Login to view extended thread Info.]
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Guy Fawkes wrote:
>
> 1/ cheap vehicle (eg less than a grand) where the "everything else" is
> more important than the value of the vehicle being off by 10% go for
> bog standard comp insurance.
>
Comp insurance? For a vehicle worth less than a grand? Yeah, right. >> Stay informed about: Gap insurance |
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External
Since: Jul 23, 2005
Posts: 27
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(Msg. 10) Posted: Mon Oct 17, 2005 10:55 am
Post subject: Re: Gap insurance [Login to view extended thread Info.]
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TOG@toil chateau.murray.DeleteThis@btinternet.com wrote:
> Guy Fawkes wrote:
> >
> > 1/ cheap vehicle (eg less than a grand) where the "everything else" is
> > more important than the value of the vehicle being off by 10% go for
> > bog standard comp insurance.
> >
> Comp insurance? For a vehicle worth less than a grand? Yeah, right.
yeah right
bout time a few of you grew some balls and owned up to the fact that
you've decided you don't like me and like teh children you are you
can't help yourselves from having a go, irrespective of the content of
what I post. >> Stay informed about: Gap insurance |
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External
Since: Jul 23, 2005
Posts: 27
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(Msg. 11) Posted: Mon Oct 17, 2005 10:55 am
Post subject: Re: Gap insurance [Login to view extended thread Info.]
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Boots Blakeley wrote:
> On 17 Oct 2005 08:47:15 -0700 in uk.rec.motorcycles, TOG@toil
> chateau.murray RemoveThis @btinternet.com says:
>
> >Guy Fawkes wrote:
> >>
> >> 1/ cheap vehicle (eg less than a grand) where the "everything else" is
> >> more important than the value of the vehicle being off by 10% go for
> >> bog standard comp insurance.
> >>
> >Comp insurance? For a vehicle worth less than a grand? Yeah, right.
>
> I don't know, I had Kate's shite sierra insured FC and it was only
> worth around £400. The difference between FC and TPFT was IIRC under
> £3 a year. I almost dropped the bikes to TPFT in June but again the
> difference was so small it wasn't worth it.
precisely, in my case fully comp is cheaper than any of the other
options, how much of that is down to location I dunno, but TPFT would
have to be literally half or third of the price of fully comp before
it's worth it...
fully comp even on a really cheap car guarantees you a replacement
vehicle while yours is off the road, one week of that is worth about 8
years worth of premiums. >> Stay informed about: Gap insurance |
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External
Since: Jul 23, 2005
Posts: 27
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(Msg. 12) Posted: Mon Oct 17, 2005 10:55 am
Post subject: Re: Gap insurance [Login to view extended thread Info.]
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Daz wrote:
> On 17 Oct 2005 07:26:42 -0700, "Guy Fawkes"
> <davenull DeleteThis @blueyonder.co.uk> wrote:
>
> <snip>
>
> >1/ cheap vehicle (eg less than a grand) where the "everything else" is
> >more important than the value of the vehicle being off by 10% go for
> >bog standard comp insurance.
> >
> >2/ cherished vehicle, accept nothing other than an agreed value policy
> >and vote with your feet and wallet until you find a company willing to
> >play.
> >
> >In all cases excess should never be more than £100 tops, and no other
> >silly rules or get out clauses either.
>
> Over the last few days you really have demonstrated an astonishing
> level of stupidity.
my cage insurance is less than 200 notes fully comp all bells and
whistles, TPFT was about a tenner MORE, and I wouldn't have things like
free courtesy car etc etc etc etc etc
my bike insurance is almost bang on a ton, agreed value, which is how
I've always insured all my bikes, which is why when something happens,
like the xs11 getting nicked, I get exactly the value that I placed on
it, no fuss, no arguments, no delays.
these are always real policies with good companies who never argue or
delay when there is the slightest problem, like the bike being knocked
off the stand by white van man, no problemo, 8.30 am the next morning
there's a courtesy bike delivered (last one was a vstrom, which was a
mistake, but has to be said I chose it out of those available) and
waiting, worth over a grand a week right there.
so bottom line on this is my insurance = being neither off the road nor
out of pocket.
now you come along here with an attitude and claim _I'M_ the stupid one
yeah, right..... >> Stay informed about: Gap insurance |
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External
Since: Jan 02, 2004
Posts: 4854
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(Msg. 13) Posted: Mon Oct 17, 2005 10:55 am
Post subject: Re: Gap insurance [Login to view extended thread Info.]
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On 17 Oct 2005 06:47:39 -0700, darsyx.DeleteThis@sticky.co.uk wrote:
>Champ wrote:
>
>> Anyone here got a gap policy?
>
>in my book, they're in the same category as "extended warranties" for
>electronic equipment.
Quite so.
--
Champ >> Stay informed about: Gap insurance |
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External
Since: Aug 26, 2005
Posts: 197
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(Msg. 14) Posted: Mon Oct 17, 2005 11:55 am
Post subject: Re: Gap insurance - off at a slight tangent [Login to view extended thread Info.]
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"Champ" <news RemoveThis @champ.org.uk> wrote in message
news:ph97l1p2ajpd5bo22vd5di5296d5btonns@4ax.com...
> I turned down the gap policy last week, but got phoned by the RAC this
> morning, pushing it. Apparently, for a few pence less than a tenner a
> month, I can guarantee that I will get the £6.5k purchase price of my
> bike in the event of theft or write-off. And cover for a grands worth
> of leathers etc too. And, apparently, this cover will run for 3
> years.
The policy I have on the car over here (France), whilst being a tad
pricy[1], does provide me with:
1. Fully comp insurance on my vehicle for any driver
2. As long as I want(rather than 45 days at a time) FC cover in any EU
country (plus a few others like Andorra etc)
3. Cover TPFT in/on any other vehicle
4. The 'market value' of the vehicle in the event of theft/fire/whatever
PLUS 25% to cover the additional cost of finding a new vehicle
5. No excess.
Strangely enough I can't find a similar policy in the UK....
Dave
[1] I had no choice on the 'extras' and NCD is maxed at 14 years and I only
have 9 so it's around 20-30% more than my car insurance in the UK. >> Stay informed about: Gap insurance |
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External
Since: Apr 08, 2005
Posts: 7
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(Msg. 15) Posted: Mon Oct 17, 2005 11:55 am
Post subject: Re: Gap insurance [Login to view extended thread Info.]
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"Dan White" <me DeleteThis @privacy.net> wrote in message
news:3rhpcjFiv5j2U1@individual.net...
> "Champ" <news DeleteThis @champ.org.uk> wrote in message
> news:ph97l1p2ajpd5bo22vd5di5296d5btonns@4ax.com...
> <snip>
>>
>> It still seems like a rip-off to me, with a price point designed to
>> hit the "I won't miss it" level. However, it did occur to me that
>> with one of these policies, a bike "going missing" after 3 years would
>> be a good way for a punter to counter depreciation.
>>
>> Anyone here got a gap policy?
>
> Got one for Beckys car. The experience of having the previous car written
> off whilst still having 2 years of repayments left on it, then only
> getting back half of the money still owed left a nasty taste in the mouth.
>
> The policy will pay off the outstanding finance and top up the insurance
> settlement offer to the purchase price. The main thing to bear in mind is
> that it must be a total write off or they won't pay out.
I took it out for Hayley when she brought the Grand Tourisme, well worth the
extra few pounds.
12 months later she rolled it, complete write off. Zurich gave her a
courtesy car , and paid out the full purchase price with in 3 weeks.
Northern Girl >> Stay informed about: Gap insurance |
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