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Discussion Starter #1
My insurer say they replace the car “new” on the comprehensive insurance if you’ve owned it from new. Is this a new car of the same age?
If so , is it worth taking up a quote I have for Gap insurance?
 

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From What I understand Gap covers the difference in what they would pay you, current Value, and the purchase price, So if you're stelvio cost you say 35k and it was written off and the insurance only value it at 29k, gap would pay you the 6k difference,
 

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I’d be a bit skeptical of their claims to replace your car with a ‘new’ one if you bought it new. Will they still buy you a new one in three years time when it’s halved in value?

Gap insurance as mentioned will cover the difference, might be worthwhile with a new car.


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Discussion Starter #4
Yes it’s reaching the end of the first year and there’s a “back to invoice” policy for the next two years. Could be worth it but hopefully not needed. Just read it again; new car if you bought it new, for first year.
 

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I bought a 3 year GAP policy when the Giulia was new for the reason duemila says.
 

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It depends. If you absolutely couldn't fund the difference yourself and must have an exact equivalent, then go for the gap insurance. Otherwise, it ain't worf it. Insurance is to cover situations you couldn't cope with. It's not a way of saving money. The companies have to make a profit, which means on average the cost to punters will exceed the benefit.
 

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It depends. If you absolutely couldn't fund the difference yourself and must have an exact equivalent, then go for the gap insurance. Otherwise, it ain't worf it. Insurance is to cover situations you couldn't cope with. It's not a way of saving money. The companies have to make a profit, which means on average the cost to punters will exceed the benefit.
I dont think that is quite the case, who would simply right off a £5 - 10K loss if their car was totalled? The cost of a 3 year premium is very low compared to the potential loss whether you can afford the loss or not.
 

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Discussion Starter #8
The GAP payout is stated at up to a figure which is the difference between likely value at the end of the period covered and the invoice price. This is greater than any negative equity which is reduced to nil at the end of the PCP. That’s what you want covered at least; the negative equity.
 
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