Did we all take GAP insurance ?

All CUPRA Born related discussions
Post Reply
WelshCupraB
Posts: 42
Joined: Sat Jul 02, 2022 5:09 pm

Post by WelshCupraB »

When I buy new or nearly cars I tend to get GAP insurance as many years ago a Toyota dealer explained that if a brand new car is involved in an accident soon after purchase or within 2 or 3 years the owners insurance or other drivers insurance will offer the average value of the car. Say your car was £40k as soon as you leave the dealer forecourt you loose the VAT or a percentage of the cars value as now its a used car. So your car can now be worth as low as £32k.
A week later another driver hits the rear of your new car and its written off. The other drivers insurance will offer the market value of your car which could be £8k or £4k less than you paid for it. GAP insurance makes up the difference to the full value you paid for the car so you don't loose out financially. As the car ages the value drops but having GAP cover will enable you to replace the car. I got GAP insurance back to invoice price for £235. Dealer wanted £469 so I hope no one bought the dealer one,

UniqueUser1
Posts: 58
Joined: Sat Jul 02, 2022 2:16 pm

Post by UniqueUser1 »

Do you mind sharing more details about the GAP cover you got please? Was it £235 for the 3 years or per year?
Cupra Born V2 | Geyser Silver | Tech L Pack
monkeyhanger
Posts: 565
Joined: Tue May 31, 2022 8:12 pm

Post by monkeyhanger »

For me, GAP is covering a highly unlikely event for the cars we're talking about.

If I lived in a car crime hotspot like Coventry and drove a Golf R or an Audi S or RS series, BMW M etc, I would consider GAP hugely useful, or if I lived somewhere that the locals have a penchant for burning out cars, otherwise I really wouldn't bother. The Born is no hyper hatch on every car stealing gang's radar.

On a new car worth upwards of £35k with decent residuals, theft without recovery is pretty much the only total loss situation you'll have unless you have a crash so bad, you won't be walking away from it.

These cars at 3 years old will probably be worth at least £25k, so at the end of year 3, you'd need £15k of repairs to write it off - that is a hell of a lot of damage. and most insurers will replace new for old in the first year, so you're only really getting cover for years 2 and 3 in most cases.

Totally your own choice, but for me, it's a no.
2022 V2 E-Boost L-Tech Pack - Aurora Blue
2023 Audi S3 - to avoid rapid charging on long journeys.

Octopus referral: https://share.octopus.energy/lush-fawn-565
User avatar
Daveion
Posts: 424
Joined: Wed Jun 08, 2022 8:32 pm

Post by Daveion »

My insurance always covers the first year automatically with a brand new car in the event of a significant loss so don't take optional gap insurance. I weigh up gap in the 2nd year and how long I intend to keep the car. Normally change 18-20 months but I feel so good about the Born at the moment may keep it much longer.
Born V2-Tech L collected June 22
BMW Z4 e89 sDrive30i Highline
BMW Z4 e85 3.0i SE
Post Reply