Gap insurance

[Kittycat]

I did have a post down the thread somewhere
But still undecided if I should get gap insurance?
I wouldn’t get from the dealer as it’s more expensive
Just wonder for those of you that have the new Polo have you also purchased gap insurance
If you have or haven’t what’s your reasoning behind it
Can’t seem to decide

[monkeyhanger]

Whatever you do, don't buy GAP from your dealer for £300-400 when you can get it for as little as £120 for a Polo GTI (maybe less for a lower priced model).

I have had GAP before, but what's the likelihood of your car being crashed beyond economical repair when it is less than 3 years old for a car that holds its value well like a performance VW, that generally retails for 65% of RRP at 3 years?

Most cars are written off if it costs more than 60% of retail to repair. If you've got a Polo GTI which is likely to retail for £15k at 3 years old, you'd have to do £9k damage to it to write it off. £9k damage is the kind of accident that you don't walk away from.

If you're getting a cheaper lower output Polo that costs less to buy and doesn't quite hold its value as well, you might see your 3 year old Polo 95ps written off with £5k damage.

At the end of the day, insurance is there for the slightly unlikely event of an accident that's your fault. GAP is there for the very highly unlikely event of a write off. Is a one-off £120 payment for a highly unlikely scenario worth it? Only you can decide.

If PCPing, a write-off could leave you in negative equity vs finance settlement, probably not after year 2 of a 3 year PCP, and in year 1, most mainstream insurers offer replacement, so you're most at risk of being in negative equity with a write-off in year 2 of a 3 year old PCP.

[Kittycat]

Whatever you do, don't buy GAP from your dealer for £300-400 when you can get it for as little as £120 for a Polo GTI (maybe less for a lower priced model).

I have had GAP before, but what's the likelihood of your car being crashed beyond economical repair when it is less than 3 years old for a car that holds its value well like a performance VW, that generally retails for 65% of RRP at 3 years?

Most cars are written off if it costs more than 60% of retail to repair. If you've got a Polo GTI which is likely to retail for £15k at 3 years old, you'd have to do £9k damage to it to write it off. £9k damage is the kind of accident that you don't walk away from.

If you're getting a cheaper lower output Polo that costs less to buy and doesn't quite hold its value as well, you might see your 3 year old Polo 95ps written off with £5k damage.

At the end of the day, insurance is there for the slightly unlikely event of an accident that's your fault. GAP is there for the very highly unlikely event of a write off. Is a one-off £120 payment for a highly unlikely scenario worth it? Only you can decide.

If PCPing, a write-off could leave you in negative equity vs finance settlement, probably not after year 2 of a 3 year PCP, and in year 1, most mainstream insurers offer replacement, so you're most at risk of being in negative equity with a write-off in year 2 of a 3 year old PCP.

I’ve got a Polo R line 95ps

[Adam_013]

Yup, definitely worth it, especially if your getting on PCP.

Sent from my Pixel 2 XL using Tapatalk

[Kittycat]

My car is on PCP and that’s my fear if I do have an accident
My car being worth less then my PCP
Nearly pulled out and had an accident earlier tonight when a car didn’t indicate, lucky the car behind me didn’t rear end the car either
Can anyone recommend any companies for Gap insurance
I’d prefer to pay monthly rather then all in one go
With my deposit and now Christmas I can’t afford to pay it
All in one

[Adam_013]

My car is on PCP and that’s my fear if I do have an accident
My car being worth less then my PCP
Nearly pulled out and had an accident earlier tonight when a car didn’t indicate, lucky the car behind me didn’t rear end the car either
Can anyone recommend any companies for Gap insurance
I’d prefer to pay monthly rather then all in one go
With my deposit and now Christmas I can’t afford to pay it
All in one

My dealer signed me up for AutoProtect GAP insurance which I pay monthly. I'm sure you could get in contact with them, or your dealer and they could set you up.

Sent from my Pixel 2 XL using Tapatalk

[monkeyhanger]

My car is on PCP and that’s my fear if I do have an accident
My car being worth less then my PCP
Nearly pulled out and had an accident earlier tonight when a car didn’t indicate, lucky the car behind me didn’t rear end the car either
Can anyone recommend any companies for Gap insurance
I’d prefer to pay monthly rather then all in one go
With my deposit and now Christmas I can’t afford to pay it
All in one

My dealer signed me up for AutoProtect GAP insurance which I pay monthly. I'm sure you could get in contact with them, or your dealer and they could set you up.

Sent from my Pixel 2 XL using Tapatalk

How much do you pay per month and for how long? Most dealership solutions are £300-400 all in, with the salesperson bagging about £60 in personal commission - they can make more off that than the sale of the car itself in personal commission on top of their basic wage.

ALA and 1234 are the biggest players. They both usually have a discount code and ALA usually promise to beat a competitor quote by 15%, so get the 1234 quote, add the discount code and get ALA to beat it is the best result usually.

[Kittycat]

Will have a look tomorrow
Have sickened myself tonight looking

[roywolfey]

I took out a policy with https://totallossgap.co.uk/
You can pay monthly..
Hope I never have to use the policy.

[SRGTD]

Whatever you do, don't buy GAP from your dealer for £300-400 when you can get it for as little as £120 for a Polo GTI (maybe less for a lower priced model).

I have had GAP before, but what's the likelihood of your car being crashed beyond economical repair when it is less than 3 years old for a car that holds its value well like a performance VW, that generally retails for 65% of RRP at 3 years?

Agree, never buy GAP from the VW dealer at their highly inflated prices. There are far cheaper GAP insurance providers out there.

Also bear in mind that GAP cover would apply not just in uneconomic repair scenarios; it would also apply where a car is stolen and not recovered. Quite a few Golf R owners over on the VWROC forum have been thankful they’ve had GAP cover when their cars have been stolen and they’ve not been recovered. Personally, I don’t think I’d want to get my car back if it’d been stolen, because it’s likely to have been ragged to within an inch of it’s life, and also damaged in the process.

[mike sel]

I don't have GAP I only have the 115hp. I did purchase the car outright though. I was going to do this through an online insurer, but I have not got around to it yet. I am unlikely to get my 115 Polo stolen its hardly a performance car and I live in a place that has not been a target of car thieves...yet. So for me its a crash that writes my car off that is the main risk and the way folks are driving out there, well its the worst I have seen for years. But even then I expect a minor bump will happen at some point (car almost 6 months old now) but nothing has happened yet. I would think the kind of accident that would write my car off would need say 6k of damage, after an accident that serious I would be very happy if my biggest worry was the lack of gap insurance. More likely I will have been hospitalized at the least and have darn site more to worry about.

[Andy Beats]

My dealer first offered me GAP for £300, then reduced it last minute to £150
And let me add it to the PCP payments, so only a few pounds per month.

[barrywi]

If it is an insurance product you should have the option of cancelling it within a reasonable period if you find a cheaper product elsewhere. I was going to use VW for it until I found loads of other companies offering it much cheaper.

[silverhairs]

I contacted one of the GAP insurance companies and was quoted £179.00 for 3 years cover, and that included all the extra's I've had fitted, and complete new for old on everything.

When I was given the order form to sign for the car, looking through it, they included every thing,
Gap insurance @ £400.00
Wheel insurance
Panel insurance
Applying their paint protection @ £400.00
I got the pen and just put a line through them, as these were never disgust before I purchased the car, so there's well over a £1,000.00 in their pocket without asking.
A friend of mine has just got his new Polo, they tried to charge him £400.00 for the paint protection, he told them where to go so they dropped it down to £250.00, then he said yes.
Funnily enough it's the same dealership just 30 miles away, so I might ask them to do the paint protection at the same price of £250.00

Question to other members.
Is it worth getting the paint protection done on my new car

[Andy Beats]

I think the paint protection is a rip off and I'll never buy it.
It's cheap for them to buy, there's no guarantee they're applying it properly.
In my opinion, better off spraying your clean car with Gtechniq C2V3 paint sealant once or twice a year for around £12 per bottle and 1/2 an hour work.