Gap insurance - help!

Edsr · May 21, 2021

So I paid a bit under market value for our Cali. And a few bits are broken, it needs a cam belt, new tyres, etc - a few grand.

Now if I value the thing online it comes up at around £10k less than I paid for it, let alone the additional investment I’m making into getting it ship shape. Prices on autotrader are £5k more than I paid.

My first Golf R (of two) was stolen while we were on holiday, and I was wounded to the tune of £3k by my insurance company undervaluing the vehicle. To replace like for like I had to put my hand in my pocket for another £3k (and this is on a 3 year old car that’s already deprecated a lot).

So I now find myself in a situation where a ten year old used Cali, purchased privately, is likely insured for 2/3 of its purchase price, let alone market value if I wanted to replace it. Let’s say we get shunted and it’s a write off, I’m left ‘holding the can’, big time as the at-fault parties insurers will only cover their ridiculously deflated valuation.

I’ve done a load of googling this evening and can’t find any insurers ready to insure a privately financed and privately purchased vehicle.

Anyone know of a specialist insurer that may be able to help, or been in the same position as me?

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Edsr · May 21, 2021

Edsr said:
I’ve done a load of googling this evening and can’t find any insurers ready to insure a privately financed and privately purchased vehicle.

Edit ...can't find any *GAP* insurers...

testpilottimmy · May 21, 2021

I would say you need to look for agreed value insurance, rather than Gap. I think your main issue will be the private purchase.

vmaxkiddy · May 21, 2021

Edsr said:
So I paid a bit under market value for our Cali. And a few bits are broken, it needs a cam belt, new tyres, etc - a few grand.

Now if I value the thing online it comes up at around £10k less than I paid for it, let alone the additional investment I’m making into getting it ship shape. Prices on autotrader are £5k more than I paid.

My first Golf R (of two) was stolen while we were on holiday, and I was wounded to the tune of £3k by my insurance company undervaluing the vehicle. To replace like for like I had to put my hand in my pocket for another £3k (and this is on a 3 year old car that’s already deprecated a lot).

So I now find myself in a situation where a ten year old used Cali, purchased privately, is likely insured for 2/3 of its purchase price, let alone market value if I wanted to replace it. Let’s say we get shunted and it’s a write off, I’m left ‘holding the can’, big time as the at-fault parties insurers will only cover their ridiculously deflated valuation.

I’ve done a load of googling this evening and can’t find any insurers ready to insure a privately financed and privately purchased vehicle.

Anyone know of a specialist insurer that may be able to help, or been in the same position as me?

Sent from my iPhone using Tapatalk

Best you could do would be an agreed value policy, that’s how my motorcycle is insured. Inspected and photographed by the insurer then the value agreed above normal book price.

Ozzy Pete · May 21, 2021

You normally find that a lot of insurance companies have in their small print that they will replace the vehicle with one of similar age, spec and year. If that’s the case you can’t lose with a California. But insurance companies are very devious, they don’t mind taking your premiums every year but when it comes to paying out that’s a different matter. You would probably find they would accept a valuation from WBAC.

Edsr · May 21, 2021

Thanks guys. Ended up going with Lancaster who told me that I would be provided with a replacement of an equivalent specification if mine is written off. It cost £75 a year more than Admiral.

A word of warning - I did my original insurance with admiral on their website via a comparison site. When I called up a few days later asking about getting agreed value for the vehicle I was told that my policy didn’t cover a motor home and they were falling over themselves to get me to cancel it. Fortunately it’s within 14 days so I can cancel without a fee.