Mind the GAP (insurance)

[Guest]

I have just found out that both the tyre insurance I bought (yes, maybe its Horlicks but with my last (996) C4S I didn't get 500 miles before I had a puncture that cost me £200) and, more importantly given its cost, the GAP insurance is NOT transferrable to a new owner. That's any new owner, private or via an OPC as a UA car.[]

I can ignore the £100 tyre insurance but the GAP insurance was £1150 and so I have the feeling a mis-selling claim could be forthcoming.

Just so you all know.

Take care,

Derek

 

[garyw]

Gutted to hear this []...

Just for reference, GAP insurance is a stand alone product and can be shopped around for... The two companies I had quotes from varied in price by over £700 !!! (one was Porsche UK [] )

garyw

 

[sidicks]

Del

Sorry to hear this. Bit confused about the GAP cover though, as I got cover for years 2 and 3 from my OPC for £300 IIRC..........Year 1 cover was provided with my own insurance.

Sidicks

 

[Guest]

Sidicks

I have had cover from previous insurers which would have provided the GAP cover within their premium, but not so with my current insurer.

However, I am far more interested in your comments about your OPC providing something mine didn't. Could you clarify exactly what you bought, where from, how much it cost you and what cover it gives you.

Thanks,

Derek

 

[Grant]

Porsche warranty....not transerable to garage or another car, only another private individual on the same car, NO REFUND on part not used. (I paid £750 in April, sold in July no refund or transfer)

Tracker premium, NOT TRANFERABLE NO REFUND! (paid £150 in December for a year, sold July no refund on balance!)

+ Dereks bit...........
Tyre insurance NON TRANSFERABLE NO REFUND

GAP (Depreciation insurance) NON TRANSFERABLE NO REFUND!

Is there a pattern emerging here & guess who is the looser?
Premiums should all be refunded according to a sliding scale when you sell the car unless it is transferable!

 

[sidicks]

ORIGINAL: Derek A

Sidicks

I have had cover from previous insurers which would have provided the GAP cover within their premium, but not so with my current insurer.

However, I am far more interested in your comments about your OPC providing something mine didn't. Could you clarify exactly what you bought, where from, how much it cost you and what cover it gives you.

Thanks,

Derek

My GAP cover came from my OPC - as far as I remember it covers the difference in cost between 'market value' / insurance payout and the cost of a brand new identical spec car for years 2 and 3, subject to a maximum amount of £25k.

I'm pretty sure I paid around £300-£400........

Sidicks

 

[snarf]

I was offered 3 year GAP insurance by dealer for £800 the insurer was Abraxas, Motors Insurance Company Ltd. As my insurance covers invoice value for first 12 months I declined this offer.

I was also offered 2 year tyre insurance for, if I remember correctly, £250, again the insurer was Abraxas. I also declined this not only because there were too many exceptions, most notably no cover while driving in continental EU, but also because my research on other forums (http://forums.rennlist.com/rennforums/showthread.php?t=270198&highlight=puncture) had led me to the conclusion that the probability of a puncture was too low to justify the premium.

I know that for some the utility of having costs covered is high but in simple economic terms for the average person insurance is not a good bet, it can't be otherwise insurance companies would make a loss. So unless it's a legal requirement or you place a high value on knowing that all eventualities are covered my advice is to leave well alone.

 

[Guest]

Grant, I know, time for a Gallardo...At least you know you will lose a lot of money one way or another with one and, anyway, its a far more fabulous car, let's be honest. And you can get one now for 90K- bargain.

Sidicks and Snarf, please email me the full details of your cover, because mine says 3 years, 20K max etc £1150. I paid it on 1/3/06, the day I picked up the car. DerekAvenell@thinkpositive.co.uk

Thanks,

Derek

 

[Guest]

Sidicks (and anyone else with relevant info)

Would you be kind enough to send me your details (see my email address above)- Snarf has and it makes very interesting reading.

Quick summary: Sutton Coldfield OPC charges £800 for 3 years/20K. Swindon OPC charges £1150 for the same thing.

Ta,

Derek

 

[sidicks]

ORIGINAL: Derek A

Sidicks (and anyone else with relevant info)

Sorry mate, been really tied up at work this week and rarely home before 11pm. I'll try and have a look for the info at the weekend.

Sidicks

 

[Guest]

Update alround, in case others have found themselves in my position.

Quick resume: I paid £1150 for a 3 yr GAP insurance policy, since found others have paid £695 for the same thing or £495 for 2 yrs. Also could have bought it within 30 days of collecting the car- not told this when I did pick it up, when I was told that it had to be done there and then.

I wrote my complaint to Swindon OPC's Dealer Principal accordingly, stating these facts.

I had already established in writing from the other two OPCs in Swindon's Group (Bristol and Cardiff) that the £495 2 yr policy was available from them and other OPCs as well. The DP replied saying he would investigate the matter further and enclosed a chq for the £655 difference between the 3 yr policy I was sold and the 2 yr one I would have otherwise bought.

Yet to receive a reply regarding the investigation, but, given that unbeknown to me the salesman concerned no longer works there, I doubt I ever will. Main thing is I got my justified recourse.

Many thanks to those who provided me with their circumstances/experiences such that I knew what should have happened and hence got my recourse- that'll be the power of/uses for this forum, then!

Cheers,

Derek

 

[snarf]

Congratulations, good example of the power of the Forum and the rewards for tenacity.

 

[dixhuit]

The boys on the Cayman forum have a link to an independant GAP insurer and they would appear to be well under 50% cheaper than OPC quotes www.click4gap.co.uk
Simon

 

[Guest]

ORIGINAL: dixhuit

The boys on the Cayman forum have a link to an independant GAP insurer and they would appear to be well under 50% cheaper than OPC quotes www.click4gap.co.uk
Simon

50K limit on vehicle costs so that rules out the 911 - but for any car under 50K it looks VERY competitive.

 

[iankwilson]

Hello from Cayman S world. I know the web site quotes a £50k limit, but all you have to do is send a request via theresite and they'll do you a quote anyway. Or just call them direct. I sorted my Cayman S out with Ross Stevenson who was very helpful.

Cheers.

Ian