As some may know I suffered a total loss back at the end of January. I paid £160 for a 3 year GAP policy.

My invoice states this:-

Vehicle Price = £11,295.00

Metallic Paint = £375.00

Customer Allowance = -£651.00

Number Plates = £25

1st Registration Fee = £55

My insurers offered me £8,600, this was then increased to £9,000 when pushed.

My GAP insurers have told me they will not fund the GAP between what my insurers have given me and what I paid because THEY say market value is £9,725 although my insurers have told me they will NOT increase my offer over £9,000. (Which being honest I don't disagree with)

So my GAP insurers have said they calculate :-

What I paid as vehicle price + metallic paint + number plates + registration fee - customer allowance

This minus £9,725 is what they will give me, which is approximately £1,375.

So my insurer gives me £9,000

My GAP insurer gives me £1,375

So overall I am about £1,000 down overall.

The GAP insurer hides bhind the wording of the policy and you can't fight that.

What annoys me is that GAP insurance isn't really funding the GAP it's making it's own GAP and filling that. Also feel it was mis-sold really by the dealer as it was sold as they fill the GAP between what your insurer gives you and what you paid for the car. Also the "customer allowance" discount is spurious too, but you live and learn.

Sorry for babbling on, long and short of it is:-

GAP insurance IS worth buying BUT you will still lose out on what you originally paid!

Hello

I am new to GAP insurance etc

So was it return to value and not return to invoice gap purchased?

Who was the GAP insurance with?

the AA

I personally wouldn't touch gap insurance with a bargepole as like most of these extra insurance policies they are not worth the paper they are written on.

Has anyone actually paid the list price for a ford car as you should be looking for at least 10% off the overpriced ford price list anyway.

To get the FULL value of your car you need to take out return to invoice GAP as this covers the full value from brand new. If you got a return to value GAP insurance policy then they can offer whatever they want and you can't do a thing about it.

Return to invoice GAP is a far better insurance policy as you will never end up being out of pocket. Example:

You pay £14,000 for the car

Insurance company gives you market value at £9,000

RTI will give you the extra £5,000

This gets you the full value of £14,000