Just wondering if anyone has gap insurance on their vehicle as my insurance is due for renewal.


Looking at what I paid for my 16 year old XKR and what the insurance would pay out if something terrible happened I'd probably be well out of pocket and maybe members don't realise this.


I valued my car on webuyanycar.com and it came back at a ridiculous value of around 5K. The car would be worth more than double but the insurance company would probably payout a webuyanycar.com type price.


Thoughts appreciated.

 

My insur pays back what the car in the same shapee would cost to replace for RETAIL value.

 

Please mate don't go off webuyanycar total ripoff,don't suppose you remember Carcraft, lol what a joke thay were,try taking some photos of the car to show it at its best then chat to some reputable insurance companies to see if thay would accept your up to date photos to be sent to them by email,I am with LV myself and we'll satisfied but then again we all have different driving history that could bump up or down the price of any insurance

 

Graham thanks for the info. I know webuyanycar.com are ripoff. I was just reading up on people that have had something happen to their car and have been paid out much less than they paid, which is why you get a lot of these CAT D cars etc.

I'll ring around and see what's best.

Many Thanks

Adrian

 

Rocky,
I have both the XK and my MGB on collector's, value-agreed, policies. Only stipulations are photographs and a valuation. Cost is peanuts as the insurance companies know that these vehicles are cherished and cared for accordingly. IIRC last renewal the XK was around £168.

Having said that, brgjag's replacement value deal looks good if it's available this side of the pond.

Mike

 

Isn't GAP just for loan/leases? If so, I'd speculate that it's not pertinent to most X100 owners (given age/value).

But if there is a lien, gap probably is a good idea.

 

There are a number of specialist insurers that you can take out an "agreed value" policy with. I am in the process of doing this now, get quotes from Classic Line or Lancaster etc.


Of course the higher the agreed value the higher the cost.

 

You insure the difference between what the insurance would pay out and what your car would be worth if it was trashed. That's basically it.


Finance companies try to sell you it if you have a car loan as it protects them.

 

Wouldn't that then be an Agreed Value vs GAP? I think GAP covers delta between insurance valuation and loan amount. Without an Agreed Value, there is no GAP to cover on a non financed vehicle?

Maybe semantics and differences between countries?

Anyway, best.

-dsd

 

I have an agreed-value policy with the Hagerty Collector Car insurance company in which the car is not subject to depreciation, salvage value, etc. It also includes free towing with a flatbed truck. If the car gets totaled, I get paid that value. Cost was modest, but you have to live within a yearly mileage limitation, in my case 4,000 miles. Since I don't drive it on a daily basis, this hasn't been a problem.

 

Thanks


Insurance for a guaranteed value is more than likely what I need