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I thought I'd ask the question here, so it is available to help others later on.

My order for the Electric Avenue Trial has given me a delivery date of the 8th September, which could be interesting as I don't think we'll have moved house by then and could still be living with my Mum!

I just need to confirm the colour - I'm moving towards Gunmetal, but not 100% sure yet.

I've just Googled to look at GAP insurance, before I talk to my current insurer to check the level of cover they'll provide. Google, as is expected, provides many many options?

Would anyone be willing to recommend a broker/provider for GAP insurance who has provide a good level of service?

I've never bought/leased a new car before, so this is all new to me. Until now I've bought 2year old vehicles and driven them until they fall to pieces (or someone else crashes into them) - our current cars have done 178k and 141k so far!

Off to see if I can arrange a charging point at my Mum's house before the rules change....
 

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Consider carefully whether you need gap insurance at all. It generally represents very poor value so if you could afford to cover the gap yourself you are better off without it. On the other hand if losing the car early on would lead to an impossible financial situation for you then you may feel you absolutely have to have it. In many years of buying cars new I've never bought gap insurance and never had a car written off in the first year.
 

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Its not necessary. All you want from an insurance claim is market value so you can replace like for like. For example to replace a 3 month old car with... a 3 month old car - not a brand new car. That's what standard car insurance does. GAP insurance is one of the industry's smoke and mirrors products like PPI it preys on fear!
 

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In many years of buying cars new I've never bought gap insurance and never had a car written off in the first year.
I have and it hurt! I bought a 1 year old Porsche 944. Can't remember the figures tbh but I drove it into a tree at 60mph 6 months later... totalled :(

The insurance offer was a joke. Even after months of haggling I lost about £10K and couldn't afford to buy another. GAP insurance wasn't really available then.

I wouldn't buy GAP insurance myself now because I can afford to cover the loss if it happens but if you cannot then it might be worth considering. It isn't cheap tho.
 

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I will be taking gap insurance on my tesla only because a like for like payment wont get me another car, there are no 3 month old cars yet on the market so I would need to order a new one if I was unfortunate to crash.

However the whole premise of it sounds like yet another insurance con trick. I am insuring my new shiney car but you wont pay me what its worth yet you will happily sell me more insurance to cover the bit you did not cover on the previous policy.
 

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The con is the original insurance not so much the GAP insurance IMO.

If you have full cover then IMO you should get an equivalent replacement car not just the market value of the damaged/stolen one. It would put up premiums a fair bit I would imagine so we would pay for it somehow.
 

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A highly profitable insurance for the industry. Put the money towards your Mum's increased electricity bill instead and buy her something nice with the rest. :)
 

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The salesman I bought my Volt from was quite insistent that I needed Gap insurance. He was also quite insistent I needed their brand of finance and also the special paint treatment on the car too. He looked quite shocked when I turned them all down as he lost out a load of commission!

That money is better off in my pocket than a salesmans!
 

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It's worth checking with your insurance company - some insurers will pay for a new replacement if it's a total loss in the first 12 months (I thought Direct Line did, but I can't find that in their policy document at the moment).

Also, check out Money Saving Expert - I'm pretty sure they discuss GAP insurance over there.
 
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I am under the impression that most insurance companies will replace with a new car if written off within the first 12 months, in fact I am sure my GAP policy has this written in it. I did not take the GAP through the dealership but online separately and it is back to invoice price for 5 years.
 

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I think that is the point @h8ten... the GAP policy might allow for it but shouldn't our normal policies do it instead so we would then need GAP insurance?
 

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I think that is the point @h8ten... the GAP policy might allow for it but shouldn't our normal policies do it instead so we would then need GAP insurance?
To be fair you can't expect to get something for nothing. If you accept like for like you're OK. If you expect to replace a second hand car with a new one then GAP is for you and you are their lawful prey!
 

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AS I understand it, GAP insurance is to cover the difference (the gap) between what is owed on your vehicle and what the market value is. It's a legitimate product (when sold the right way), but isn't appropriate in every case.

Depreciation on a new car is steepest in the first months of ownership, flattening out as it ages, so if your new car was 'written off' after 6 months, it's value might be only 75-80% of the new price. But if you're paying on monthly payments, you'll still owe considerably more than the 75-80% of new price that insurance would pay out. ie your 'equity profile' won't follow the same line as the depreciation curve. The Gap insurance makes up the difference.

Hope that helps....
 

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To be fair you can't expect to get something for nothing. If you accept like for like you're OK. If you expect to replace a second hand car with a new one then GAP is for you and you are their lawful prey!
I don't expect to get something for nothing... I expect to pay for it and that is why the premiums would go up but I still say that our normal insurance should cover replacement of our car with one of a similiar age and value as it was at the time of the accident. If it did that then GAP insurance would not be needed.

In any case... new for old insurance is very common in other areas so if you wanted new for old you could pay extra. That is not even an option in motor insurance as far as I have seen. It is an option with caravan insurance interestingly :)
 

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normal insurance should cover replacement of our car with one of a similiar age and value as it was at the time of the accident.
Thats exactly what it does!
ALC makes a good point about the outstanding finance - presumably you still replace the car with similar age etc and carry on with the original finance?
 

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Thats exactly what it does!
ALC makes a good point about the outstanding finance - presumably you still replace the car with similar age etc and carry on with the original finance?
But is doesn't do that... or at least it didn't with me.

My settlement from my insurance company was well below what it would have cost to get me another car of the same age/spec. They seldom offer you a realistic replacement value like for like. It is generally based on trade in price... not retail purchase price and certainly not, as was in my case, retail from a manufacturer dealer. OK, I perhaps, just perhaps, I could have found a replacement of the same age with the amount I got but that would not have been in the same condition (as new) from a Porsche dealer with the associated support.
 

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But is doesn't do that... or at least it didn't with me.
sounds like a nightmare and that's not really insurance then is it! The principle is you should back to the same position as you were pre-incident (no better no worse). Car valuations are notoriously subjective, and you must be realistic but I guess they try it on? (and then sell more insurance for the difference!).
 

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Or seek an insurer who, on a write off situation will arrange for a new for old replacement. Mine offered with is for the first 2 years from registration ( it was market value thereafter) - so it is a much better 'feature' that another policy.
 
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