Gap insurance How much cover? - Civinfo
 
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post #1 of 4 (permalink) Old 5th September 2006, 22:15 Thread Starter
 
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Gap insurance How much cover?

Hi

New to this great looking forum & site, this is my first post.

I have a new Civic on order, Honda quoted me a high figure for GAP insurance, looking at other websites GAP can be a lot cheaper than Honda, I have read the other thread but not sure what Honda offer and what to go for from other companies.

The cheapest GAP is for 2,500 maximum cover but is this enough. After 3 years what will my insurance company give me for my written off car.

Can anybody advise or say what they went for regarding what Honda offer and what is the minimum, maximum one should go for. (if that makes sense)

Regards, Dave
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post #2 of 4 (permalink) Old 5th September 2006, 22:25
 
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Welcome Dave - I would also be very interested in the answers to these questions while I await delivery and think about whether to go for GAP insurance

Here is a link to a previous discussion around GAP insurance but I don't think it specifically address your points

http://www.civinfo.com/forum/post9902.html#9902
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post #3 of 4 (permalink) Old 6th September 2006, 09:24
 
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Depends on the spec of your car but if you got a PCP quote for the term you want your GAP insurance (usually 3 years), the guaranteed future value on that gives you an idea of how much an insurance company might pay out if you have a write-off. That value is an estimate at about 15% lower than the probable market value, but better to be overinsured than under. Very roughly, they might pay you about 50% of the price you paid for the car (maybe less), so you'd need more than 2.5k cover.
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post #4 of 4 (permalink) Old 6th September 2006, 10:22
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Welcome Dave.

Re. the GAP Insurance. Under the benefit section it says ----

In the event of the Total Loss of the Insured Vehicle occuring within the Territorial Limits during the Period of Insurance

the Insurer agrees to pay the Insured the amount by which the Net Invoice Price exceeds the Insured Value. Such sum shall

not exceed a maximum of 10000.

Hope that helps you.
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