Gap Insurance

[Terry]

Sorry Motorwise
We seem to be at cross purposes......... I PAY the PREMIUM to insure the vehicle for (our instance) £10,000 then they decide after 2 or 3 or however many years (at crash time) its not worth £10,000, but I have been paying the premiums for a 10 grand vehicle !........, they don't reduce my premium, because of the vehicles reduced value, they MAY
(though rarely these days), reduce the premium on a no claims basis.
Incidently, do you know that should another driver make a CLAIM against you, that you LOSE your no claims bonus (PROVEN or NOT), and it is 'policy' that if a claim is disputed that the insurance companies agree 'knock for knock' and BOTH drivers involved lose their no claims bonus. No wonder insurance 'executives' can afford £36,000 bottles of wine with their lunch.

[jace]

i have a big safe in bedroom it all lives in there gunsafes next to me bed incase of unwanted guests lets face it dogs aint gonna savage em lick em to death maybe! still dogs soon earn there money one bitch produced litter 10 @ £450 each pup who needs to work!
on my mates claim the ins ofered £17,5k the cars cost price was around £23k so gap picked up difference ins will only pay what they believe to be market value of car based on condition milage etc u can apeal and send ads from auto trader of simlair models for more money etc but theyve got you by short curlys you usaully need there cheque to buy replacement as the hire cars gota go back. on my traders policy i would only get trade value on any claim

[motorwise]

Sorry Motorwise
We seem to be at cross purposes......... I PAY the PREMIUM to insure the vehicle for (our instance) £10,000 then they decide after 2 or 3 or however many years (at crash time) its not worth £10,000, but I have been paying the premiums for a 10 grand vehicle !........, they don't reduce my premium, because of the vehicles reduced value, they MAY
(though rarely these days), reduce the premium on a no claims basis.
Incidently, do you know that should another driver make a CLAIM against you, that you LOSE your no claims bonus (PROVEN or NOT), and it is 'policy' that if a claim is disputed that the insurance companies agree 'knock for knock' and BOTH drivers involved lose their no claims bonus. No wonder insurance 'executives' can afford £36,000 bottles of wine with their lunch.

I see what you mean - it's up to you to reduce the insured value each year - but it won't reduce the premium much so probably not worth the effort

[ME]

Gap Insurance always used to be a One Off Payment for the duration of the Contract Hire or Finance Agreement. I used to pay 8 Years ago £380 for 18 t Mercedes Rigids valued @ £48 k. This covers the Difference in case of a Total Loss claim. The Contract Hire/Rental companies use a Different way of Writing down vehicle Values than any Normal Company Does.