How much gap insurance

[Kingpopsy]

I'm looking to buy a 4 month old ocean. How much gap insurance do you think I need. I'm looking at £20k over 3 years. They do retain their value so I'm figuring that would be enough. Anyone else have experience on this please.

 

[Max-Felix]

Cannot say from experience but logic would say look at similar vehicles for sale now at three years old, take off say a minimum 10% of that value and work back from original likely sale price of similar - maybe £65k (?) but I'm guessing that's what you've done already? Presuming though if on a PCP you have a GFV too?

https://www.moneysavingexpert.com/car-insurance/gap-insurance/

 

[Kingpopsy]

The thing is, do I give the price to the gap company of the van new or the price I'm paying for it?

 

[B J G]

You have to state the purchase price anything else could be deemed as fraudulent.

I used ALA Gap Insurance on a 5 year basis bought through Cashback which was a good deal.

 

[Kingpopsy]

You have to state the purchase price anything else could be deemed as fraudulent.

I used ALA Gap Insurance on a 5 year basis bought through Cashback which was a good deal.

Yeah, that's what I was thinking, the price I pay.

 

[Meoncoast]

The thing is, do I give the price to the gap company of the van new or the price I'm paying for it?

the price you paid "back to invoice" I think they call it.

 

[andyinluton]

Surely the amount you might need / want depends on how you are paying for the van.

If you are a cash buyer, back to invoice should be ok & you should only need to cover depreciation + the difference between dealer selling price & pathetic insurance payout.

If you've used VW 10 year finance & write off the van in the first week your finance settlement figure even after the early settlement rebate could easily be more than the invoice price. In this case you need to cover the negative equity as well.