Our website uses cookies to store information on your computer. You may delete and block all cookies from this site, but parts of the site will not work as a result. Find out more about how we use cookies.
(Do not show this message again)
Shout99 - News matters for freelancers
Search Shout99 - News matters for freelancers
(Advanced Search)
   Join Shout99  About Shout99   Sitemap   Contact Shout99 26th Sep 2018
Forgot your password?
Shout99 - Freelancers, FO35, Section 660
New Users Click Here
Shout99 - Freelancers, FO35, Section 660
Shout99 - Freelancers, FO35, Section 660
Front Page
News...
Freelancers' Shop...
Ask an Expert...
Letters
Direct Contracts
Press Links
Question Time
The Clubhouse
Conference Hall...
News from Partners
Accountants

Login
Sitemap

Business Links

Shout99 - Freelancers, FO35, Section 660
  
Shout99 - Freelancers, FO35, Section 660

News for the
Construction Industry

Hardhatter.com - News for small businesses in the construction industry

Powered by
Powered by Novacaster
Click4Gap - Frequently Asked Questions
Provided by Click4gap

1. Do I have to purchase gap insurance from my supplying dealer?
2. What is gap insurance 'back to invoice?
3. Can I buy Gap insurance 'back to invoice' if I used a bank loan or paid cash?
4. What is a 'total loss'?
5. Is there a maximum amount Gap insurance 'back to invoice' will pay?
6. Can you give me an example of how Gap Insurance 'Back to Invoice' works?
7. Does your Gap Insurance have an excess to pay if I claim?
8. Do I need Gap Insurance 'Back to Invoice' if I have new for old insurance?
9. How long will Gap Insurance 'Back to Invoice' cover last?
10. Can it be transferred if I sell the car?
11. What is the claims procedure?
12. Who insures and reinsures the policy?
13. It's unlikely my car will be written off!
14. My car is fitted with a 'state of the art' alarm system
15. Is Gap Insurance 'Back to Invoice' good value for money?
16. How long after I buy my car can Gap Insurance 'back to invoice' be bought?
17. If I insured my car for £10,000 is that what I'll get if it's a total write off?

1. Do I have to purchase gap insurance from my supplying dealer
We receive a lot of call from customers who are told by their dealer they can only purchase GAP Insurance from their supplying dealer.

You may purchase gap insurance from any supplier.

Like all insurances, GAP Insurance should be purchased based on quality of cover and premium.

Back to top

2. What is gap insurance 'return to invoice
If your car is stolen or written-off, this policy can pay the difference between the total loss amount you receive from your motor insurance and the price you originally paid for the car.

Important: Not to be confused with the lesser cover provided by Finance GAP which only pays the difference between the amount your insurance company pay and the settlement figure on your finance agreement.

Back to top

3. Can I buy Gap insurance 'return to invoice' if I used a bank loan or paid cash?
Absolutely yes. The policy repays the difference between the amount your insurance company pay and how much you originally paid for the car. Therefore it is as beneficial to cash customers as it is to finance customers.

Back to top

4. What is a 'total loss'?
When an insured person has claimed under their comprehensive and/or fire and theft motor insurance policy and the claim has been settled, with the vehicle forfeited and a total loss payment made.

Back to top

5. Is there a maximum amount Gap insurance 'back to invoice' will pay?
Customers can select a claim limit to suit the cost of their vehicle. At time of printing the maximum claim limit is £25,000.

Back to top

6. Can you give me an example of how Gap Insurance 'Return to Invoice' works?
If you paid £12000 for your car and your motor insurance pay out is £8,750, GAP Insurance 'Back to Invoice' will pay the difference of £3250 so you end up with the £12,000 you originally paid. It's that simple!

Back to top

7. Does your Gap Insurance have an excess to pay if I claim?
No.

Back to top

8. Do I need Gap Insurance 'Return to Invoice' if I have new for old insurance?
According to the site motor.insurancenow.com the term 'new for old' means that in the event of a claim where the damage exceeds 60 per cent of the car value, the vehicle would be replaced with no deduction for wear and tear. This only applies to vehicles under 12 months old.

So we suggest you check this with your insurance company. Does "New for Old" replace like for like? Meaning your insurer may source your current model from the cheapest place.

If so wouldn't you prefer the latest model or perhaps even a completely different car?

Don't forget, after the first year you will not only lose the cover your insurer may offer - you can't then buy GAP Insurance as it must be purchased within the first 90 days of taking delivery.

Back to top

9. How long will Gap Insurance 'Return to Invoice' cover last?
The policy term is three years, or when you sell or transfer ownership of the vehicle, whichever is the sooner.

Back to top

10. Can it be transferred if I sell the car?
Unfortunately not, the insurance only covers the person or company who paid for the insurance whilst the car is owned by them.

Back to top

11. What is the claims procedure?
Simply contact the claims office, supply any information which may be needed to establish the amount of any payment under this insurance and notify the police as soon as reasonably possible. Then wait for the cheque!

Back to top

12. Who insures and reinsures the policy
Hitachi Capital Insurance Europe Limited. Hitachi are the 26th largest corporation in the world.

Back to top

13. It's unlikely my car will be written off!
As you are aware cars are very safe, designed to crumple in the event of impact - unfortunately this results in more vehicles becoming total loss.

Over 500,000 vehicles become total losses each year

Back to top

14. My car is fitted with a 'state of the art' alarm system
Car crime is 30 per cent of all crime

Back to top

15. Is Gap Insurance 'Return to Invoice' good value for money?
Take a look at the following example to help you decide.

  • Your car's stolen or written-off after 18 months:
  • The Purchase Price was £10,000:
  • Insurers depreciate the car to £5,250:
  • Your GAP Insurance 'Return to Invoice' policy pays out £4,750
  • Most people pay at least £500 a year for Motor Insurance, so three years cover would cost around £1500. In our example the insurance company paid just £5250, do you perceive this as good value for money? £1500 for a claim of £5,250.
  • Your GAP Insurance 'Return to Invoice' paid £4750, you decide which one looks better value?

Back to top

16. How long after I buy my car can Gap Insurance 'Return to Invoice' be bought?
Up to 90 days.

Back to top

17. If I insured my car for £10,000 is that what I'll get if it's a total write off?
Not necessarily. Motor policies are not 'new for old' contracts. They are designed to put you back in the same position after the loss as before. Your car will be valued according to its expected sale price at the time of the loss. The value you gave originally would be the upper limit you could claim and would not normally have any effect on the premium you paid.

Back to top

We use third party suppliers for the provision of certain Shout99 products and services.
View our disclaimer
.

Printer Version
 
Copyright 1999-2018, Shout99.com | All Rights Reserved
Privacy Notice and Terms of Use