Gap Insurance

Slobbo · March 23, 2015

Hi. I have just invested in a rather nice but expensive LS400 from 1995 and have managed to get Admiral to add it to the multiyear however as these are really not worth much in the eyes of an insurance company I stand to loose quite a bit of the folding stuff if I have an accident.

I know you can get gap insurance which takes up the gap between the invoice price and the insurance book price however these policies only seem to cover cars up to 7 years old or 10 at a push. Has anyone found a company that will cover older cars?

I may have to swap to a classic car policy with agreed value but don't really want to as the multicar is pretty good value.

Bluesman · March 23, 2015

Hi. I have just invested in a rather nice but expensive LS400 from 1995 and have managed to get Admiral to add it to the multiyear however as these are really not worth much in the eyes of an insurance company I stand to loose quite a bit of the folding stuff if I have an accident.

I know you can get gap insurance which takes up the gap between the invoice price and the insurance book price however these policies only seem to cover cars up to 7 years old or 10 at a push. Has anyone found a company that will cover older cars?

I may have to swap to a classic car policy with agreed value but don't really want to as the multicar is pretty good value.

Hello Rob, If you have another car you can get classic car insurance with an agreed value for your Lexus you can also get an agreed value for some normal insurance policies. Good luck and enjoy your LS Mike.

Malc · March 23, 2015

Gap insce is not really for classics which ur Ls400 now is ..... Agreed value for classic Insce might also be an eye opener for you ................. u don't get No Claims Discount each year and even if it's agreed value it's likely to be kicked in the goolies in the event of a claim.

They will find you summat similar at not much dosh or fight you to the end of the earth not to pay a sensible ( to us ) sum.

My 1932 Triumph Classic cover is not much cost ( £157.02 I think ) and it will be at market value in the event of a claim, that's the best I could get out of them tbh ........ and there's only 8 of mine left worldwide so if I do have a write-off heaven only knows how little they will eventually pay out ......... just don't trust them to do what you might expect.when the chips are down for you.

Good luck whatever

Malc

jonthetourist · March 23, 2015

hi Rob

My mercedes SL is on an agreed value / limited mileage agreement within my Admiral multi-car policy. I rang them up and asked and they were happy to do it on receipt of five photographs. Cheap too.

Jon

Malc · March 23, 2015

.......... Agreed Value and limited Mileage concepts are a little adrift from the concept of Gap Insce which is simply the difference between Glass's Guide price and Actual Invoice value ...... an Agreed value I suspect will always be akin to Glass's Guide .... but I may be terribly wrong of course !

Malc

Slobbo · March 23, 2015

Agreed value is an agreed value of the vehicle based on its condition etc rather than the book value. I have a VW 4x4 Van which is a one of a kind, highly modified and could not be replaced. If I was to sell the van I would get around £20k but if it was written off without agreed value I would be lucky to get £1000 back due to the book value but with the agreed value if it gets pinched or destroyed I get back the agreed value. You send in you pictures and they say yes we agree it is worth x amount.

DAN@ADRIAN FLUX · March 24, 2015

Hi,

We offer a product called total Total Loss Protection. Whilst it's not exactly the same as a traditional GAP product however we feel that it can offer a cost effective alternative. If you'd like any further details then please feel free to drop me a line.

Regards,

Dan.