VW Golf - GAP insurance and historical market values

Honest John Back Room » Legal matters
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Sun 31 Mar 2013 10:42
VW Golf - GAP insurance and historical market values - Freddieb

My car has been written off and I have paid out £12,950 by my insurance co. At purchase I took out a back to market value GAP policy. They have offered me £2000 which is the difference between my insurance payout and what thy deem to be the retail market value, £14,950, at the time of purchase in 2011. This seems low as I paid £16.300 for the car, how do I check the historic value of my car so that I can either accept their figure or dispute it?

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Sun 31 Mar 2013 21:09
VW Golf - GAP insurance and historical market values - tony g
Retail values in the motor or insurance trades are determined by glasses guide or CAP .
Most car dealers keep the old copies of both ,try a local used car dealer .If you ask nicely he will photocopy the relevant pages for you .

Check the relevant retail prices for the month and year you bought yours .
That retail price would be the amount your entitled to.

Then send copies of the photocopies to your gap provider .
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Mon 1 Apr 2013 10:38
VW Golf - GAP insurance and historical market values - SlidingPillar

The GAP policy is often sold at an inflated price by dealers - but you can buy them on the internet. However, look for policies that are "back to invoice" as only that way will you get your money back.

Be aware though, quite a few insurance companies give you a new car if a total loss take place in the first year from new, and a few (NFU Mutual is one) do the same for year two as well.

The GAP policy is really meant for those buying the car on finance, where if a total loss takes place, the sum paid out by the insurace may not be enough to pay all the amount still owing.

Edited by SlidingPillar on 01/04/2013 at 10:39

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