Can I get GAP insurance for an 18-year-old car?
Can I get GAP Insurance for my 18-year-old BMW 5 Series? The market value is about £2500. But I paid £9000 for a completely refurbished example. I bought from a specialist BMW dealer and the vehicle is low mileage (57,000 miles), two owners, concours condition, BMW full-service history, new full service and MoT. I'd like to cover the likely payout from my insurance company in the event of total loss/theft and the invoice amount I paid. Can this be done?
Asked on 24 January 2020 by Michael Miles
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That is not what GAP insurance is for. GAP is primarily for the deficit between a total loss value and the remaining finance. What you want is either a re-instatement insurance policy or an agreed market value policy. The re-instatement policy is best suited to your specific situation. I would suggest having a specialist valuation report to be carried out.
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