I had a call from Admiral yesterday, offering me another £1,000 cover for £50 (well, £40 as soon as I said that would have to think about it) in the event of a write-off.
I told the guy that I had (return to invoice) gap insurance. No problem he said, the £1,000 would be paid on top of the gap insurance, and then reeled off a list of suggestions of what I could do with £1,000... :)
The thing is, I understood that gap insurance would cover the gap between what the insurance company paid you and the original invoice amount - so I would think that if they paid you an extra £1,000, the gap insurer would pay you a £1,000 less.
Was this guy talking cobblers?
I don't have any intention of taking it out, I'm just interested to see if the guy was being truthful about the gap insurance issue.
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>> I had a call from Admiral yesterday, offering me another £1,000 cover for £50
Cover for what though? Are you saying that if for example your car is worth £1000, they would give you an extra £1000 if written off? I thought insurance paid what it was worth hence the gap insurance.
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I thought insurance companies took a very dim view of having insurance twice and getting two payments for the same claim.
For instance, my car insurance was pulled for the "free" week the garage provided to enable quick taxing of a new car recently, when I gave the insurers the details.
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>> >> I had a call from Admiral yesterday, offering me another £1,000 cover for £50
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>> Cover for what though? Are you saying that if for example your car is worth
>> £1000, they would give you an extra £1000 if written off?
That is the impression he gave me although, of course, he only discussed my 2009 Mondeo, so I don't know if it would apply to all cars.
>> I thought insurance paid what it was worth hence the gap insurance.
Yes, me too. I suppose that there is nothing to stop you insuring it for more, if you are prepared to pay a higher premium. Still, you would thinking that the gap insurer would only pay any remaining gap.
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>> I suppose that there is nothing to stop you insuring it for more
You could claim it is worth more and perhaps pay a higher premium. When it came to a claim, the loss adjustor would be sure you get paid what it was worth though.
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>> Was this guy talking cobblers?
Yes - he just wanted his commission and wasn't bothered if you'd bought something useless.
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Gap insurance - rtj70
