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Hi folks,

I plan to buy gap insurance and minor damage/alloy cover when my car arrives. I know there are Toyota branded products which I assume the dealer makes a hefty comission on when you pick up the car.

I was wondering if anyone had experience of the Toyota branded one and if it's worth just going for that go save the bother of comparing others.

Cheers

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1 minute ago, Hardy888 said:

Hi folks,

I plan to buy gap insurance and minor damage/alloy cover when my car arrives. I know there are Toyota branded products which I assume the dealer makes a hefty comission on when you pick up the car.

I was wondering if anyone had experience of the Toyota branded one and if it's worth just going for that go save the bother of comparing others.

Cheers

Read this Kyle  https://www.honestjohn.co.uk/cheap-gap-insurance/

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Hi.

Just to let you know that we offer a 12 month product called Total Loss Protection. Whilst it's not exactly the same as your traditional GAP insurance we feel for some customers it can make a cost effective alternative.

Please feel free to take a look if you wish.

https://www.adrianflux.co.uk/extras/total-loss/

Regards,

Dan. 

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That's interesting, so basically it just adds 25% more of the insurance payout up to £10k?

Not as good as actual GAP insurance on a new car, but could be useful once it starts getting into old car territory!

 

Is that something you offer on its own or is it only as an add-on to one of your insurance policies?

 

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For many years I purchased my GAP insurance policy with ALA which is at least half the price than the dealership. I have never claimed but its peace of mind. I also took out a smart repair and wheel insurance which I purchased from my dealership which was a big mistake called Club SmartGuard trying to a claim is a nightmare if the damage doesn't show up on photos they will void the claim. 

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1 hour ago, Leo63 said:

For many years I purchased my GAP insurance policy with ALA which is at least half the price than the dealership. I have never claimed but its peace of mind. I also took out a smart repair and wheel insurance which I purchased from my dealership which was a big mistake called Club SmartGuard trying to a claim is a nightmare if the damage doesn't show up on photos they will void the claim. 

That policy sounds similar to what we were offered on our soon to be built Corolla.

On our Yaris we have GAP from gapinsurance.co.uk and cosmetic & alloy cover from Motor Easy. Notably less than the dealer.

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I avoid the ones they try and flog with your car, because normally they buy them in at a pittance and then mark them up for the commission, and also, they're not even that good a product.

I've used ALA in the past - never had to claim for it, but always a decent amount of cover, plus discounts. This snippet is from Money Saving Expert, and is always updated.

 

 

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Thanks all this has been a brilliant help. Particularly the pointers to ALA. They look to be very good. 

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One other thing to consider may be the policy period. Often GAP insurance offered by dealers is for a three year policy. Third party GAP insurers may offer longer policies (eg. 4 or 5 years) for you to choose from. 

Obviously it depends how long you intend keeping the car.

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There are discounts around for ALA gap insurance, we found the best recently was MSE25, which gave 25% off.

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Just be aware that tyre and alloy insurance often have claim value limits. When a pothole wrote off a wheel it was only covered for £150. The new rim cost £352. The tyres also had a value limit, however it’s not many Corolla tyres that will cost over £150 each…..

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14 minutes ago, Chris Nutt said:

Just be aware that tyre and alloy insurance often have claim value limits. When a pothole wrote off a wheel it was only covered for £150. The new rim cost £352. The tyres also had a value limit, however it’s not many Corolla tyres that will cost over £150 each…..

Think most 18 inch good brand tyres cost From 160 to 200

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7 hours ago, Spo2 said:

Think most 18 inch good brand tyres cost From 160 to 200

You have to try really hard to pay over £150 - Even for an  premium 18 inch tyre! Most are £100-£140. Tyres on the Drive are my normal supplier. 

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Re Gap insurance for a new car. 

You can take this out when you buy the car or towards the end of its first year - the price may have increased. 

If you take this out on day one you start monthly payments but the insurance does not kick in until year 2.

If you change your car before the end of year 3 the unused premium will be set against a new car policy

I will be changing at 2.5 years, ie 3/4 of the active policy period.  I was surprised at the refund ALA calculated. 

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8 hours ago, Roy124 said:

Re Gap insurance for a new car. 

You can take this out when you buy the car or towards the end of its first year - the price may have increased. 

If you take this out on day one you start monthly payments but the insurance does not kick in until year 2.

If you change your car before the end of year 3 the unused premium will be set against a new car policy. 

I will be changing at 2.5 years, ie 3/4 of the active policy period.  I was surprised at the refund ALA calculated. 

I need to do more research as I don't understand what you mean by it only kicks in at year 2. I thought Gap insurance was to cover the difference in depreciation from picking the car up at the forcourt to make up the difference from the insurance valuation. ie a brand new 30k car driven off the forecourt could lose an instant % in value, or is that just myth?

God forbid but I bet it has happened, what would happen to people who wrote off their car if in the first few days of collecting.

As you can see I have never purchased a new car before but I will be looking at GAP insurance when my Toyota turns up. 

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1 hour ago, Chuffmonkey said:

I need to do more research as I don't understand what you mean by it only kicks in at year 2. I thought Gap insurance was to cover the difference in depreciation from picking the car up at the forcourt to make up the difference from the insurance valuation. ie a brand new 30k car driven off the forecourt could lose an instant % in value, or is that just myth?

God forbid but I bet it has happened, what would happen to people who wrote off their car if in the first few days of collecting.

As you can see I have never purchased a new car before but I will be looking at GAP insurance when my Toyota turns up. 

I'm not certain but I think if a brand new car gets written off shortly after buying it then the insurance pays out the full value.  Perhaps that time scale is a year (if I’m correct at all)?

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12 minutes ago, alan333 said:

I'm not certain but I think if a brand new car gets written off shortly after buying it then the insurance pays out the full value.  Perhaps that time scale is a year (if I’m correct at all)?

From what I've heard; if a brand new car is written off by the insurers anytime within the first year, then the insurance will pay out the full purchase price of the car. This is why you don't need GAP until year 2.

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I think it's up to the insurer, but most of them have a clause like this.

And it's definitely a thing, people writing off their cars not that long after buying them - A mate of mine had a 2nd hand car that he owned for about 2 hours before writing it off on the way home :eek: :laugh: 

Even better, he didn't have gap insurance or even car insurance, just the driveaway insurance from the dealer! The funniest part is they actually paid him more than what he bought the car for because he'd haggled the price down :laugh: 

Poor guy's still too scared to go onto the motorway (Another reason why I'm still always the designated driver! :crybaby: )

 

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I remember direct line having that in the policy years ago but I thought it was an add on. Maybe they all do it as standard now.

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1 hour ago, ollie.chambers1 said:

From what I've heard; if a brand new car is written off by the insurers anytime within the first year, then the insurance will pay out the full purchase price of the car.

As regards new cars being written off within the first year, most insurers will replace the car with a new one of the same spec. Supplying cars through their own sources is cheaper for them.

However, there is usually a clause similar to LV's below: 

 "If there isn't one available in the UK, we will pay the price you paid for the car (including taxes) or the manufacturers list price, whichever is less."

So if your car is written off, and there isn't another of similar spec in the UK, if the car was bought at a hefty discount, the insurer may only pay out what you paid for the car. So you could be at a disadvantage if the replacement model is more expensive - which it usually is.

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That's all really helpful thank you, I am now aware of new car insurance and that GAP starts in year 2. That's 1 less thing to worry about as soon as I pick up the new car. 

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Hi.

Just to let you know that we offer a 12 month product called Total Loss Protection. Whilst it's not exactly the same as your traditional GAP insurance we feel for some customers it can make a cost effective alternative.

Please feel free to take a look if you wish.

https://www.adrianflux.co.uk/extras/total-loss/

Regards,

Dan. 

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