K3LVC Posted January 5, 2022 Report Share Posted January 5, 2022 I've just finalised the purchase of my first Porsche (987.2 2.9) and looking for RTI GAP insurance but all seems to come with a 10yr age limit. Has anyone found anyone that offers on older vehicles or an alternative suggestion to cover the difference between replacement price and book price should the worst happen ? Quote Link to comment Share on other sites More sharing options...
2001pt Posted January 5, 2022 Report Share Posted January 5, 2022 1 hour ago, K3LVC said: or an alternative suggestion to cover the difference between replacement price and book price should the worst happen ? Isn't that just bog standard comprehensive insurance? P.S. great choice on a 987.2 2.9 👍 Not that I’m biased 🤣 Quote Link to comment Share on other sites More sharing options...
Stuart21UK Posted January 5, 2022 Report Share Posted January 5, 2022 personally I wouldnt bother with Gap on a 10yr old car Quote Link to comment Share on other sites More sharing options...
iborguk Posted January 5, 2022 Report Share Posted January 5, 2022 Welcome and I wouldn't bother either. Quote Link to comment Share on other sites More sharing options...
horror Posted January 5, 2022 Report Share Posted January 5, 2022 2010 car, courtesy of the strange pricing on a awful lot of second hand cars, the current prices being asked are in excess of what I paid 5 years. Insurance renewal a week back, the letter from the broker advised checking values to avoid the car being undervalued in the event of a claim. How would a RTI work then? Quote Link to comment Share on other sites More sharing options...
Carmand Posted January 6, 2022 Report Share Posted January 6, 2022 You need an agreed value policy - but of course you’ll pay more for that, and you’ll need to get someone to support your valuation e.g PCGB or TIPEC do this for free if you are a member. Quote Link to comment Share on other sites More sharing options...
rowbos Posted January 6, 2022 Report Share Posted January 6, 2022 19 minutes ago, Carmand said: You need an agreed value policy - but of course you’ll pay more for that, and you’ll need to get someone to support your valuation e.g PCGB or TIPEC do this for free if you are a member. I have had an agreed value policy for a few years now, I need an updated valuation every 2 years and currently hold one from PCGB and also from Cotswold Porsche Specialists that I subsequently provided to my insurer for the policy (Manning). Quote Link to comment Share on other sites More sharing options...
Menoporsche Posted January 6, 2022 Report Share Posted January 6, 2022 18 hours ago, K3LVC said: I've just finalised the purchase of my first Porsche (987.2 2.9) Good job, and welcome! Quote Link to comment Share on other sites More sharing options...
K3LVC Posted January 6, 2022 Author Report Share Posted January 6, 2022 17 hours ago, Stuart21UK said: personally I wouldnt bother with Gap on a 10yr old car Normally I wouldn't but if in 6mths the backside drops out of the current market I'm left with an insurance value of (maybe) 50% of what I paid with a loan still outstanding. Looks like I'll investigate the 'agreed value' options 1 Quote Link to comment Share on other sites More sharing options...
dunks Posted January 6, 2022 Report Share Posted January 6, 2022 3 hours ago, K3LVC said: Normally I wouldn't but if in 6mths the backside drops out of the current market I'm left with an insurance value of (maybe) 50% of what I paid with a loan still outstanding. Looks like I'll investigate the 'agreed value' options But if the backside drops out then your replacement will be cheaper , the whole concept of insurance is you should be able to buy a replacement car in same condition, with same miles and same age as the car written off with the payout 1 Quote Link to comment Share on other sites More sharing options...
Bayernlarge Posted January 7, 2022 Report Share Posted January 7, 2022 I just got a stand-alone Total Loss Protection policy which sits alongside a standard policy. It pays out an extra 25% of the market value (up to a max of £10k) in the event of a total loss. It was £49 for a year from Adrian Flux (who also do agreed value policies, I think). i have no affiliation with them, so I hope it’s ok to pass this info along. Quote Link to comment Share on other sites More sharing options...
Bayernlarge Posted January 7, 2022 Report Share Posted January 7, 2022 6 hours ago, dunks said: But if the backside drops out then your replacement will be cheaper , the whole concept of insurance is you should be able to buy a replacement car in same condition, with same miles and same age as the car written off with the payout That's the idea, but the ‘market values’ that I saw when shopping for insurance recently were way lower than what it would cost to replace my car with an equivalent with similar options, low mileage, and service history. Quote Link to comment Share on other sites More sharing options...
CAZ Posted January 7, 2022 Report Share Posted January 7, 2022 I insure with A plan ( see Carly on the A Plan thread on here ) - for about £50 you can get a total loss plus protection policy, which in the event of the car being written off will pay out an additional 25% of the claim on top - pretty sure A plan give you current open market rate rather than book value as well - I also increased the insurance cover by £3k to reflect how the prices are at the current level and it didn't cost me anymore - every 6 months I have a scout around what's for sale for my age of car and then print them out to keep just in case - then I have several decent examples of what my car would be worth to back me up if the worst was to happen. I even take out the total loss plus on my daily - an extra 25% makes a heck of a difference. 1 Quote Link to comment Share on other sites More sharing options...
Paul P Posted January 7, 2022 Report Share Posted January 7, 2022 Pet hate of mine - so please excuse the rant...... Insuring the insurance by taking out more insurance - got to admire how the insurance industry gets away with it. Bit like the fact that a couple of the big insurance companies own the major body repair chains out there, and the ambulance chasing legal expenses cover outfits, so they can dictate what the going repair rate the public are quoted, what they actually pay, and who they chase to get their money back and if they have miscalculated then "its a write off and the book value is 10 quid" or "sorry you parked it 10 metres away from where you told is you would, we can't honour your claim" ... I feel better now 1 Quote Link to comment Share on other sites More sharing options...
K3LVC Posted January 8, 2022 Author Report Share Posted January 8, 2022 On 1/6/2022 at 6:29 PM, dunks said: But if the backside drops out then your replacement will be cheaper , the whole concept of insurance is you should be able to buy a replacement car in same condition, with same miles and same age as the car written off with the payout In which case I'm happy to insure, for a reasonable cost, against the negative equity created. Looks like the Total Loss protection might be a better way forward for my needs 2 Quote Link to comment Share on other sites More sharing options...
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