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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
Answered by
Honest John
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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