any finance experts

you buy a car on finance with a set figure for the cars value at inception which you are tied to contractually.
the rate of depreciation is likely to rapidly outstrip the rate at which you have chipped away at your debt.
unfortunately should your pride and joy be written off or stolen the settlement you will receive from your insurer is likely to be a conservative figure for the market worth of your depreciated vehicle NOT what you paid for it or are committed to continue paying for it.
the difference between what is outstanding on your headline debt (determined when you entered into your purchase, )and the amount given by your insurer is the gap!
gap insurance provides a means to protect you from that negative equity difference

If you buy a new or nearly new car you are usually eligable for GAP insurance, so for example, you pay 20k for your new motor, then say 2 years down the line you write it off and the book value is 14k, the GAP insurance makes up the difference between the purchase price and write off price.
HTH

Yup, I've got this.
BTW, I think you still lose your excess.

So Garth, you're getting money then

I take you have GAP insurance then? Atleast your finance will be fully paid and then you can go get another.

yeah i have the gap insurance insurers are wating to hear from dvla

Could turn out good for you then? Go and get a ix or wait for a x

seriously considering a ten dont know if i can wait that long tho so it will probaly be a 9 gt in white

jen evo said:

seriously considering a ten dont know if i can wait that long tho so it will probaly be a 9 gt in white

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Yeah dont think i could wait that long either. Good luck with insurance

I have A GAP policy on mine but it states no modifications.Are they likely to inspect your car or liaise with your insurance company to find out if you have modded at all.

riche said:

I have A GAP policy on mine but it states no modifications.Are they likely to inspect your car or liaise with your insurance company to find out if you have modded at all.

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The way I look at it is this:
Their payout is likely to be at least £5k or so. Their cost to send an inspector to look over your car can't be more than £300. So if they manage to wriggle out of paying on 1 in 16 claims, it's worth having the guy inspect the cars. I wouldn't bank on them not checking, as it's in their best interests to avoid paying out where they can.

There are some people on this forum who work in insurance so maybe they can add some insight?

no mods at all

jen evo said:

no mods at all

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Completley standard? and you still managed to smash it :crackup: