Gap insurance for Taycan RWD - ya or nope

[SS64]

Hi there all. Newbie here. I posted few weeks back. Order for Taycan RWD done. Super excited. But alas the wait is like forever!

anyho. My dealer adv to take gap insurance. What does everyone think. Thanks

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[gnop1950]

Personal choice, I'd never take it but that is based on being able to make up the difference should my car be totaled.

If I were to take it I'd likely get it from my normal insurance company as it is likely cheaper than anything offered by a dealer, if that is what your dealer is offering.

P.S. The way things are these days you'd probably have a year or more before you could replace a Taycan anyway, so plenty of time to save up

 

[SS64]

Hi. Thanks. Very helpful.

 

[WuffvonTrips]

Beware that at least some of the popular UK insurers mentioned on this forum have fully comp policies whose 1st year new vehicle replacement of "same model and specification" has a get-out clause that looks 100% likely to trigger with a Taycan- if one of the same model and specification is not available from UK stock, the most they'll pay is the market value. (Perhaps not an issue when market value is higher than invoice price, but I wouldn't bank on that or insurance companies accepting it).

 

[W1NGE]

Hi there all. Newbie here. I posted few weeks back. Order for Taycan RWD done. Super excited. But alas the wait is like forever!

anyho. My dealer adv to take gap insurance. What does everyone think. Thanks

Take it.

 

[Fish Fingers]

A lot depends on how you are paying for your car.
If I was paying cash I wouldn't bother. PCP I would.

I generally do a hybrid, big deposit and low monthlies then pay PCP balloon off at end.

I took it, as its pretty low cost for the amount I financed compared to the potential benefits.

I want with ALA.

There are a few threads on it if you search 'Gap' in title.

 

[SS64]

end.

Ok. Great. Thanks

 

[Nipri]

Hi there all. Newbie here. I posted few weeks back. Order for Taycan RWD done. Super excited. But alas the wait is like forever!

anyho. My dealer adv to take gap insurance. What does everyone think. Thanks

Morning,
For years never took GAP insurance until my friend had his car stolen. The difference he had to pay as it was on PCP was enormous.
Also with car prices rocketing in my view it is worth every penny especially considering the "minimal" cost to purchase GAP.
Last 3 cars have taken it out with ALA. Use code MSE25 for 25% off. Hopefully it still works.
Other alternative is Total Loss Gap whose quotes are very competitive.
Thanks.

 

[MrBlueSky]

Hi there all. Newbie here. I posted few weeks back. Order for Taycan RWD done. Super excited. But alas the wait is like forever!

anyho. My dealer adv to take gap insurance. What does everyone think. Thanks

I received the same advice from my SA when I first configured my car at the dealer. As others have said, ALA (and others) are far more competitive price wise and I plan on going with them when my car arrives in December.

The MSE25 code for 25% is still working as well.

 

[TaycanHero]

GAP is about £250 for two years if you shop around.

In the chance it provides no use to you, for a car costing £100k+ with options, I don't know why someone wouldn't just get it, just in case.

£250 is less than almost all options on the Taycan!

I think people are put off because through a dealer, especially a non-Porsche dealer, that is where they make a nice chunk of money, charging 2-4x more than what it costs if you go direct.

We should also assume prices for luxury vehicles will continue increasing where demand won't be impacted that much even in a recession. Meanwhile, supply chain bottlenecks will last years along with inflation as fiat continues self-destructing.

That too is a good argument for GAP.

 

[Fish Fingers]

Ok. Great. Thanks

Dont. mention. it.

 

[Fish Fingers]

https://www.taycanforum.com/forum/threads/gap-insurance.10969/

https://www.taycanforum.com/forum/threads/uk-gap-insurance-opc-quoting-£1279.5976/

https://www.taycanforum.com/forum/threads/uk-gap-insurance.1550/

 

[Abdul]

Hi there all. Newbie here. I posted few weeks back. Order for Taycan RWD done. Super excited. But alas the wait is like forever!

anyho. My dealer adv to take gap insurance. What does everyone think. Thanks

I've always taken it with cars of high value...which this is

 

[buruburu]

Hi there all. Newbie here. I posted few weeks back. Order for Taycan RWD done. Super excited. But alas the wait is like forever!

anyho. My dealer adv to take gap insurance. What does everyone think. Thanks

Well, the question is why do you think you need it. Not saying that you shouldn't, but it's important to take the time to understand what gap insurance actually covers and then you need to evaluate whether or not your financial situation with your car put you at risk of potentially needing it.

If you're in a situation where you're not going to be ever upside down in your loan, then GAP insurance is worthless to you and instead you're just giving the underwriter free money. If you are upside down because you are taking advantage of the low interest rate where it's more advantageous for you to put that money in another investment that earns you more than the interest rate of your loan, then maybe. If you are in a situation where you are upside down and you are going to be in a really bad situation if you don't have GAP insurance if your car is totaled, then you need to re-evaluate whether you are financially sound to be buying this car in the first place.

 

[Abdul]

Well, the question is why do you think you need it. Not saying that you shouldn't, but it's important to take the time to understand what gap insurance actually covers and then you need to evaluate whether or not your financial situation with your car put you at risk of potentially needing it.

If you're in a situation where you're not going to be ever upside down in your loan, then GAP insurance is worthless to you and instead you're just giving the underwriter free money. If you are upside down because you are taking advantage of the low interest rate where it's more advantageous for you to put that money in another investment that earns you more than the interest rate of your loan, then maybe. If you are in a situation where you are upside down and you are going to be in a really bad situation if you don't have GAP insurance if your car is totaled, then you need to re-evaluate whether you are financially sound to be buying this car in the first place.

Could you apply the same principle to house insurance.....if you can't afford to lose the house in a fire, why buy it . Not everybody can buy these cars 'cash' but that doesn't mean you shouldn't have one. Just my 2p worth

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