Buy Gap Insurance for Volkswagen

Buy Gap Insurance for Volkswagen

Volkswagen are currently one of the most in demand and desirable manufacturers on the roads of the UK today. However, like any other make and model, your Volkswagen is capable of losing as much as half of the original invoice price that you paid for your Volkswagen in the first three years of ownership.

If your motor insurer was to ever declare your Volkswagen a total loss, then they are liable to pay you the market value of your vehicle on that day. This could leave you thousands of pounds out of pocket and with the potential inability to purchase a new vehicle.

 

What can vehicle replacement do for you if your Volkswagen is written off?

Vehicle replacement insurance will pay the difference between the valuation of your Volkswagen on the day it is written off and the amount you would need to spend to buy another VW the same age, mileage, condition and specification as your model was on the day that you drove it home from the dealership.If your Volkswagen is a pre registered vehicle under 90 days old and your garage is the only first keeper settlement is based on the cost of a new model.

To understand what vehicle replacement insurance can do for you and your Volkswagen, you must first need to understand why you may need Gap Insurance. All vehicles even your Volkswagen will loose value over time. Yes, Volkswagen are not normally known for excessive rates of depreciation, however, based on both previous and present rates of depreciation, industry experts predict that the average vehicle will lose as much as 50% in the first three years of ownership.


What is return to Invoice Gap Insurance and how can it help protect the money you spent when you bought your Volkswagen?

Return to Invoice Gap Insurance is the type and level of gap insurance that most Volkswagen dealerships offer.

Simply put, it pays the difference between your Volkswagens valuation on the day it is written off and the original invoice price you paid for your Volkswagen model. In essence, if something happens and your VW joins the estimated 600,000 other vehicles written off in the UK each year between your two insurance companies you are paid the original invoice price. 

Your own insurance company will pay you what ever your VW is worth on the day it is written off and your return to invoice policy simply tops this up to the invoice price. Essentially you now have the full purchase price back. From this you can clear any finance if necessary and then the rest of the funds, the deposit you paid and the equity you have is yours to do with as you see fit.
If you are Buying a Volkswagen on contract hire why should you think about buying a finance and contract hire gap insurance policy?

All vehicles lose value in fact depreciation levels of 50% to 60 % are not unheard of but some lose this value a lot quicker than others. Volkswagen thankfully is not one on them. This means that when it comes to contract hire it can often be less expensive to buy something like a Volkswagen Golf than it is for say a Citroen C4. So, over all contract hire with its low commitment and expenditure qualities is a cost efficient way to fund any vehicle, However you need to be totally aware of your financial liabilities. So what happens if your Volkswagen is written off?

Well just like any other vehicle your own motor insurance company would pay you what your Volkswagen is worth on the day it was written off. What you may not be aware of is the fact the your contract hire company while being sympathetic will still want to be paid. This is absolutely not the end of your contract.No matter how your contract hire want to call it a settlement, rental contribution and rental quota it makes no difference as all it is, is an amount that your contract hire company have to be paid before the contract on your Volkswagen is finished.

Volkswagen is a German automobile manufacturer and the founding marquee of the Volkswagen group which currently consists of well-known brands such as Audi, Bentley, Lamborghini, Porsche, Seat and Skoda.

VW in the beginning

Volkswagen was founded in 1937 by the Nazi movement to counter the limited availability of basic cars to the German public. Adolf Hitler demanded production of a ‘People’s Car’, which Volkswagen translate into from German. The ‘People’s Car’ would suit the needs of an average German family, two adults and three children and be offered at a reasonable price. The Third Reich even offered the public a saving scheme, which no competitor could offer. Hitler told the German people, “five marks a week you must put aside, if you want your own car to ride”, which around 336,000 people eventually paid into. These savings were eventually stolen by the Russians during its invasion of Berlin. Seizing on the opportunity, Adolf Hitler invited Ferdinand Porsche to the designing table who would go on to design the ‘People’s Car’, which would later develop into the Volkswagen Beetle.

The year of 2014 is set to take the Volkswagen group to the top of the worlds best selling car manufacturer charts. The Volkswagen brand have also put plans into place to expand the Volkswagen dealership network in India and also have plans to produce a number of models locally.

Volkswagen have released and plan to release a number of new models in 2014 with the Golf-R model set to be amongst the most successful. The Volkswagen Golf-R has been labelled as being the most powerful Volkswagen Golf to have ever been produced. Arguably the most iconic VW model to exist is the Beetle model and 2014 will be the year VW release a new cabriolet Beetle.

The SUV market has been amongst the most successful markets for the VW brand in the past 12 months and the brand and the group plan to further that success with a host of new additions. The new Cross Polo model is set to be the firms first crossover model whilst the T-Roc concept is also tipped to join the larger crossover market.

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