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How old is your Pre-registered car or van?
July 17, 2012
You may or may not be aware but the exact age of your pre-registered vehicle when you buy it can have a massive affect on how your gap insurance will act when you need to make a claim.

If you are considering a form of finance gap insurance , contract hire gap insurance or even return to invoice gap insurance then the exact age of your pre registered car or van will not have any real impact. That is providing that it is still under the qualifying criteria and that you have bought it within 180 of buying your gap cover. After all you are protecting a fixed amount based on the physical invoice price you originally paid.

It can and will however have a massive impact if you are considering a form of vehicle replacement insurance.

We already know that vehicle replacement insurance is designed to pay the difference between your vehicles valuation on the day it is written off and the amount of money you would need to spend to go and buy another vehicle the same age mileage and condition as yours was on the day you 1st drove it home.

So for example you buy a new car and you are paid the difference you would need to buy another car or the superseding model if that specification is no longer available.

A year old vehicle and the settlement is based on a year old equivalent model.

So what about a pre-registered vehicle?

How will your vehicle replacement policy perform now after all it is not a new vehicle and it is certainly not used?

Did you know that if you buy a vehicle replacement insurance policy and you bought you vehicle within 90 days ( remember your dealership will have to have ownership for 90 days ) and the first registered keeper was the dealership then should you ever need to make a claim any settlement will be based not on the cost of a pre registered car, van or motorbike but the cost of a new vehicle.

So please double check who's name your vehicle was first registered in?

Check how many days since registration as it but be no more than 90 days and if so you really should consider vehicle replacement. If you are in any doubt as always why not click or call and a member of the team will be only to happy to help.

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