# Volkswagen 'Asset Protection'



## VW Golf-Fan (Aug 3, 2010)

Just been to the dealer this morning to spec up my Golf & after we talked about figures etc he showed me this sign/leaflet on his desk that was entitled 'Volkswagen Asset Protection'.

Basically it's some sort of cover up to loss/damage/fire to the vehicle & if you purchase this plan for £299 (which covers you for 3 years) in the event of an accident they will pay out the full amount of the vehicles purchase price.

Don't know what to make of it just yet whether it's a con or actually a benefit?  

He tried to flog me the 'vehicle protection' kit for £225 which includes a boot liner, front & rear mud flaps & something else which seemed minor. Not my cuppa tea mud flaps or the boot liner so told him that wasn't for me.

Got to say that he wasn't pushy at all & I actually had a good test drive in the 1.4 TSI 'Match' trim. 

https://docs.google.com/viewer?a=v&...1gLdvk&sig=AHIEtbQ_EzCESP2WDNcVDyF-UiC-BpB_Gg


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## Ric (Feb 4, 2007)

it's pretty much GAP insurance, upto you if you take it.


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## DMH-01 (Mar 29, 2011)

If your buying an expensive/new car I'd always take it.


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## Hardsworth (Apr 12, 2012)

as above its just VW version of GAP just a little more expensive :thumb:


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## t1mmy (Dec 9, 2006)

I used to sell cars and GAP cover. I have been out of the motor industry for several years now but still bought GAP on our new car 2 years ago as I see the value in it.

Google click4gap and see what price you can get it for.


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## t1mmy (Dec 9, 2006)

Just read your post again, did you mean to put they will pay out the difference between your insurance payout and the origional purchase price?


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## VW Golf-Fan (Aug 3, 2010)

t1mmy said:


> Just read your post again, did you mean to put they will pay out the difference between your insurance payout and the origional purchase price?


I think they said they will just pay the full amount of the cars original purchase price & not the difference.


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## SteveTDCi (Feb 8, 2006)

There are 2 versions of Gap, return to invoice and then where it pays the difference between what the insurance company pay and its worth, its up to you if you pay it, if you are buying the car outright then you probably don't need it. If your having it on Finance then you may want to consider it


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## bigmc (Mar 22, 2010)

If you're buying a brand new guff get them to throw it in for free or you'll go elsewhere.


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## McClane (Dec 9, 2010)

SteveTDCi said:


> There are 2 versions of Gap, return to invoice and then where it pays the difference between what the insurance company pay and its worth, its up to you if you pay it, if you are buying the car outright then you probably don't need it. If your having it on Finance then you may want to consider it


I always considered it a product aimed a people with cars on finance.

Seems they (try to) sell these "secondary financial products" to people buying cars outright these days too. Sounds like you had a better VW experience than me:

http://www.detailingworld.com/forum/showpost.php?p=3378621&postcount=18


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## lofty (Jun 19, 2007)

You can get GAP insurance much cheaper from this company than you will from the dealer:
It's just another way of extracting cash from you in the same way as paint protection.
I've got a 10% discount code for ALA if you go for it.http://www.ala.co.uk


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## james_19742000 (May 8, 2008)

Negotiate on the GAP and the protection pack, you shoudl certianly be getting teh protection pack for free, and teh GAP insuarnce aim to get at the very least a 1/3 off, my last 5 cars all new that have come from a local VW dealer have all come with the free protection pack and the discounted GAP, if the protection pack isnt for you then just take it all off when you get home and flog it, few quid in your pocket!

Anyway, good luck with the Golf, nice car


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## SteveTDCi (Feb 8, 2006)

Out of interest what discount are they giving on the golf ?


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## VW Golf-Fan (Aug 3, 2010)

bigmc said:


> If you're buying a brand new guff get them to throw it in for free or you'll go elsewhere.


Good idea, has it worked for you in the past? 

He said it is 'valid' for 3yrs the Asset Protection.


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## bigmc (Mar 22, 2010)

Yes, never paid for gap insurance or anything like that, if they want your business they'll absorb a lot of cost.


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## VW Golf-Fan (Aug 3, 2010)

bigmc said:


> Yes, never paid for gap insurance or anything like that, if they want your business they'll absorb a lot of cost.


Thanks for the advice there. 

Is it worth asking them if they will match the price of the exact same car that I can get at another dealer for a few grand cheaper?

I'm worried they won't - but as you say if they want my business they should bend over backwards.


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## bigmc (Mar 22, 2010)

I'd go in with one of the brokers prices as they buy from the dealer too, do some research and go in with the full intention of walking out unless you get the best deal for you.


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## VW Golf-Fan (Aug 3, 2010)

Cheers for your response.

I will probaably go with the dealer who is offering the car at the cheaper price but before I do that I'll try & ask them what the best deal they can do for me is.


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## SteveyG (Apr 1, 2007)

Some insurance companies offer Asset Protection, so worth checking as it might work out cheaper if they won't give you a discount.


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## OvlovMike (Jul 19, 2011)

The protection pack possibly includes headlamp protectors.

However, saying that I can sell you a boot mat and a pair of headlamp protectors (small crack which is barely visible and a clip snapped which doesn't affect it) for cheapy cheap...


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## SteveTDCi (Feb 8, 2006)

I thought your insurance covered you new for old in the first year ? less any options fitted that is.


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## goonas (Aug 23, 2007)

Before buying GAP protection I would checkw ith your insurance company, as most that I have come across will replace your car for a new one if it gets written off within the first year, so in effect your GAP protection isn't good for the first year, it may be worth buying it if you can have it deferred for a year.


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## alexj (Apr 12, 2012)

Be as ruthless as they are and dont be afraid to walk away


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## VW Golf-Fan (Aug 3, 2010)

alexj said:


> Be as ruthless as they are and dont be afraid to walk away


That's exactly what I did do.

After all, the buggers weren't even prepared to negotiate on the car either, instead wouldn't even budge one bit.

Oh well, their loss..........I shopped around elsewhere & made a £3,000 saving off the same car at another dealership! :thumb:


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## alexj (Apr 12, 2012)

VW Golf-Fan said:


> That's exactly what I did do.
> 
> After all, the buggers weren't even prepared to negotiate on the car either, instead wouldn't even budge one bit.
> 
> Oh well, their loss..........I shopped around elsewhere & made a £3,000 saving off the same car at another dealership! :thumb:


nice saving !

I was so pissed off with VW

I bought a bmw instead !


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## VW Golf-Fan (Aug 3, 2010)

alexj said:


> nice saving !
> 
> I was so pissed off with VW
> 
> I bought a bmw instead !


Cheers. 

Agreed, sometimes dealers' attitudes are enough to put you right off the brand - fortunately for them, I'd never look to switch to another car brand as I love the MK6 Golf too much!


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## alexj (Apr 12, 2012)

VW Golf-Fan said:


> Cheers.
> 
> Agreed, sometimes dealers' attitudes are enough to put you right off the brand - fortunately for them, I'd never look to switch to another car brand as I love the MK6 Golf too much!


Glad youre enjoying it


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## VW Golf-Fan (Aug 3, 2010)

alexj said:


> Glad youre enjoying it


I've not got the car yet! :lol:

I'm supposed to be picking it up at the end of this month/early August.


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## MEH4N (Mar 15, 2012)

GAP is just a cover which youll need to decide if you need as its there for peace of mind. if its new extend it till sept 1st if u can because of the newer reg.

I remember once when a sales person thought i was an annoying kid just asking the price of a new car as a joke and my dad just asked the other sales person to have the sale as he had already decided lol.


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## S63 (Jan 5, 2007)

Is there a "cooling off" period allowing you to cancel the policy?


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## andy665 (Nov 1, 2005)

Yes there will be a cooling off period but anyone who buys a new / nearly new car and doesn't take GAP is crazy IMHO

Its absolutely not only suitable for people who use finance to fund he purchase. Personally I'd go for the enhanced level of GAP that is now being offered by some providers that doesn't just payout the original invoice price (less RFL) but actually pays out the difference between the insurance payout and the cost of the equivalent new car


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## Bero (Mar 9, 2008)

andy665 said:


> Yes there will be a cooling off period but anyone who buys a new / nearly new car and doesn't take GAP is crazy IMHO
> 
> Its absolutely not only suitable for people who use finance to fund he purchase. Personally I'd go for the enhanced level of GAP that is now being offered by some providers that doesn't just payout the original invoice price (less RFL) but actually pays out the difference between the insurance payout and the cost of the equivalent new car


What rubbish :lol: - YOUR more CRAZY (IMHO) if you take GAP insurance and pay for finance their sales person's commission, the VW dealership commission, the GAP companies overheads, set up costs, salaries, managers, sales rep cars, bonuses, national insurance etc etc and they STILL make a profit.

The only reason to buy it is if you have a friend who is suffers from infrequent spontaneous pyromania........every 3 years.

Personally I insure nothing that's not a legal requirement or life changing event (house and car). I've no desire to line to pockets of other companies, you could have, phone, life, dental, laptop, mp3 player, ipad, tv, fridge (and other appliances), boiler, PS3, xbox, wii, home emergency, bank card/identity fraud, Car extended warranty insurance, you even get MOT insurance........etc etc.

As long as you can afford a few bumps along the way you will be far better off in the long term if you're 'self insured'. :thumb: Afterall how did Warren Buffet make his fortune?! Oh yeah all through other people paying him for insurance.

I also think the current push on identity theft insurance has the potential to end up like PPI! It's blatantly mis sold to people drumming up the down side when the bank HAS to cover you by law! You're paying to insure against a risk that is really the bank/credt card companies risk! But that's for another thread.


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## andy665 (Nov 1, 2005)

Did I say its wise to take the VW product - no

Its much better value elsewhere

Like all insurance products - its a waste if you don't need it but the best value product ever if you do need it

Look at a likely scenario:

Buy a car at 18k

Likely value after 2 years - 10k tops

Car becomes a total loss - could well be no fault of your own - insurance payout leaves you 5k behind where you started

New equivalent car to the one you've lost is not 16.5k

The GAP I'm talking about pays out the 6.5k difference and gets you into a brand new car of equivalent spec to the one that you have lost

Is that worth £200 - 300 - for some yes, for you obviously not

Of course if you don't claim you could easily argue that you have wasted that money - life many things in life - its a gamble

The fact that the providers make a profit - totally and utterly irrelevant if you claim on it

Have you ever worked in underwriting and therefore understand how its costed?


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## kh904 (Dec 18, 2006)

Bero said:


> Personally I insure nothing that's not a legal requirement or life changing event (house and car). I've no desire to line to pockets of other companies, you could have, phone, life, dental, laptop, mp3 player, ipad, tv, fridge (and other appliances), boiler, PS3, xbox, wii, home emergency, bank card/identity fraud, Car extended warranty insurance, you even get MOT insurance........etc etc.
> 
> As long as you can afford a few bumps along the way you will be far better off in the long term if you're 'self insured'. :thumb: Afterall how did Warren Buffet make his fortune?! Oh yeah all through other people paying him for insurance.
> 
> I also think the current push on identity theft insurance has the potential to end up like PPI! It's blatantly mis sold to people drumming up the down side when the bank HAS to cover you by law! You're paying to insure against a risk that is really the bank/credt card companies risk! But that's for another thread.


I pretty much agree!
Of course it's suitable for some people but in many many cases these 'add-ons' are money icing on the cake for there profit (especially the electrical stores who push them). They probably make more profit on them than they do on the actual products they are selling!
Plus the terms for them to pay out probably means that they pay out a fraction of the claims.

I've always thought that the ID theft insurance from banks are a rip-off as you are pretty much covered on some situations already by law.

The Iphone insurance is another one, the number of people I know who've claimed on their insurance for a broken screen, but have to pay between £50-70 excess!!!

You can save a lot on not buying these types of insurance and putting it away and using that saving to repair or replace!

Like many of these 'financial' products, they are often mis-sold!


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