I didn't take it.
If your car gets stolen or written off at any point, your insurance will give you money for a replacement of equal value. In other words apart from loosing your excess you are no better or worse off than you were before.
Except of course that you might not be able to find another car of the same spec. as your own, and of course people outside of this forum may not be as caring towards their golfs as we are!
- it is against this that you are insuring with GAP. Personally, i felt they were asking too much.