Discussion
Monty Python said:
Have a look at ala.co.uk - they do back to invoice insurance (so in the event of a total loss they reimburse you back to what you paid for the car).
For 3 years cover on a £20,000 with a maximum limit of £15,000 it costs £116.
+1 ... never take the dealer offered hugely inflated premiums ( the same goes for the supaguard option too ! )For 3 years cover on a £20,000 with a maximum limit of £15,000 it costs £116.
Siscar said:
Ozzie Osmond said:
Cars depreciate - get over it.
Gap insurance looked to me like a complete con when I looked at it. Perhaps I've not understood it fully.......
I don't know if you understand it but it is a waste of money IMHOGap insurance looked to me like a complete con when I looked at it. Perhaps I've not understood it fully.......
markmullen said:
Siscar said:
I don't know if you understand it but it is a waste of money IMHO
It's like any insurance, if you don't claim you've had no benefit. If however you do claim it is cracking value. Monty Python said:
Have a look at ala.co.uk - they do back to invoice insurance (so in the event of a total loss they reimburse you back to what you paid for the car).
For 3 years cover on a £20,000 with a maximum limit of £15,000 it costs £116.
these guys are very good For 3 years cover on a £20,000 with a maximum limit of £15,000 it costs £116.
and if you have a new car with finance YOU MUST GET GAP
college at work had her 6 month old BMW written off a few months back, without GAP should would have owned thousands to the finance company with a RTI GAP policy she actually made a couple of grand out of it
On all insurance on average you will pay out more than you ever receive back, otherwise insurance companies wouldn't still be in business. Gap insurance is pushed by dealers because it's an easy way to make money, the risk is much less than it may seem.
Of course some people will 'win' significantly, lots of other people will lose a relatively small amount, a premium paid for a policy never claimed on.
I've had around 20 cars in the past 35 years, never had gap insurance but never had a situation where I would have been able to claim. But, end of the day, you pay your money and make your choice.
Of course some people will 'win' significantly, lots of other people will lose a relatively small amount, a premium paid for a policy never claimed on.
I've had around 20 cars in the past 35 years, never had gap insurance but never had a situation where I would have been able to claim. But, end of the day, you pay your money and make your choice.
I always thought it was a bit of a swizz until last year when the car we had on finance was written off. We looked at what was theoretically owing on the car compared with what the payout from the insurers could be. The worst case was that it could be a couple of grand which gave us major-league squeaky-bum time.
Thankfully (and it was a very big thankfully) it turned out there wasn't a shortfall and we escaped unscathed, however it was very worrying especially at a time when you don't need any more ball ache.
As a result we have now taken ROI gap cover.
Thankfully (and it was a very big thankfully) it turned out there wasn't a shortfall and we escaped unscathed, however it was very worrying especially at a time when you don't need any more ball ache.
As a result we have now taken ROI gap cover.
Siscar said:
On all insurance on average you will pay out more than you ever receive back, otherwise insurance companies wouldn't still be in business.
A lot of insurance is loss leading - very few make a profit off the pure cost of underwriting; often the profit side is through the investment of premiums, cross-sale of higher premium products and, sadly, in the pure value of being able to see their customer database. Gassing Station | General Gassing | Top of Page | What's New | My Stuff