RTI Insurance - With it
Discussion
As the title suggests Mrs Shep1001 is getting a new ish motor for a christmas present off moi. Paying for it out of my bonus so it will be effectively a cash purchase with no finance
Looking to protect my investment against the worst case scenario of the car getting written off, I was going to take out an RTI policy. Car cost is 10k and I was looking at an up to 7.5k payout premium for 4 years cover. There seems to be many companies selling RTI policies and the price varies significantly anywhere from £100-£200 or a hefty £400 from the jokers at Nissan for the figures quoted.
My question to the pH collective is two fold: firstly are the policies worth the paper they are written on? they seem quite simple and if any of the 'exclusion' clauses were to be identified, I think not getting the policy to pay out would be the least of your worries. Secondly is there anybody I should avoid or companies you could suggest are worth looking into?
Thanks Shep1001
Looking to protect my investment against the worst case scenario of the car getting written off, I was going to take out an RTI policy. Car cost is 10k and I was looking at an up to 7.5k payout premium for 4 years cover. There seems to be many companies selling RTI policies and the price varies significantly anywhere from £100-£200 or a hefty £400 from the jokers at Nissan for the figures quoted.
My question to the pH collective is two fold: firstly are the policies worth the paper they are written on? they seem quite simple and if any of the 'exclusion' clauses were to be identified, I think not getting the policy to pay out would be the least of your worries. Secondly is there anybody I should avoid or companies you could suggest are worth looking into?
Thanks Shep1001
eybic said:
RTI is return to invoice a la GAP.
Most insurers offer this for at least the first year of a car's life anyway so it's not necessarily something you need to get at the time of purchase
GAP?Most insurers offer this for at least the first year of a car's life anyway so it's not necessarily something you need to get at the time of purchase
I thought that the RTI reference might be in respect of a payroll question - which Is why I opened the thread in the first place. RTI is the acronym used by HMRC for their Real Time Information system.
Eric Mc said:
eybic said:
RTI is return to invoice a la GAP.
Most insurers offer this for at least the first year of a car's life anyway so it's not necessarily something you need to get at the time of purchase
GAP?Most insurers offer this for at least the first year of a car's life anyway so it's not necessarily something you need to get at the time of purchase
I thought that the RTI reference might be in respect of a payroll question - which Is why I opened the thread in the first place. RTI is the acronym used by HMRC for their Real Time Information system.
GAP = Guaranteed Asset Protection. You write the car off and you/ finance company get paid the price you paid for the car rather than worrying about depreciation and losing out, the insurance policies normally run for 3-5 years.Check the insurance carefully, some (by no means all) will pay the invoice price if the car is written off in the first year, but - certainly for Aviva -only if you actually bought the car new.
Lots of gap insurance companies online, I just bought £7k cover for two years deferred for one year for £65ish
Lots of gap insurance companies online, I just bought £7k cover for two years deferred for one year for £65ish
essayer said:
Check the insurance carefully, some (by no means all) will pay the invoice price if the car is written off in the first year, but - certainly for Aviva -only if you actually bought the car new.
Lots of gap insurance companies online, I just bought £7k cover for two years deferred for one year for £65ish
Car is 3 years old but only covered 5k miles. Found a policy for £99 for 4 years with 7.5k cover Lots of gap insurance companies online, I just bought £7k cover for two years deferred for one year for £65ish
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