PCP (Personal Purchase Plan) Protection

shovelnose

Hi everyone,

I have just signed on the dotted line to purchse a new VW Golf on a PCP plan via my local VW dealer. I am happy with the deal and monthly payments but am concerned about the cost of 'payment protection' offered alongside the purchase.

I would like to take payment protection cover in case I am made redundant in the near future. The quote I was given at the garage, which I have to decide on before Saturday (when I pick up the car) was over £45. A quick search on the internet showed payment cover from as little as 10.50 (LASU - I think) which is one quarter the cost.

Has anyone out there just recently 'been here' and 'done this' that could pass on some advice and recomendations?

Many thanks

Richard

grumbler

Did you read Cunning loan insurance cost cuts Martin's article?

shovelnose

Thanks Grumbler - I did search the site but alas not for the acronym PPI. That has now pointed me in the right direction. It looks like a stand alone policy will cost me about £10 a month which is HUGE saving of £30+.

My only remaining concern is the question "Has there been any redundancies" which is typical given the type of cover. The answer to this will be 'yes' as that is one of the reasons for the cover. I have been assured that my Job is safe, but that is of course no guarantee, especially when you work for a greedy PLC. IF anyone has any advice on how to best play this or any pitfalls I should avoid then I would be grateful for the advice.

Richard