Return to Invoice Insurance! Help Please

i_8_spurs

Me and my partner bought a car a year ago! Was sold Return to Invoice Insurance which wasnt described the best. He said how much do you think your insurcance company will pay you if you write the car off! He then said they wont pay no were near the price of your car. Then gave me an example if my insurance company pay me a pound for my car after a write off the Return to Invoice Insurance would pay the rest! But I wasn't told I needed to be fully comp! I just find the booklet and I forgot we took out this Insurance I know we was stupid to take out the insurance but it scared my partner because she took out a loan to pay for the car and she thought it would at least pay some of the loan back if I had crashed! I'm not fully comp and I have never been! Could we claim the 249 pounds back from the car dealer/insurance group! Please help!!!!

Quentin

You have no grounds to get the full premium refunded - unless you can prove you were missold, in which case take that up initially with the company that sold you the policy.

LadyIndecisive

Are you sure the motor policy needs to be fully comprehensive for you to have some cause to use the extra cover? The car could be declared a total loss (write off) if stolen and unrecovered, or if subject to a fire claim. Does it need to be accidental damage? Assuming you have third party fire and theft cover the insurer would pay the market value and if less than your loan the other policy may kick in then?

shelly

My dad bought return to invoice insurance when he bought his car less than 6 months ago, he also had a clause that said he had to be fully comp.

IMO (and everyone I have spoken to about this type of insurance) its not worth the paper its written on.
His car cost £5000 and was recently written off (about a month after he bought it) Ins co paid him £4700 so we assumed that the RTI ins would pay the remaining £300.
No such luck. They valued it at £5300 at time of accident so to them they have nothing to pay.

This is what gets them out of paying you off....***Buying RTI insurance covers you for the gap between the actual value of the car prior to the accident and the amount that you still owe on the vehicle, or the amount you originally paid ***


So because the car was apparently worth more at time of accident than my Dad paid for it there is no short fall so the ins co won't pay out, even though my Dad is down £300.

They said we could appeal it by sending in examples of the same car that are being sold for less than £5300.
The terms of this was that it had to be the same make and model, approximately the same mileage, sold by a dealer - not a private sale, but the kicker was that they had to be within 100 miles.
We can't find any that are anywhere near the low mileage my Dads car was and when we do they are well over 100 miles away.

i_8_spurs

I think you do have to be fully comp! The booklet I got from the dealer doesn't say Return to Invoice Insurance policy it says Retail Price Protection (which I think it is) or Guaranteed Asset Protection in the booklet! Just read tough them and it says I had 14 days to cancel, so it looks like I cann't claim it back!

My protection still as 24 months to run is it worth getting fully comp when my insurance runs out in october just in case!

Thanks for all your help so far!