Gap insurance question

mintster

I have been reading through the Gap insurance threads and have a question that I am sure some of you could answer.

I am taking advantage of the scrappage scheme and am waiting for my new car. I want to take out gap insurance but am not sure if RTI is the best option for me or whether I am better to purchase the version that simply pays out the difference between my insurance company and the value of the car at the time if purchased new?

Obviously with RTI I would need to clarify that this would be the invoice price of the car and not the price paid (as this will include the £2000 scrappage).

Also insurance company will replace my car within the first year anyway so is there apolicy I can buy that will simply pick this up after the first year or do I have to buy a 3 year cover?

vikingaero

The scrappage scheme and RTI is a grey area that hasn't been tested. You could ring up your GAP provider and ask them whether it includes scrappage.

If you are buying the car outright with cash then RTI is better. If you are buying on finance then Return to Value to cover all interest charges is better.

NFU Mutual will replace a car if it's written off in the first 2 years. Hiscox will replace on a sort of unlimited term and is only really for high net worth vehicles.

CFC

Look for a GAP that offers a replacement rather than RTI

eg

http://www.ala.co.uk/vehicle-replacement-insurance.html

Honkycat

CFC wrote: »

Look for a GAP that offers a replacement rather than RTI

eg

http://www.ala.co.uk/vehicle-replacement-insurance.html

Why is that?

hethmar

I think the point being if you buy at discount/scrappage then your cover will only be to that amount rather than the real cost of replacing the car.

dacouch

Verging on Spam.

Please read the terms and conditions about advertising /promoting your own company on mse

Steve_66_2

I'd think very carefully before shelling out the exhorbitant sums most dealers expect to get for GAP insurance.

You could insure a house for less!

dacouch

It was a helpful and informative post, however MSE is totally free of adverts so by promoting your own company even if you have mentioned other companies it has breached rules.

The information you have posted may be of interest to Martin to place in a sticky or one of his emails.

To be able to post advice regarding your own company you MUST first obtain permision from MSE who will check you have permission to post from your company and that they accept liability for any incorrect information you post. You will then be rewarded wth having a "Signature" that notes you have been checked out by MSE and have permission to give advice regarding your companies products. You still cannot promote your own company (As no advertising on MSE).

Your second post on this thread was more within the rules of MSE.

We welcome your advice as it will no doubt help MSE members but it is important we keep MSE totally free of self promotion and adverts as otherwise it would ruin MSE. If you contact MSE and get authorisation to post it will no doubt help MSE members and they can guide you on keeping within the rules.

(I am not a moderator etc just a normal MSE member)

P.S I'm all for MSE members using companies such as yours for their GAP cover as it will save them a fortune over the Deal prices foor GAP.