car finance do i need insurances..??

kurjam

hi, i have been offered car finance as my old banger is sadly giving up the ghost.
now the finance is all approved, but they are offering me gap insurance and payment protection... do i need these ???


the finance is for 3 years, and we get full pay if off sick, and a lump sum if made redundant etc etc :::
so i dont think i need payment protection.
buy just wandered what everyone thought...
both insurances add and extra £36 per month to my finance

Fonz_2

No, you absolutely don't want these.

kurjam

the gap insurance is incase the car is written off etc:::
so is it not a good idea to have these, as we will end up paying for a car we dont have if its written off....thanks

Fonz_2

kurjam wrote: »

the gap insurance is incase the car is written off etc:::
so is it not a good idea to have these, as we will end up paying for a car we dont have if its written off....thanks

Your own insurance will cover you for the market value of the car if it is written off - the gap insurance just bridges the gap between the market value and what you paid for it.

Even if you want this type of insurance it can be sourced independantly for half the price.

petermb_2

kurjam wrote: »

hi, i have been offered car finance as my old banger is sadly giving up the ghost.
now the finance is all approved, but they are offering me gap insurance and payment protection... do i need these ???


the finance is for 3 years, and we get full pay if off sick, and a lump sum if made redundant etc etc :::
so i dont think i need payment protection.
buy just wandered what everyone thought...
both insurances add and extra £36 per month to my finance

Gap insurance may be useful but ppi in your case is an extravagance.
For those that do need it simply google "ASU" and you will find monthly premium policies that are flexible and cost effective.

PNPSUKNET

Gap I would recommend I lost thousands due to an unisured driver, the MIB paid the market value and I had to pay the rest of the finance.

Fonz_2

PNPSUKNET wrote: »

Gap I would recommend I lost thousands due to an unisured driver, the MIB paid the market value and I had to pay the rest of the finance.

Maybe so, but taking this via the dealer is going to be a rip off.