Advice re Gap insurance please

-monky-

bb69 wrote: »

an
Confused.com lol
The car is used just under 2 years, does this make a difference?
an

Right you buy a 2yr old car (for cash, I assume). The price you pay will be known as the 'invoice price'. You then tax and insure the car normally.

Some time later, you write the car off. Your insurer will pay you market value for the car, which will be less than the 'invoice price' that you paid, due to depreciation.

if you have taken out RTI Gap (Return To Invoice Gap) then the Gap Insurance policy will make up the difference, so that in total you receive back the 'invoice price' that you paid for the car in the first place.

Does this make sense?

bb69

Oh thanks to you both monky and ahillsy , I have had another look online and I guess any company regulated by FSA must be alright?
I think I'll give click4gap a call to discuss further..

On another note any other tips to look out for when picking up car?
I have seen the HPI - all ok
Asked about any repairs made to the car, but was informed all was ok (I guess I should really check)

I will defo make a list to take with me, if you have any suggestions I would appreciate them

Thanks again

bb69

-monky- wrote: »

Right you buy a 2yr old car (for cash, I assume). The price you pay will be known as the 'invoice price'. You then tax and insure the car normally.

Some time later, you write the car off. Your insurer will pay you market value for the car, which will be less than the 'invoice price' that you paid, due to depreciation.

if you have taken out RTI Gap (Return To Invoice Gap) then the Gap Insurance policy will make up the difference, so that in total you receive back the 'invoice price' that you paid for the car in the first place.

Does this make sense?

Yes thanks - so then the combined GAp is essentially the same, but I will get the cheque instead of the car dealers

Sorry for all the questions !

Gloomendoom

As has been said, gap insurance is just another way for a dealer to make money out of you... along with pointless anti-stain treatment for the seats and equally unnecessary special polish that protects your car from dirt.

I might consider gap insurance if I was buying on finance, but otherwise not. If you really want any of them, you can get them for half the price elsewhere.