RTI Insurance on a car with finance

Snowyno7

I am wondering if it is possible to have RTI insurance on a new car that is on finance. My dealer would only offer me GAP insurnace and said that RTI is only for cars bought out-right.

Is this strictly true?

The reason i ask is that i have put down £3000.00 on the vehicle.
If in a year or two's time i need the GAP insurance, it would only make up the shortfall in paying any remaining finance. This seems asthough i lose out on the £3000 i put down on the car in this event, as opposed to RTI insurance which would give me back the invoice price of the car, (which would then obviously cover any outstanding finance and leave me with the remainer to go towards a replacement car)

Any advice is welcome,
Thankyou.

Stephanie

Hi there - short answer YES it is possible to have RTI insurance on a new car with finance. The dealer loves to sell you finance gap as they make more money. Plus your dead right - you do lose out on your deposit.

I had exactly the same thing happen to me. My dealer included the Finance Gap with my finance without even asking me. I thought it was cheap enough until I added it up .. I was spending nearly £400 and it only paid out if I owed more on the finance than my insurer paid out if my car was a total loss.:eek:

When I declined his "kind offer" he offered me Return to Invoice Gap - way better - but way more expensive. The dealer wanted to charge me nearly £600 :eek:

I had a look on-line and found the same thing for nearly half the price! When I told my dealer - suprise suprise he offered to drop the price of his Gap. So not only did he try and sell me Finance Gap - he also wanted to rip me off on the RTI!

Anyway - try https://www.click4gap.co.uk it's the best of the bunch, easy to use and if you get stuck they actually answer the phone! Plus they have what's called "Refer a Friend" if you do decide to buy from click4gap let them know I referred you and we both get £10 discount - my policy number is 95129

Hope this helps.