Important question on changing GAP insurance after booking my car

hsirk

Hi Moneysavingexperts,

After researching the market I decided to purchase a car and booked it last evening with a £1000 booking fee. Im opting for PCP finance. While doing all the paperwork the retailer included GAP insurance at £724 and Supaguard for £399. At that point they somehow managed to talk me through it and being excited for my first car I didnt pay much attention. Having researched more about these, I have now decided not to go in for them. Am I able to cancel these at this stage? The delivery is not until September. Im not so worried about Supaguard but I definately need to cancel GAP as Im getting better quotes elsewhere for less than half that price.

I wanted to know if there is a cooling off period that applies and can I have this changed which is bring the price down by £1123 which makes a big difference to the montly installments. Also, I dont wish to buy something I dont want. Kindly provide your expert suggestions. Many thanks

Regards,
Kay

molerat

What does your copy of the agreement state ? The insurance will / should have a cooling off period included in the contract. The supaguard is a purchased option that you agreed to and should be negotiated with the dealer, tell them you no longer want it. They are not factory built in options so there should be no real problem cancelling (apart from the salesman's commission). Did you get any discounts for purchasing these extras ?

hsirk

molerat wrote: »

What does your copy of the agreement state ? The insurance will / should have a cooling off period included in the contract. The supaguard is a purchased option that you agreed to and should be negotiated with the dealer, tell them you no longer want it. They are not factory built in options so there should be no real problem cancelling (apart from the salesman's commission). Did you get any discounts for purchasing these extras ?

Thanks for your reply.

I already recieved a staff discount for where Im employed and this was 7.5% so no further discounts could be availed. However, I shall read the small print once home. I have sent them an email explaining what I do not want anymore. Also, the salesman mentioned these figures could be played around with and ask me to contact them for it. Wasnt sure if playing around with the figures meant taking out these extras or he just meant playing around with the deposit and monthly installments. Any suggestions. Its a reputed BMW dealer btw!

dacouch

The cooling off period normally starts the when you RECEIVE the Policy Documents not when you take out cover. Check the Policy booklet under cancellation to see the Gap Insurers terms on cooling off period.

Are you aware you could buy a better Gap Policy over the internet for probably 60% less than the BMW dealer are selling you. In addition the cost of the Gap Insurance will not be added to your finance agreement which would have added a large amount of interest to the cost

hsirk

dacouch wrote: »

The cooling off period normally starts the when you RECEIVE the Policy Documents not when you take out cover. Check the Policy booklet under cancellation to see the Gap Insurers terms on cooling off period.

Are you aware you could buy a better Gap Policy over the internet for probably 60% less than the BMW dealer are selling you. In addition the cost of the Gap Insurance will not be added to your finance agreement which would have added a large amount of interest to the cost

Yeah just did. Wasnt aware before sadly. Ive got a quote of £235 from ALA for GAP limit upto £25000 for 4 years. For the one extra year I was about to pay/will end up paying £724 if I choose to be with BMW for it. Rip off!!! I usually dont get trapped by salesmen but this wasnt something we discussed it just appeared on the contract and in excitement of a new car I didnt question it! Stupid me!

Now Id rather go in for a metallic colour which is £610!!!

dacouch

hsirk wrote: »

Yeah just did. Wasnt aware before sadly. Ive got a quote of £235 from ALA for GAP limit upto £25000 for 4 years. For the one extra year I was about to pay/will end up paying £724 if I choose to be with BMW for it. Rip off!!! I usually dont get trapped by salesmen but this wasnt something we discussed it just appeared on the contract and in excitement of a new car I didnt question it! Stupid me!

Now Id rather go in for a metallic colour which is £610!!!

Go for it!

The salesman may try and push you into staying with the BMW gap as they get good commission on it. If they do refer them to this from Which that shows the BMW cover is "Not all that".

http://www.which.co.uk/money/insurance/guides/gap-insurance/return-to-invoice-gap-insurance-review/

P.S You car Insurance (Unless your with an Admiral Group company or some other cheapies) will replace the car if written off in the first year of ownership from new anyway (Some companies do two years).

Make sure you have "Return to Invoice" or "Replacement Vehicle" gap


P.P.S Ask on the motoring section of MSE about Supaguard as a lot of people think it's a waste of time and there are better and cheaper treatments

hsirk

dacouch wrote: »

Go for it!

The salesman may try and push you into staying with the BMW gap as they get good commission on it. If they do refer them to this from Which that shows the BMW cover is "Not all that".

P.S You car Insurance (Unless your with an Admiral Group company or some other cheapies) will replace the car if written off in the first year of ownership from new anyway (Some companies do two years).



Make sure you have "Return to Invoice" or "Replacement Vehicle" gap


P.P.S Ask on the motoring section of MSE about Supaguard as a lot of people think it's a waste of time and there are better and cheaper treatments

Im getting a good quote with Livepool Victoria and intend to go ahead with them but thats not until late August when Im expecting delivery. Hope everything is sorted. Im speaking to the dealership tomorrow and hoping for them to change the signed contract

chanz4

superguard is very very over inflated, you can buy the set for a lot less and apply the wax and sprays yourself

BJV

Gap Insurance can be a good thing but you do not have to buy it. You do not have to buy it from the dealership and even if you do there will be a minimum 14 days cooling off. What that means is that even when you have driven away from the dealership with your vehicle and paid the dealerships price you then have 14 days in which to change your mind.

During this time providing you have not tried to make a claim you can cancel and get a full refund.

I would read the which report and check if your own insurance company offers you new for old within the 1st 12 months if the do why not look a deferred policy? This means that in most cases you can save even more.

Google Deferred gap insurance

Either way I really hope that you enjoy your new car. It is a big deal and you are spending a lot of money so enjoy.

hsirk

hsirk wrote: »

Im getting a good quote with Livepool Victoria and intend to go ahead with them but thats not until late August when Im expecting delivery. Hope everything is sorted. Im speaking to the dealership tomorrow and hoping for them to change the signed contract

:cool: They processed the changed....thank you all