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GAP Insurance
DJS1988
Posts: 200 Forumite
Hi All,
Wondered if I could get some thoughts on gap insurance for my new car.
It's a 15 plate Corsa SE 1.4 90ps, cost me £9450 on HP finance. Interest at 7.9% (unfortunately could not get a better deal on a personal loan as none I was offered were flexible).
I already have fully comprehensive cover. The dealer kept telling me how imperative it was (even though I made it clear I would not purchase from him).
My partner doesn't think it's at all worth the time, particularly as by buying "nearly new" I've missed taking a huge hit on the depreciation.
I am not sure what to do for the best!
Wondered if I could get some thoughts on gap insurance for my new car.
It's a 15 plate Corsa SE 1.4 90ps, cost me £9450 on HP finance. Interest at 7.9% (unfortunately could not get a better deal on a personal loan as none I was offered were flexible).
I already have fully comprehensive cover. The dealer kept telling me how imperative it was (even though I made it clear I would not purchase from him).
My partner doesn't think it's at all worth the time, particularly as by buying "nearly new" I've missed taking a huge hit on the depreciation.
I am not sure what to do for the best!
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Comments
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Will the fully comp insurance provide you with a like for like replacement for a used car or enough money to buy a replacement without any shortfall? I know my insurer would give me a new car in the event of a write-off in the first year but after that it might not pay out enough to replace the car like for like hence the need for gap insurance.
That was a new car for me though (was on 0% finance so thought why not treat myself) so maybe useless advice
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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