Car dealership input wrong (higher) price on HP agreement 3 years ago, can I still dispute this?

DrEskimo

Grumpy_chap said:

motorguy said:

Grumpy_chap said:

AdrianC said:

Grumpy_chap said:

I'd never buy GAP insurance as I have a principled objection

What is that "principled objection"?

I object in principle to the product - it should not exist and is just wrong.

Why is it "wrong"?

I consider it "wrong" as it can only encourage fraud as it is insurance against a certainty.  Depreciation is a certainty and only risk should be insurable.  If I buy a car today and take out GAP, then why wouldn't I lose the car in a few year and get a full refund through regular insurance plus GAP to invoice?  Hey presto - the never aging car.

How exactly would you do this without it looking obviously like fraud? Pay someone to steal the car for you, or someone to drive into you at high speed?

theoretica

I thought gap insurance only covered up to the finance still owing on the car, not the invoice price?

Grumpy_chap

theoretica said:

I thought gap insurance only covered up to the finance still owing on the car, not the invoice price?

Both types are available.
The RTI GAP is the one open to fraud.  An absurd product.

DrEskimo

theoretica said:

I thought gap insurance only covered up to the finance still owing on the car, not the invoice price?

That's finance GAP. There is also return to invoice and vehicle replacement.

The point is that writing off a car is a low risk, so most are paying premiums for an event that doesn't occur.

As for the 'its insuring a certainty', not really sure why that's an issue. Life insurance pays out on death, which is also a certainty?

motorguy

Grumpy_chap said:

theoretica said:

I thought gap insurance only covered up to the finance still owing on the car, not the invoice price?

Both types are available.
The RTI GAP is the one open to fraud.  An absurd product.

So for the avoidance of doubt, you think its absurd because its open to fraud?

And that fraud would have to look like -

• Having the car stolen and completely disappear and not use your current x2 key set or an extra key set to do so?
• Have a high speed collision in it to write it off (and hopefully not killing yourself in the process).

Do you not think that -

(a) someone that unscrupulous would be committing other fraud anyway irrespective of this "absurd" product?
(b) that if it was a real problem the product would have longsince been withdrawn by the insurance companies?

I would say they all have very good fraud detection processes in place and anything that looked at all suspicious or was a repetitive claim would easily be picked up on.

AdrianC

Grumpy_chap said:

AdrianC said:

Grumpy_chap said:

I'd never buy GAP insurance as I have a principled objection

What is that "principled objection"?

I object in principle to the product - it should not exist and is just wrong.

Does your objection apply equally to any new-for-old insurance?

Almost any car insurance on a <12mo brand-spankin' car...?
Home contents with new-for-old cover? Especially with "accidental damage" cover.
Old telly starting to play up? Ooops, the cat knocked a vase of water over.

homersimpson246

DrEskimo said:

theoretica said:

I thought gap insurance only covered up to the finance still owing on the car, not the invoice price?

That's finance GAP. There is also return to invoice and vehicle replacement.

The point is that writing off a car is a low risk, so most are paying premiums for an event that doesn't occur.

As for the 'its insuring a certainty', not really sure why that's an issue. Life insurance pays out on death, which is also a certainty?

Ah but life insurance covers you upto a fixed point (typically retirement) so there is a risk that you may die during the term but its not certain.

Life assurance on the other hand covers you for the whole life term on the basis that it will happen one day.

facade

homersimpson246 said:

Life assurance on the other hand covers you for the whole life term on the basis that it will happen one day.

They call it Life Insurance though- to pay your funeral costs etc.  The premiums are based on you breaking even if you live to 80, live beyond that and you pay out more than you get- you have to keep paying until you die, or hit 95.