peterg1965 wrote: »
I think you will find that it is a legal (FSA) obligation for the dealership to offer you this sort of financial product.
chaser377 wrote: »
they use the biggest company to underwrite their cover. They use Hitachi. Some use AXA who are small by comparison
scotty2hotty wrote: »
These insurances are regulated by the FSA and if the dealer you are buying them from offer them, then they have to legally offer it explaining the key features etc. You don't have to buy them, but you will probably have to sign a declaration to say you have been offered it but decided to decline.
Thats exactly what I did. I declined my dealers offer ( which was high ) and purchased through www.car2cover.co.uk. They were helpful, but most of all, really competitively priced.
Is gap worth it?
For the customer who took it and didn't need to use it I would say lucky them !! (they haven't had to go through the trauma & stress of a toal loss but always had the peace of mind that if the worst did happen, they would be able to buy a new car again without worrying about the finanacial loss associated with write-offs)
For the customer who took it and did need to use it - their opinions speak volumes! I knew a lady who owned a BMW Z4 and wrote it off. Her motor insurance left her approx £9,000 short of what she had originally paid for it. However she had taken gap and so she received a cheque for £9,000 from them which meant she could go and buy a brand new Z4!!!
I personally cant afford a financial loss if my car was written off, so for me a one off payment of £130 for 3 year cover is worth the peace of mind that gives me.
According to the MSE Forum
For benefits recipients
Via Metro or Daily Mail. Excludes NI