GAP insurance

[Maz]

I think I will ask for it for free as a good will gesture because my car is late lol

 

[Mark83]

Also have a look here.

http://www.gapinsurance.co.uk

Quoted me £118, better than the £400 the dealer originally quoted me. Even when I plucked £200 out the air as a made up quote, he immediately offered it to me for £250 so there's plenty of commission/profit in it for them.

 

[Maz]

Hm thats interesting to know, thanks.

 

[PB.200]

Just thoughty of summat.

You need to consider the size of your deposit and possible equity.

After 1 monthly payment I owe £13200, if my car went now I would easily get £14500 from insurance maybe more. So £1300 as a deposit on the next one then!!

Not the horror situation dealers would have you believe is it??

 

[Maz]

Do you have a GAP policy PB? or did you say you have cover via your normal insurance.

 

[Gouldy]

I have always got gap cover, if you get made redundant etc it's a god send and in this current economic climate you need to be prepared for the possibility of every eventuality.

 

[Maz]

Do they all cover you for redundancy?

 

[Roy]

Just thoughty of summat.

You need to consider the size of your deposit and possible equity.

After 1 monthly payment I owe £13200, if my car went now I would easily get £14500 from insurance maybe more. So £1300 as a deposit on the next one then!!

Not the horror situation dealers would have you believe is it??

why would the price go up i thought it would go down
as they depricate soon as you drive them away???

 

[PB.200]

why would the price go up i thought it would go down
as they depricate soon as you drive them away???

I haven't said the price will go up.

I said I owe £13200 on a car worth approx £14500

 

[Gouldy]

Do they all cover you for redundancy?

I don't know mate. It's been while since I have had anything on finance.

 

[PB.200]

I have always got gap cover, if you get made redundant etc it's a god send and in this current economic climate you need to be prepared for the possibility of every eventuality.

Since when has gap got owt to do with redundancy??

 

[Maz]

Would GAP insurance not be needed if you had a loan for the car for example?

 

[PB.200]

Do you have a GAP policy PB? or did you say you have cover via your normal insurance.

No GAP blows!!

I'll just argue loads with my insurance company if it gets nicked or written off!!

When my 225F1 got nicked I got £1600 more than they originally offered which was £1350 more than I paid for the car.

 

[PB.200]

Would GAP insurance not be needed if you had a loan for the car for example?

GAP is never "needed".

 

[Roy]

I haven't said the price will go up.

I said I owe £13200 on a car worth approx £14500

sorry for being dumb but would your GAP pay out the £14500 then
so you make money

 

[PB.200]

sorry for being dumb but would your GAP pay out the £14500 then
so you make money

No my motor policy would payout £14500 not the gap. I dont have gap

I would then have £1300 to put down on a replacement 200.

Value - what I own to RCI

 

[Maz]

GAP is never "needed".

How could you pay the loan off, if for example it got written off and you got less than you owed on the personal loan? ;/

 

[Gouldy]

Since when has gap got owt to do with redundancy??

It has how ever little or as much to do with it as you want.

I took gap cover out as for one extra monthly payment at the time covered me for pretty mug everything you could think of.

The gap cover worked with redundancy like mortgage protection works with a mortgage.

If you are out of work temporarily the payments get put on stop until you are back in work. ( within reason obviously )

 

[Roy]

thanks PB with it now

 

[PB.200]

It has how ever little or as much to do with it as you want.

I took gap cover out as for one extra monthly payment at the time covered me for pretty mug everything you could think of.

The gap cover worked with redundancy like mortgage protection works with a mortgage.

If you are out of work temporarily the payments get put on stop until you are back in work. ( within reason obviously )

That's not gap that's PPI which most companies are pulling due to all the bad press and claims for miss selling!