Gap insurance ( worth it )

Post by **Pacuk** » 13 Jul 2016, 14:29

Is this just another way for the finance company to coin it in or is it actually worth having it.. I've never had anything on finance as I've always done it as a personal loan..

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jaffa1963 · Post by **jaffa1963** » 13 Jul 2016, 17:58

I've never had it but yesterday a mate of mine says he gets a huge voluntary excess on all his insurance policies and pays for gap insurance to cover it all and he reckons it saves him decent money every year.

I'd never get it through the finance company is it would be a rip off. Like getting holiday insurance from your travel agent rather than searching on line.

i'll be looking into it when my policies renew.

Post by **rumpoldstilskin** » 13 Jul 2016, 21:37

Pacuk wrote:Is this just another way for the finance company to coin it in or is it actually worth having it.. I've never had anything on finance as I've always done it as a personal loan..

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i would say yes.

My misses wrote her car off last year, no fault of her own (massive 80kg boulder fell from a tractors rake and cleaned the underside of her car up)

Her car was less than 6 months old, and was financed at £12k, so minus the sales tax and vat probably worth around £9k at the point of crash.

Called the insurance, car replaced with new (new insurance with LV says vehicles are replaced with new if written off in the first 12months and not your fault), finance written off, all extras reset etc and her mileage (8k by now) ignored.
Also not recorded on her insurance, so now she has another new car, extra 1 years no claims and only 3k on her car and the finance kept running meaning she has 6 months less on her plan

.

Was well worth the extra £300 over the 3 years in mine and her opinion

Post by **Pacuk** » 14 Jul 2016, 12:44

The sales guy at youles said as I bought the demo at nearly a grand less than new it wouldn't need it but it'd be nice to know I'm covered.. I'll have a shop around I think.. Cheapest up to now is £210 for the 3 years

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bloke · Post by **bloke** » 14 Jul 2016, 18:24

doesn't matter how much you payed for it, it's down to the total amount in repayments on the bike that matters.

Post by **Pacuk** » 15 Jul 2016, 18:31

Got it for half what the finance company wanted with full amount paid back for the full 3 years rather than finance settled

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Gap insurance ( worth it )

Gap insurance ( worth it )

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Re: Gap insurance ( worth it )

Re: Gap insurance ( worth it )

Re: Gap insurance ( worth it )

Re: Gap insurance ( worth it )