Any of you lot bought Gap insurance?
10-21-2008, 07:55 AM
#31
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Originally Posted by Lurking Lawyer,Oct 21 2008, 08:22 AM
I have to say, that's the way I looked at it too when the Ford dealer tried to flog it to me on buying the Focus.
I rather cynically assumed that it was too good to be true when he tried the same as Colin mentioned two posts back. Perhaps, for once, I was doing a car dealer a disservice....
I rather cynically assumed that it was too good to be true when he tried the same as Colin mentioned two posts back. Perhaps, for once, I was doing a car dealer a disservice....
Which is why RTI (Return to Invoice) is the one to have, you get back what you paid for the car. Anything less and it's nowhere near as useful, RTV (Return to Value) offers you a value on the car (so no better than negotiating hard with your main insurer) and the ones offering replacement cars commonly exclude all the extras you paid for like leather and air-con, necessitating you read the small print before you sign.
On a new car, where you know the value drops the second it turns a wheel in your ownership, it's worth having as you know that the insurance co. won't pay the invoice amount.
This doesn't mean it's easy to get the top up payment from the GAP insurer though, as Jo found out, you're essentially playing one company off against another. It pays to get as much as possible from your main insurer (as you would without GAP) before you begin negotiating with the GAP provider, it's not an excuse to take the first offer and rely on GAP to top it up.
With that in mind, it's worth having for a new car purchase.
10-21-2008, 10:05 AM
#32
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Originally Posted by cheshire_carper,Oct 21 2008, 06:41 AM
I understand what you mean but this gets you a new car in the first 3 years, not an equiv. It's almost an incentive to wrap it around a tree 
on the 3rd year.
on the 3rd year.A better way would be to "lose it" across an open area with a few curbs or changes in height. That way the expensive bits on the under side get fecked and there is little harm done to the occupants. (I know from experience, not an S2000, and it was an accident).
Or to guarantee a write off take it up a bank at an angle and roll it gently onto its roof/top of windscreen and roll bars. Not only does the structural integrity of the windscreen get damaged, all the fluids in the engine end up in the wrong place and the wings and bonnet get crunched. All very expensive repairs.
Not that I would encourage anyone to do that kind of thing. Just that if there are safer ways to do it than smash into a tree.
I also happen to like trees.
10-21-2008, 01:17 PM
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I was speaking to a mate of mine who is an IFA about GAP today on email. It is very important to read the exclusions on the policies as some types of car are excluded outright.
I mentioned it in relation to the RTI policy i've just started with the Exige & he apparently knows of at least one policy the specifically excludes Lotus & other sports marques.
Ed
I mentioned it in relation to the RTI policy i've just started with the Exige & he apparently knows of at least one policy the specifically excludes Lotus & other sports marques.
Ed
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