SiT Posted February 25, 2012 Report Share Posted February 25, 2012 Calling all the knowledgeable bods... Can you help please ...? Can you clear this up - I'm confused on whether i need GAP insurance. As an example i'm about to purchase a new car for £40K and we'll be putting down £20K cash and taking a 3.5 year personal loan for the remaining £20K. So, do i need GAP insurance as at the minute i can see the difference between RTI and RTV but I’m not convinced it suits me. I'm not ducking out of paying it, not at all, just not sure if it actually suits my requirements. Can anyone advise..? Many Thanks Link to comment Share on other sites More sharing options...
Cuprabob Posted February 25, 2012 Report Share Posted February 25, 2012 Calling all the knowledgeable bods... Can you help please ...?Can you clear this up - I'm confused on whether i need GAP insurance. As an example i'm about to purchase a new car for £40K and we'll be putting down £20K cash and taking a 3.5 year personal loan for the remaining £20K. So, do i need GAP insurance as at the minute i can see the difference between RTI and RTV but I’m not convinced it suits me. I'm not ducking out of paying it, not at all, just not sure if it actually suits my requirements. Can anyone advise..? Many Thanks I wouldn't have though needed it as the chances are if you are unlucky enough to have an accident you will have enough equity from the insurance payout to pay off the outstanding finance at the time. However if you are accident prone RTI would be worth considering. Link to comment Share on other sites More sharing options...
SiT Posted February 25, 2012 Author Report Share Posted February 25, 2012 Thanks Cuprabob - I'm not accident prone but that doesn't stop someone bashing me on their terms at any time expectantly. As you suggest i don't think it fits my requirements but would like some fairly definitive answer.... won't take anyone to kangaroo court for the wrong answer ..... Link to comment Share on other sites More sharing options...
Cuprabob Posted February 25, 2012 Report Share Posted February 25, 2012 Thanks Cuprabob - I'm not accident prone but that doesn't stop someone bashing me on their terms at any time expectantly. As you suggest i don't think it fits my requirements but would like some fairly definitive answer.... won't take anyone to kangaroo court for the wrong answer ..... Nobody can give you the definitive answer it's your choice. Like all insurance that's not a legal requirement it's all about you're circumstances and attitude to risk. Link to comment Share on other sites More sharing options...
Booster Posted February 25, 2012 Report Share Posted February 25, 2012 Nobody can give you the definitive answer it's your choice. Like all insurance that's not a legal requirement it's all about you're circumstances and attitude to risk. Dead right. RTI is the one you want if you are going to get it. Dont bother with the dealer's quote. It will be 70% commission for them and 30% policy premium. Have had several clients that have used and had to make a claim from www.click4gap.co.uk and they have had decent service and their price will certainly beat any dealer quote. Link to comment Share on other sites More sharing options...
SiT Posted February 25, 2012 Author Report Share Posted February 25, 2012 i hear you mate and not denying it. Just a case of do i actually need it more than anything else. Fully understand risks etc. but i could pay for something that’s not even necessary. Link to comment Share on other sites More sharing options...
SiT Posted February 25, 2012 Author Report Share Posted February 25, 2012 Cheers Booster - posted at similar times..! so given the circumstances i should consider RTI going forward..? i'm already looking at quotes besides the dealer and will look at click4gap - Many Thanks Link to comment Share on other sites More sharing options...
Cuprabob Posted February 25, 2012 Report Share Posted February 25, 2012 i hear you mate and not denying it. Just a case of do i actually need it more than anything else. Fully understand risks etc. but i could pay for something that’s not even necessary. You don't need it as you don't intend to have an accident. If you were unlucky enough to have an accident then the insurance payout will always be higher than the outstanding finance thanks to your high deposit. If you don't want to risk your deposit then RTI would be an option for you. I've personally never bought GAP insurance however some members of my family have and have benefited from RTI. Link to comment Share on other sites More sharing options...
Mac Posted February 26, 2012 Report Share Posted February 26, 2012 I would never, ever, buy an expensive car without GAP. 150 quid just saved me about 10k. Link to comment Share on other sites More sharing options...
Biscuits Posted February 26, 2012 Report Share Posted February 26, 2012 IMO it's irrelevant the amount of deposit you are putting down, it's a case of if you want to cover the difference an insurance company will pay out should you loose the car. Mac's recent theft is a good example. Like all insurance, it's down to whether you feel the need to cover your self or not. If its a high risk vehicle, sports car, SUV, shiny... then I'd be more inclined to have RTI cover. HTH Link to comment Share on other sites More sharing options...
Sponge Posted February 26, 2012 Report Share Posted February 26, 2012 Regular insurance might cover the outstanding finance but you'll still be out of pocket should the worse happen. On a £40k vehicle a couple of hundred seems like a no-brainer to me for piece of mind. Link to comment Share on other sites More sharing options...
SiT Posted February 26, 2012 Author Report Share Posted February 26, 2012 Thanks for all the replies - just ran a quote for RTI (£190) and will take it out when the car is delivered Link to comment Share on other sites More sharing options...
steverado Posted February 26, 2012 Report Share Posted February 26, 2012 What are you buying? Link to comment Share on other sites More sharing options...
SiT Posted February 27, 2012 Author Report Share Posted February 27, 2012 Range Rover Evoque - 5 door Prestige Auto Link to comment Share on other sites More sharing options...
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