Return to Invoice GAP
Discussion
michael gould said:
Good God, do people actualy buy Gap insurance, I thought that was only for poor people !!
It's actually very sensible at time of purchase. I paid 85k for my AMV8 and if I had written it off the day I drove it off the forecourt the insurance would have given me around 70k so a loss of 15k. With the RTIG I would have been given 85kIf I had written it off after 3 years of ownership the insurance would have given me around 40k but with RTIG I would have been given back my 85K
This cost me the princely sum of £476 or £158 quid a year which I thought was good value.
Soul Reaver said:
It's actually very sensible at time of purchase. I paid 85k for my AMV8 and if I had written it off the day I drove it off the forecourt the insurance would have given me around 70k so a loss of 15k. With the RTIG I would have been given 85k
If I had written it off after 3 years of ownership the insurance would have given me around 40k but with RTIG I would have been given back my 85K
This cost me the princely sum of £476 or £158 quid a year which I thought was good value.
That is good value and very big incentive not sell/trade in at replacement time but just crash it!If I had written it off after 3 years of ownership the insurance would have given me around 40k but with RTIG I would have been given back my 85K
This cost me the princely sum of £476 or £158 quid a year which I thought was good value.
Soul Reaver said:
It's actually very sensible at time of purchase. I paid 85k for my AMV8 and if I had written it off the day I drove it off the forecourt the insurance would have given me around 70k so a loss of 15k. With the RTIG I would have been given 85k
If I had written it off after 3 years of ownership the insurance would have given me around 40k but with RTIG I would have been given back my 85K
This cost me the princely sum of £476 or £158 quid a year which I thought was good value.
Exactly RTI is better than normal GAP.If I had written it off after 3 years of ownership the insurance would have given me around 40k but with RTIG I would have been given back my 85K
This cost me the princely sum of £476 or £158 quid a year which I thought was good value.
I got it with my Locktons insurance!
michael gould said:
I thought GAP insurance was for poor people who buy their cars on finance 
You seem intent on emphasising how you're not poor Michael. I bow down and recognise your greatness oh Diretor of a manufacturing company. It seems there is no bounds to what the working class can achieve these days. 
Soul Reaver said:
michael gould said:
I thought GAP insurance was for poor people who buy their cars on finance
You seem intent on emphasising how you're not poor Michael. I bow down and recognise your greatness oh Diretor of a manufacturing company. It seems there is no bounds to what the working class can achieve these days. I did put a smiley face at the end of my comment
I'm not rich but have always had a rule to buy my cars for cash.....thats why I went from an Aston Martin DB7 Vantage to a 5 year old BMW 320i when I got divorced 5 years ago
Getting back to the thread.
What you need to consider before taking out these gap insurances is the chance of your new £85k car becoming a total loss. Following an accident there is very little chance because at that value it would need to be so badly damaged to make repair uneconomical. That leaves theft but with today's anti theft devices and tracker the chances of completely loosing your car are very slim. This is a massive cash cow for insurance companies and a complete waste of money IMO.
What you need to consider before taking out these gap insurances is the chance of your new £85k car becoming a total loss. Following an accident there is very little chance because at that value it would need to be so badly damaged to make repair uneconomical. That leaves theft but with today's anti theft devices and tracker the chances of completely loosing your car are very slim. This is a massive cash cow for insurance companies and a complete waste of money IMO.
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