GAP and RTI insurance

Post as you see fit
User avatar
Mr.Clark
Posts: 4434
Joined: Mon Mar 19, 2007 8:57 am
Tag: ¯\_(ツ)_/¯

GAP and RTI insurance

Postby Mr.Clark » Mon Mar 07, 2016 5:50 pm

Has anyone bought a new car recently and been asked about GAP and/or RTI insurance?

Obviously the guy at the dealership is trying to push it (and I'm pretty sure I can get it elsewhere at ~20% of the price he's quoting), but I'm not sure whether it's necessary for a brand new car - is it possibly something to consider for it's 2nd year of life?

I'm getting the car on finance, if that's important.

Thanks chaps :)

User avatar
RB
Posts: 10687
Joined: Sun Mar 18, 2007 3:27 pm

Re: GAP and RTI insurance

Postby RB » Mon Mar 07, 2016 6:56 pm

When I last looked into it, it was a massive scam with so many loopholes for them not to pay out that it was laughable.
I give dealers the same face I give Curry's employees who ask if I want the extended warranty.
A slight majority of a statistically worthless sample size agree.

User avatar
Mr.Clark
Posts: 4434
Joined: Mon Mar 19, 2007 8:57 am
Tag: ¯\_(ツ)_/¯

Re: GAP and RTI insurance

Postby Mr.Clark » Mon Mar 07, 2016 7:17 pm

How long ago was that? There seems to have been some shenanigans going on, but the dealers apparently got slapped a bit last year sometime.

Isn't using loopholes to avoid paying the reason for existence of entire departments in all insurance companies?
The first rule of tautology club is the first rule of tautology club.

User avatar
Ekona
Posts: 16605
Joined: Sun Mar 18, 2007 8:24 pm
Tag: Official member of the RB Anti Facist Party est. 2009
Location: Braintree, innit

Re: GAP and RTI insurance

Postby Ekona » Mon Mar 07, 2016 7:38 pm

Almost definitely worth it, it just depends on how much you pay for it.

Check your insurance: Some will automatically replace a brand new car with another one if you write it off within the first year. Otherwise, it comes down to risk: If you write the car off, can you afford to pay off the finance (assuming finance?) premium as well as buy another car? If you've put down a large deposit then possibly, otherwise you're likely to find that the insurance payout doesn't cover the cost of the finance, so that's another couple of grand you've got to find on top of everything.

I had it on the 911 for obvious reasons, but I haven't on the BMW. Get a quote from the aftermarket, shouldn't be more than about £80 and I bet you're being quoted around £300.
"Chav kids are like sand people. They're easily startled but they'll be back, and in greater numbers."

User avatar
Mr.Clark
Posts: 4434
Joined: Mon Mar 19, 2007 8:57 am
Tag: ¯\_(ツ)_/¯

Re: GAP and RTI insurance

Postby Mr.Clark » Mon Mar 07, 2016 11:24 pm

I am starting to wonder about your psychic powers now... ;)

Yes, the dealer wanted £299 for 3 years.

I've found a couple of better deals on the interwebs (not looking very hard yet as I can't buy the policy until I get the car) AND one of them said I could defer the start of the cover by up to a year. This is awesome because, as you said, my regular car insurance will replace with a brand new one for the first year, so I'm not spending money double-covering myself. Example quote for that was £84 (which they call "vehicle replacement", £64 for "combined Return to Invoice GAP" and I can't honestly see a difference at this point) for the three years. The car is on a 4-year finance deal, so potentially at the end of that I'd be replacing it anyway.

I'm still trying to work out the difference between GAP and RTI, but I think from what I've read and what you said, that GAP pays the difference between the insurance claim and the remaining amount on finance (so I end up with no cash in hand and nothing more to pay back), but RTI is against the original value of the car, so it costs more, but you also receive more money (enough for a deposit for a new car, perhaps?).

Of course, touch wood, I'd never need it. But that's the nature of insurance.
The first rule of tautology club is the first rule of tautology club.

User avatar
Ekona
Posts: 16605
Joined: Sun Mar 18, 2007 8:24 pm
Tag: Official member of the RB Anti Facist Party est. 2009
Location: Braintree, innit

Re: GAP and RTI insurance

Postby Ekona » Tue Mar 08, 2016 7:43 am

RTI, deffo. In the grand scheme of things it's peanuts, and just in case...

Next up, I'm going to predict the lottery numbers :D
"Chav kids are like sand people. They're easily startled but they'll be back, and in greater numbers."

User avatar
Ekona
Posts: 16605
Joined: Sun Mar 18, 2007 8:24 pm
Tag: Official member of the RB Anti Facist Party est. 2009
Location: Braintree, innit

Re: GAP and RTI insurance

Postby Ekona » Tue Mar 08, 2016 8:12 pm

Ooh, and what car btw?
"Chav kids are like sand people. They're easily startled but they'll be back, and in greater numbers."

User avatar
Mr.Clark
Posts: 4434
Joined: Mon Mar 19, 2007 8:57 am
Tag: ¯\_(ツ)_/¯

Re: GAP and RTI insurance

Postby Mr.Clark » Tue Mar 08, 2016 9:31 pm

Don't laugh... I'm just getting a slightly nicer (and new) Panda.
The first rule of tautology club is the first rule of tautology club.

User avatar
Ekona
Posts: 16605
Joined: Sun Mar 18, 2007 8:24 pm
Tag: Official member of the RB Anti Facist Party est. 2009
Location: Braintree, innit

Re: GAP and RTI insurance

Postby Ekona » Tue Mar 08, 2016 10:49 pm

They're alright, they are. Don't fancy the Fiesta instead?
"Chav kids are like sand people. They're easily startled but they'll be back, and in greater numbers."

User avatar
Mr.Clark
Posts: 4434
Joined: Mon Mar 19, 2007 8:57 am
Tag: ¯\_(ツ)_/¯

Re: GAP and RTI insurance

Postby Mr.Clark » Thu Mar 10, 2016 6:26 pm

Don't like the nose on most of the Fords.
The first rule of tautology club is the first rule of tautology club.

Jezreel

Re: GAP and RTI insurance

Postby Jezreel » Fri Mar 11, 2016 9:55 pm

Yes, a fruity nose like a Merlot is much prefereable.

User avatar
Mr.Clark
Posts: 4434
Joined: Mon Mar 19, 2007 8:57 am
Tag: ¯\_(ツ)_/¯

Re: GAP and RTI insurance

Postby Mr.Clark » Mon Mar 14, 2016 5:15 pm

In case anyone cares:

2a.jpg


3a.jpg


Red trim is a bit odd, but that's what you get with that particular model. Trying to spec up anything else would have cost more than this one, even if I used the default colours, so I went with it.

Only thing I'm not happy about is learning the vaunted "Blue & Me" bluetooth system doesn't actually support AD2P, so although calls work fine though it wirelessly, the only official way to play music from a phone is to plug it into the USB or AUX port. *sigh*. Not enough that it would have been a deal breaker, but it is a PITA to work around.
The first rule of tautology club is the first rule of tautology club.

User avatar
Ekona
Posts: 16605
Joined: Sun Mar 18, 2007 8:24 pm
Tag: Official member of the RB Anti Facist Party est. 2009
Location: Braintree, innit

Re: GAP and RTI insurance

Postby Ekona » Mon Mar 14, 2016 6:27 pm

Bloody Italians ;)

I like that bud, red bits make it look a bit more interesting. Nice buy! :)
"Chav kids are like sand people. They're easily startled but they'll be back, and in greater numbers."


Return to “The Lounge”

Who is online

Users browsing this forum: Bing [Bot] and 2 guests

cron