You'd get a discount for paying the finance off early.
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| Author: | wannabeeahack [ Tue Feb 17, 2015 10:24 am ] |
| Post subject: | gap insurance |
any recommendations? this skodas £17K plus £3K finance = £20K if it gets written off the 1st week ill only get £14K......so i need £6k gap cover |
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| Author: | youbeenbusy [ Tue Feb 17, 2015 12:08 pm ] |
| Post subject: | Re: gap insurance |
Insurance companies create the gap then sell insurance to cover the gap ....brilliant. |
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| Author: | Cabby John 1 [ Tue Feb 17, 2015 12:16 pm ] |
| Post subject: | Re: gap insurance |
wannabeeahack wrote: any recommendations? this skodas £17K plus £3K finance = £20K if it gets written off the 1st week ill only get £14K......so i need £6k gap cover I could be wrong. If the car is written off then you would buy another for say 17K........the finance as such would remain the same. As I say I could be wrong, but isn't the gap cover 3K. Not splitting hairs, just trying to make a saving as I see the total gap cover coming in if say you were never buying again. |
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| Author: | wannabeeahack [ Tue Feb 17, 2015 1:55 pm ] |
| Post subject: | Re: gap insurance |
Cabby John 1 wrote: wannabeeahack wrote: any recommendations? this skodas £17K plus £3K finance = £20K if it gets written off the 1st week ill only get £14K......so i need £6k gap cover I could be wrong. If the car is written off then you would buy another for say 17K........the finance as such would remain the same. As I say I could be wrong, but isn't the gap cover 3K. Not splitting hairs, just trying to make a saving as I see the total gap cover coming in if say you were never buying again. I wouldnt buy another, the payout pays the finance....leaving me £6k short then, and then only maybe then, id have to reapply for finance on another car theres not much difference in the gap premiums for £3k and £6k |
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| Author: | gusmac [ Tue Feb 17, 2015 1:58 pm ] |
| Post subject: | Re: gap insurance |
You'd get a discount for paying the finance off early.
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| Author: | wannabeeahack [ Tue Feb 17, 2015 2:27 pm ] |
| Post subject: | Re: gap insurance |
gusmac wrote: You'd get a discount for paying the finance off early. yeah, like my mate his wife died, he paid his mortgage for 6 months waiting for her life insurance to cough up when they did he got a PENALTY for early repayment that was a bit more than the 6 months mortgage he had paid |
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| Author: | gusmac [ Tue Feb 17, 2015 4:49 pm ] |
| Post subject: | Re: gap insurance |
wannabeeahack wrote: gusmac wrote: You'd get a discount for paying the finance off early. yeah, like my mate his wife died, he paid his mortgage for 6 months waiting for her life insurance to cough up when they did he got a PENALTY for early repayment that was a bit more than the 6 months mortgage he had paid Not a mortgage though, is it? |
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| Author: | wannabeeahack [ Tue Feb 17, 2015 5:32 pm ] |
| Post subject: | Re: gap insurance |
Yes, Im aware early settlement gets a discount, but id rather insure for the £6K than come up short |
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| Author: | gusmac [ Tue Feb 17, 2015 6:08 pm ] |
| Post subject: | Re: gap insurance |
wannabeeahack wrote: Yes, Im aware early settlement gets a discount, but id rather insure for the £6K than come up short Accepted. In your example, you mentioned a car written off the 1st week. My point is that you are very unlikely to come up £6k short should this happen. |
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| Author: | grandad [ Tue Feb 17, 2015 6:13 pm ] |
| Post subject: | Re: gap insurance |
gusmac wrote: wannabeeahack wrote: Yes, Im aware early settlement gets a discount, but id rather insure for the £6K than come up short Accepted. In your example, you mentioned a car written off the 1st week. My point is that you are very unlikely to come up £6k short should this happen. I would have to check but I am sure that with the finance agreements that we have had, if the vehicle is written off in the first year, we get a new vehicle. |
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| Author: | wannabeeahack [ Tue Feb 17, 2015 10:26 pm ] |
| Post subject: | Re: gap insurance |
gusmac wrote: wannabeeahack wrote: Yes, Im aware early settlement gets a discount, but id rather insure for the £6K than come up short Accepted. In your example, you mentioned a car written off the 1st week. My point is that you are very unlikely to come up £6k short should this happen. For about £200 for 4 years peace of mind ill suffer it i think I wouldnt trust insurance companies as far as i could chuck a licensing officer |
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| Author: | Private Reggie [ Tue Feb 17, 2015 10:48 pm ] |
| Post subject: | Re: gap insurance |
I've been paying £10 a month on my current, the same again on my new one come March, surely the £10 on my current stops when I trade in, I'm sure that's how it works on my finance deal, I stand corrected though, I wouldn't like to be taken for a couple of hundred 
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| Author: | wannabeeahack [ Tue Feb 17, 2015 10:49 pm ] |
| Post subject: | Re: gap insurance |
Private Reggie wrote: I've been paying £10 a month on my current, the same again on my new one come March, surely the £10 on my current stops when I trade in, I'm sure that's how it works on my finance deal, I stand corrected though, I wouldn't like to be taken for a couple of hundred £10 pcm = £120 a year x 4 = £480.....I was quoted £175 |
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| Author: | Private Reggie [ Tue Feb 17, 2015 10:53 pm ] |
| Post subject: | Re: gap insurance |
e7 £30k, she told me £480 covering a gap of £5k, I'll check it out but it seems reasonable 
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| Author: | Sussex [ Wed Feb 18, 2015 8:18 am ] |
| Post subject: | Re: gap insurance |
wannabeeahack wrote: any recommendations? this skodas £17K plus £3K finance = £20K if it gets written off the 1st week ill only get £14K......so i need £6k gap cover Many insurance companies will replace with a new car during the first year. Gap insurance is a con. |
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