Gap (RTI) Insurance
Joined: Jun 2003
Posts: 3,577
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From: Bristol
Also Interested in peoples thoughts on GAP insurance. My girlfriend has just got a new car ( new to her) and the dealer offered this at a cost of £395 for 3 years and £495 for 4 years..... rip off city I thought. But interested in whether most think this is a great idea and places to look for it would be a great help.
Registered User
Joined: Mar 2005
Posts: 20,306
Likes: 0
From: On the back wheel. . .
I bought mine from BMW with the car, they call it "shortfall insurance".
It's £375 for 4 years cover, which gives me up to £10k on top of whatever my insurance company pays out in the event of a total loss.
If it's stolen in 3.5 years time, I'd basically get back what I paid for the car (it shouldn't depreciate more than £10k in 4 years judging on my research, but who knows?!).
The £375 is also paid at 0% over the first year. £31.25 odd per month.
It's a small chance that the car will end up as a total loss, but it's also only a small amount to pay.
It's £375 for 4 years cover, which gives me up to £10k on top of whatever my insurance company pays out in the event of a total loss.
If it's stolen in 3.5 years time, I'd basically get back what I paid for the car (it shouldn't depreciate more than £10k in 4 years judging on my research, but who knows?!).
The £375 is also paid at 0% over the first year. £31.25 odd per month.
It's a small chance that the car will end up as a total loss, but it's also only a small amount to pay.
Joined: Jun 2004
Posts: 2,032
Likes: 1
From: At Home
I bought mine from BMW with the car, they call it "shortfall insurance".
It's £375 for 4 years cover, which gives me up to £10k on top of whatever my insurance company pays out in the event of a total loss.
If it's stolen in 3.5 years time, I'd basically get back what I paid for the car (it shouldn't depreciate more than £10k in 4 years judging on my research, but who knows?!).
The £375 is also paid at 0% over the first year. £31.25 odd per month.
It's a small chance that the car will end up as a total loss, but it's also only a small amount to pay.
It's £375 for 4 years cover, which gives me up to £10k on top of whatever my insurance company pays out in the event of a total loss.
If it's stolen in 3.5 years time, I'd basically get back what I paid for the car (it shouldn't depreciate more than £10k in 4 years judging on my research, but who knows?!).
The £375 is also paid at 0% over the first year. £31.25 odd per month.
It's a small chance that the car will end up as a total loss, but it's also only a small amount to pay.
I did it too ... it's not an amount I notice each month but gives peace of mind in case the worse happens.
Joined: Oct 2006
Posts: 11,445
Likes: 7
From: Plymouth
I bought the BMW shortfall insurance to drive the car home.
Its seriously over priced, all dealers make a HUGE profit from these schemes.
I cancelled under the usual 14day cool off period and bought a better policy for less than ONE THIRD of the cost of the BMW offering.
(Surf and protect ltd. - "Invoice Gap Insurance Plus+")
This is one area where you can make MASSIVE savings on a dealer price.
I have also a £10k cover for three years, cost was only £126 for BTI on a £19k listed used vehicle.
Steve
Its seriously over priced, all dealers make a HUGE profit from these schemes.
I cancelled under the usual 14day cool off period and bought a better policy for less than ONE THIRD of the cost of the BMW offering.
(Surf and protect ltd. - "Invoice Gap Insurance Plus+")
This is one area where you can make MASSIVE savings on a dealer price.
I have also a £10k cover for three years, cost was only £126 for BTI on a £19k listed used vehicle.
Steve
Joined: Jun 2004
Posts: 2,032
Likes: 1
From: At Home
Agreed the BMW 'Gap' is silly priced ... they started with £595 for me - 3 years £20K cover ...
I had already got prices off the internet and they matched it ! £210 for the cover they initially said would be £595. This was after I had signed to buy the car ... so I guess they needed a few sales of Gap to meet a target ?
I had already got prices off the internet and they matched it ! £210 for the cover they initially said would be £595. This was after I had signed to buy the car ... so I guess they needed a few sales of Gap to meet a target ?
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