Discussion in 'CycleChat Cafe' started by User, 25 Apr 2017.
Return to invoice..
I just paid £110 for a 3 year policy..18k car so if I write it off in that time they will guarantee up to 10k to top up our insurance loss.
I have the car and the van on the same type of cover.
I use ALA group gap insurance
Ours was listed as" Asset Protection" but does the same job as Return to Invoice.
Took 3 years out as well.
Check thoroughly before buying. Most insurers will replace old for new if the car is less than 2 years old, so you may only want the final year underwriting
Very few do 24month..nearly 90% are a year on brand new.
My gap is on a 9month old car and lasts 3years from last weeks gap purchase date.
A guide here for just car insurance...and why gap is worth a look.
Never buy from the dealer..go on line for gap quotes as you will save 200 nearly every time against a dealer hard sell.
Paint sealant from dealer £295+++ DIY £20.
My last 4 insurers have all been 2 years. Currently with Police Mutual, underwritten by Zurich, who do.
Even if its, say, one year, why pay for 3 years of GAP insurance on a 3 year loan/finance if the first year is already covered by the insurer? Wait until the end of year one is about to arrive then sign up for a further two years GAP cover.
Even better, don't get in hock for a mere car, but it's your money (or not, as the case may be).
What are the chances of writing off a new car unless you are eighteen years old? Save the money and drive carefully instead.
Perhaps that same 18 year old driving into your car whilst parked or worst whilst your in it? Same issues of insurance payout vs cost of replacement exist!
[QUOTE 4776920, member: 45"]Vehicle Replacement or Return to Invoice?
I know the difference but don't fully understand the advantages of one over the other.
If your car list price is £30k but you bought it with say £5k discount so only paid £25k or in another example that car has now increased by say £5k and it gets written off:-
Replacement will buy a new car regardless of the fact that you only paid £25k or it has increased by £5k
Return to Invoice will pay the gap up to what you paid so in the above example, if you want to get the same car on the drive, you'll have to find £5k+
In my example, say your insurance company offer you £18k for your car (and we know that they will always place a low-ball offer) then the GAP insurance will pay the other £7k
This means you have £25k rather than £18k to buy a new (to you) car.
My view is that there is no advantage apart from the cost of the initial insurance being lower as you are effectively insuring a smaller risk?
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