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MaseratiForumTechnical TalkInsurance & Finance RE: gap insurance??????

RE: gap insurance??????

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15/1/2009 15:19:17  
 

Posts: 575
Since: 29/1/2007
Status: offline 		Calm down... I'm here, just reading up on it...

the documentation I have with my car (I took GAP Insurance out) has two options...

Vehicle Replacement GAP Insurance (new vehicles only)
this covers getting you into a new vehicle of the same specification as your previous car when you bought it

or

Return To Invoice GAP
this puts you into the same financial position as you were when you first purchased the car, this has a limit of max claim in my case £20k, and is used to suppliment the insurance payout.

and that's from the documentation supplied with my car.

hope this helps

Robbie
15/1/2009 15:34:48  
 

Posts: 447
Since: 15/4/2008
Status: offline 		Thanks Robbie, your the Man!!!!

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15/1/2009 16:07:23  
 

Posts: 575
Since: 29/1/2007
Status: offline 		glad to be of assistance...


15/1/2009 16:12:36  

Posts: 467
Since: 4/1/2009
Status: offline 		...

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15/1/2009 16:50:25  

Posts: 236
Since: 6/11/2008
Status: offline 		You are all wrong GAP is a clothes shop

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16/1/2009 3:31:07  

Posts: 624
Since: 22/10/2007
Status: offline
quote:

ORIGINAL: robbiemac

Return To Invoice GAP
this puts you into the same financial position as you were when you first purchased the car, this has a limit of max claim in my case £20k, and is used to suppliment the insurance payout.



That's what I've got.

The gap insurers 'market value' would be the same as the main insurers so there would be no payout!

And of course is only paid out in the event of total loss, not if you can't keep up repayments or whatever. So it could be used fraudulently, but you'd have to convincingly write your car off! No thanks...

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16/1/2009 6:09:47  

Posts: 903
Since: 31/10/2006
Region: Salisbury
Status: offline 		I have return to invoice GAP protection on the S-Max and S4 Cab, both bought as used cars.  The Fraud Dealer had a cheaper gap protection based against outstanding finance value, but I reckon the finance will always be below the value of the car anyway.

Loz I run both cars through the businesses and deduct the interest on finance as an expense as well as depreciation.  I usually sell my cars for their fully depreciated paper value so the "buyer" gets a very reasonably priced car with instant equity in it. Lucky them eh?  Of course it's purely coincidental that the same person always seems to buy my cars before they reach the er... "open" market




27/1/2009 22:50:39  


Posts: 183
Since: 8/7/2008
Region: Las Vegas, NV USA
Status: offline 		Typically, GAP insurance covers the difference between what you owe on the vehicle vs it's current value ( usually determined by ACV = Actual Cash Value Method ).  There may be other flavors but this was invented by the finance companies to make sure that they get paid in case you take a new GranTurismo off the lot in say May of 2008 and then crash it 7 months later.  They would only want to pay the Actual Cash Value  ( which is obviously much less in January of 2009 ).  Customers are left with a huge deficit that they're unable to pay.

If you have a new car, you definitely want this as the car will depreciate fast... if you have a Maserati, you probably want this as well because chances are... it will depreciate fast.  If you've got a Toyota and you bought it for a great price, you may not need it.

Best Regards,
-- Jeff

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6/2/2009 13:50:01  

Posts: 777
Since: 20/9/2006
Region: Sheffield
Status: offline 		just make sure you buy the right gap insurance, the one you want is ''return to invoice'' (RTI) i have it on all my cars/vans cost me about £9 a month
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