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RTI/GAP insurance

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  • 16-09-2020 8:59am
    #1
    All_in_Flynn
    Registered Users Posts: 2,159 ✭✭✭


    Morning folks,

    Hope this is the right place for this.

    I’m close to signing for a new car on PCP at 0% finance and the dealer is offering us GAP insurance for about €430 for 3 years.

    I’ve never actually heard of this type of insurance so just looking to get peoples thoughts on it.


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    #2
    Rusky rusky
    Registered Users Posts: 940 ✭✭✭Rusky rusky


    All_in_Flynn wrote: »
    Morning folks,

    Hope this is the right place for this.

    I’m close to signing for a new car on PCP at 0% finance and the dealer is offering us GAP insurance for about €430 for 3 years.

    I’ve never actually heard of this type of insurance so just looking to get peoples thoughts on it.

    I always bought it in case my car is written off and the insurance will only pay out the current market value which could be less than you owe to the bank. Although most insurance companies will have a like for like replacement for 1st year, you won’t be covered for years 2-3. I used to pay €250 for 3 years but this year I could not find any independent insurance broker who offers this type of insurance. Even my current broker doesn’t offer it anymore. So I will have to stamp out €500 to VW.


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    #3
    bazz26
    Registered Users Posts: 51,113 ✭✭✭✭bazz26


    GAP insurance is a good idea imo if you are using PCP to buy the car. GAP covers you for the difference in what you originally paid for the car against it's market value at the time in the event it was written off.


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    #4
    peteb2
    Registered Users Posts: 1,813 ✭✭✭peteb2


    bizarre. I posted the same question this morning in the motor forum.

    I'm buy a 2018 Renault Scenic was offered same. It's hire purchase from the garage. So i gather they have vested interest when its PCP/HP to get customer return to invoice price so they dont lose out as they still own the car.

    But if you just got a straight loan from the bank that wasnt secured to the car would you? My loan is over 5 years. The cover only last 3. And i don't car about how much money i get once i end up back in the same year of car.


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