GAP Insurance help

[jaspabt]

OK, i promised I wouldn't only yesterday, and I've not even got my car, but I need help! A mate at work has said I should get GAP insurance as I am buying a New car.
I am buying the car using the Elect3 package with Citroen.
From what I can see there are different types of cover and I am unclear as to which I need.
There is one thread I could find that briefly mentions it, and Bigfeet advises they paid £176 for it. But I need to know what I need
Have googled it, but most places just refer to it as GAP insurance. I have found Return to Invoice, Return to Value, Finance GAP and Replacement GAP. I guess the finance GAP is the way to go, and a mixture of all 4, but confused to buggery :confused:
Any help would be appreciated
Jaspabt

[monkey]

i got offered GAP or VRI on elect 3

Gap pays the difference, VRI pays the whole amount you paid for the car, including the deposit etc but costs more.

[jaspabt]

Thanks for the reply. The dealer hasnt offered me anything yet. I assume they will push it once I go pick up the car. Im sure I wont be getting it from the garage, but will prob use their sales shpeal to find out what I need.

[Lel]

Picked up our car Saturday and I am looking into vehicle replacement insurance, lot cheaper on internet than offerd at dealers though but at present still unsure who to go with?
The only thing I do know is that I will take it out.

[jaspabt]

I definitely intend to take it out. Just confused by the different options. Obviously the final price paid on PCP is higher than the initial purchase price of the car due to the % Interest rate. Need to ensure the one I take covers everything.

[Bigfeet]

The important thing is the level of cover, not the price of it. Make sure you have at least £10k shortfall as DS3 is projected to have a value of only £6K in three years time and if yo have gone for a high spec with options you don't want to be left short of the invoice price.

[jaspabt]

When they say "invoice price" does this take into account the total cost of the car? Including deposit and interest? If so, I am happy if not, I need better cover.
Autotrader are advertising it, and that seems to be the best option from what I can find. It looks like it covers what I need, but it seemed too cheap

[Bigfeet]

The 'invoice' price is what the new car costs you to buy, not including any deposit or PX.

[Lel]

When they say "invoice price" does this take into account the total cost of the car? Including deposit and interest? If so, I am happy if not, I need better cover.
Autotrader are advertising it, and that seems to be the best option from what I can find. It looks like it covers what I need, but it seemed too cheap

Hi

I could not find anything on Autotrader about VRI, where did you see it?

[gar074]

Make sure you have at least £10k shortfall as DS3 is projected to have a value of only £6K in three years time...

Ouch!!

So much for M*n*-matching residuals!

[Lel]

Ouch!!

So much for M*n*-matching residuals!

Yes, i agree, what happened to good residual value??

[pauljack]

the citroen dealer told me that the ds3 would hold its value better than an audi A1, I thought he was knew jack Sh*t at the time mind!

[jaspabt]

Hi

I could not find anything on Autotrader about VRI, where did you see it?

http://www.autotrader.co.uk/gap_insu..._insurance.jsp here you go.
Im still confused as to what covers my finance costs as well.
Total purchase price including deposits, finance fees etc is about 15,200. Car price was less than this, so need to ensure the first figure is covered should I write the car off after day 2

[Bigfeet]

Yes, i agree, what happened to good residual value??

I'm not even going to bite at that bait!

It's not hard to understand why....

[Bigfeet]

http://www.autotrader.co.uk/gap_insu..._insurance.jsp here you go.
Im still confused as to what covers my finance costs as well.
Total purchase price including deposits, finance fees etc is about 15,200. Car price was less than this, so need to ensure the first figure is covered should I write the car off after day 2

You can't include finance fees, the total price on your invoice is what these companies go with.