I am taking delivery of a new car on Saturday and was thinking about taking out return to invoice insurance, as i have never done this before i was wondering if anyone else has had any experience of it.
The car will have some finance on it, but not enough to put me in negative equity if it suffers a total loss.
Surprisingly i can buy it on-line for about a third of what the dealers have quoted and at a cost of about 150 quid for 3 years it does seem like a resonable buy.
any opinions please ?
Andy
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I took it for my last car, £130 for 3 years IIRC.
I haven't taken it for this car, completely changed my tune on this insurance. Had heard of a few success stories with it but prying a little deeper, there's a few things to be aware of that ultimately put me off it.
Most important one is the GAP insurer will work with your insurer and if the "written off" car can be repaired for £0.01 less than the sum payable by the RTI insurer, then you'll get your wreck repaired and handed back.
Now if it's that damaged that it'd ordinarily be a write off, do you really want it back? I've decided i don't.
For the first year on a new car, depending on your insurer, it doesn't do anything anyway since your insurer will probably have a policy of replacing with a new car if written off in the first year. Hope this helps!
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"Most important one is the GAP insurer will work with your insurer and if the "written off" car can be repaired for £0.01 less than the sum payable by the RTI insurer, then you'll get your wreck repaired and handed back."
Thanks Skoda, thats the sort of thing that was in the back of my mind.
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And a few insurance companies replace for two years. NFU Mutual are one.
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Waste of money unless you like to replace damaged items with new.
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See this previous thread for some other comment on it
www.car4play.com/forum/post/index.htm?t=4669&v=f
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If you do want to go for it (and I personally never have), then shop around on the interweb and you'll (almost) certainly get a better deal than your dealer will be twisting your arm to accept.
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Makes a difference to what is affordable when the unexpected happens for little outlay.
SWMBO's A2 was written off by Tesco insurance when it was 18m old, £17+k new, Tesco paid £9k, RTI paid £8+k, Specialist reparer reckoned £4k to repair but loss adjuster not interested and wrote off.
Car bought for repair and repared for £2.5k! - we got a letter from the new owner asking if we still had the second key.
SWMBO did not want it back and the RTI made a big difference to what it was replaced by.
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>> SWMBO did not want it back and the RTI made a big difference to what
>> it was replaced by.
>>
Presumable you and SWMBO always buy RTI.
So how much do you calculate you two will spend over your lifetime of car ownership on RTI and how often do you think you will be claiming for write-off incidents where you need to claim on RTI?
Risk premium vs Reward - the sums just do not add up.
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>> Risk premium vs Reward - the sums just do not add up.
>>
In fact, you can how likely a claim is by how cheap the premium is - as the OP has realised, the dealer price is a rip-off, the online price of £150 indicates that pay-outs must be extremely rare.
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Well, i decided that it wasn't worth buying even for the online price of £150, i just hope i dont live to regret it !
The salesman was "stunned" that i didn't want it or the £300 + paint protection stuff or the other 2 products he was trying to push that i can't tell you what they were as i had stopped listening by then !
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>> The salesman was "stunned" that i didn't want it or the £300 + paint protection
>> stuff or the other 2 products he was trying to push that i can't tell
>> you what they were as i had stopped listening by then !
>>
It took near-enough 3 hours to do a deal on buying a new car a few weeks ago, and the vast majority of that time was various levels of dealer salespeople trying to sell me a whole range of protection, finance and insurance products.
Even after we'd done the deal and paid the deposit, the sales manager offered to give me £300 back if we'd take finance.
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>>Presumable you and SWMBO always buy RTI.
So how much do you calculate you two will spend over your lifetime of car ownership on RTI and how often do you think you will be claiming for write-off incidents where you need to claim on RTI?
Risk premium vs Reward - the sums just do not add up.
This insurance can be had for £150. This got him an £8k payout.
He would need to buy over 50 cars in a lifetime, and get this for everyone, before he has lost money. Sorry , broke even.
IMHO, the the sums simply do add up.
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>> IMHO, the the sums simply do add up.
>>
Your concept and/or tolerance of risk vs reward is completely alien to me.
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So you don't think the £150 or so premium was worth it to get £8k back?
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>> So you don't think the £150 or so premium was worth it to get £8k
>> back?
>>
>>
No.
Did I tell you I won £1,000,000 on the lotto with a £1 ticket ....
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i had gap insurance on a Jaguar that was written off at 18 months.
The gap paid out 10,000 for an identical replacement brand new ! for me well worth it.
Never thought it would happen to me !
there again my work pal won 11.78 million on the lottery on a Wed draw and never expected that to happen iether ! so you never know !
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...there again my work pal won 11.78 million on the lottery...
Is he still your pal?
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Oh yeas Iffy, he was one great guy and it was well deserved. He looks a lot heathier these days for enjoying life to the full.
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...he was one great guy and it was well deserved...
Not Mark Gardiner is it?
The guy's had his ups and downs after winning £11m+ in 1995.
Happily for him, it seems there are more ups:
tinyurl.com/62347co
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Seems others have answered for me, mine is a copmpany car so only buy it for hers.
Looks like she has another 225 years of motoring before we have spent all of the first payout!
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Return to invoice Insurance - Skoda
