Total Loss Cover worth it?

[polarbert]

been a little bit pestered by the finance manager recently about this, apparently 90% of people who buy a new car at reno leicester get this. i talked it through with my dad, who frankly i would trust over anybody, and he says not to bother, as that is what i have paid insurance for.

just wondering what peeps views on here are? im picking me car up tomorrow without it, and am pretty set that im not going to go for it.


ta

 

[Ad]

I dont believe for one second that 90% of people get it. If your getting finance would definitly go for gap, but not for anything else.

 

[recaro182]

From what I understand it seems like a fairly good idea. Sure it costs about £400 on cars up to 15K but when thats added to your finance it hardly notices. If you write your car off within 3 years they will give you the total value of the car from new (15K), there is no way any insurance company would do the same, they would give the book second hand price and then probably knock some off that for some other stupid reasons.

Its up to you mate, but i would probably go for it.

 

[stevo123]

I did on my clio. As recaro182 advises, "you will not notice it" - gives me peace of mind!

 

[babeefacedbandit]

I opted for it on mine 2. As Stevo123 says it offers you piece of mind and the extra payment per month is pittance for what you're being offered.

 

[BRUCE182]

Most insurance company will pay out for a brand new car if anthing happens within the first twelve months,mine did when i got mine stolen.Also i'm sure i've read somewhere that gap insurance only cover the oustanding finance i.e if you were offered £8000 for your car but your outstanding finance was £9000 they would make up the shortfall but not actually put you in a brand new car,i thinks it's how they word it that's miss-leading,but i could be wrong.

 

[BRUCE182]

Just to follow up the Reno gap insurnace does only cover outstanding finance,so will not get you a new car if you have a accident etc.

 

[Dave.]

defo reccomend it, i would be up s**t creek if it wasnt for gap insurance, def wouldnt have my cup, would probably have a ford orion lol

do it for the peace of mind, the payment can be spread over your finance

 

[45six182]

I've gone for it.
I checked the small print, rang the company to double check, all seems pretty good for the money.
I think there's a couple of rates so it's worth haggling with your dealer.

 

[Jamie _Swales]

it cnt b just for finance as i got my car from renault 2nd hand n paid cash, but they still tried selling me it.

wish i had got it as i got my car in may paid £11700 n now only worth bout £9500

 

[BRUCE182]

Just going by what they say on the Reno website under Renault range, finance and insurance section.

 

[Killer Cup]

There are 3 levels of GAP cover. 1 covers upto outstanding finance, 2 covers upto what you bought the car for, and 3 covers upto the cost to replace (as costs do go up/down). This being the difference between what an insurer pays out for a Total Loss and either of the above options.

Any questions PM me.