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Discussion Starter · #1 ·
Hi, I apologize in advance as this might be a long one...

I'm in the process of replacing my old tempest which, incidentally was written off by a joy rider crashing into it, whilst parked.

I was miss sold my last GAP insurance as I believed that it would at least re-pay the difference
in the event of this happening to the amount that I had invested in the vehicle.
of course I understand now that this was just wishfull thinking and that is how I was conned into
buying that policy on a flawed understanding of the facts.
What actually happened is that the insurance company paid out the book market value to the finance company, less my excess. The finance company then took a payment from my account and ended up in credit. The Gap insurers said great we dont have to pay out thankyou very much and I have been left nearly £4000 worse off (being the money that I had invested in the car over 1 year)

So with that in mind I have just been offered fsi insurance from the dealer @£400. I've looked on the internet and cant find out anything about it? I don't want to get my fingers bitten again should the same thing happen, god forbid. To be honest it sounds like another con to me.
Especially as you seem to be able to get Rti or return to invoice gap insurance on this vehicle for just over £100 independantly and that does offer more what I was expecting although it too is quite confusing.

So any advice on GAP insurance please to steer me toward the light
 

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Surely you realise that insurance only covers you for all the things you are never going to claim for ! They are all swindlers. I bet you still won't read all the small print in the new policy in spite of your bad experience. That's what they rely on and the law says that you have to have insurance.
 

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Discussion Starter · #3 ·
I might read it...but will I understand it?

from what I've learnt so far in terms of GAP insurance is that return to invoice or return to vehicle seems to offer the best deal. What I was offered merely covered any shortfall between the insurers settlement figure and the amount owed to the finance company.
What I'm unclear about is how exactly return to invoice gap insurance works? but looking at the vehicle replacement insurance it says:

"Vehicle Replacement Insurance will pay to the nominated motor dealer the difference between theinsurance payout and the cost to buy a brand new car."

<div style="text-align: left;">On reflection this is looking like the best deal as the price to buy new can fluctuate from month to month depending on what deals are available.
 

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Discussion Starter · #5 ·
I believe so but have no idea how to go about things, what I'm entitled to etc.The insurance company haven't been very helpful to be honest and haven't offered
any suggestions to what I should or can do. Some of what they have said has been
contradictory and of course I have very little in writing most of it is through telephone
calls - always with a different person!
 

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Contact Citizen Advice or simular and get some proper advice because the insurance company will only look after themselves.You should have somewhere all the insurance details that apply so take it along with you. Don't agree to anything until you have spoken to an expert and even then you can contact the omsbudsman if you are still not happy , the company can be very flexible if pushed.
 

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Hi ok best tell you all I work for an insurance company sorry.

There are three main types of Gap insurance the one you had finance gap - pays the difference between your Kia's valuation and the outstanding finance/ rentals.

Return to invoice pay's the difference between your Kia's valuation and the invoice price you paid.

Vehicle replacement which will pay the difference between your Kia's valuation and the amount of money you need to spend to buy another Kia the same age, mileage and condition as yours was on the day you drove it away from the dealership. This does not mean that you will get a new car. If you bought a two year old car you would get another two year old car. If you are thinking of this type of cover check out who gets paid. Some insurance companies pay the dealership, some pay you. ( if poss always get a policy that pays you as it puts you back in control of how your money is spent.)

It sounds like in this case you where told about discussed a form of return to invoice but then for some reason ended up getting finance gap. Not sure why? You may want to talk to your dealership about it. They will be able to give you paperwork and copies or everything that you have signed.

Gap insurance is just like any insurance and there will be terms and conditions. Just Google Gap insurance get some quotes and make your own informed choices.

Good Luck
 

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Discussion Starter · #8 ·
Hi,Thanks to all for the advice.

So I suppose in my case the Return to invoice policy looks like the best deal after all.
Using my previous experience as an example:

Kia Soul Tempest invoice price: £14,880
Current market value at time of accident: £11,150
Insurance company payout: £ 10,625
Finance outstanding: £ 10,463
Amount returnable with return to finance: £0 - gap company lucked out!
Amount returnable with return to invoice: £4255?

My maths is not very good I'm afraid so I might have got this wrong. Does the difference mean,
literally 'the difference', or does it mean the average between the two figures i.e: £2127.5

Either way I would have been better off with this policy. In fact it makes you wonder what the point of return to finance is?

Thanks again for the advice. I will be going to the citizens advise bureau to try and figure out if
I can at least try to claim back some of the money I've lost from the other driver.

 
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