Hi chaps,
I'm buying a nearly new car, and have been offered API / gap insurance.
I'm buying using PCP, with the largest deposit I'm allowed to put down.
The vehicle isn't going to depreciate a huge amount, as it's already lost its forecourt value. Low mileage, high spec, right engine.
Who's gone for API and who's avoided it? It feels a lot like PPI to me.
Cheers
Ricks
It's up to you really, as you need to balance out the cost.
Let's say you wrote it off on Day 1, would you be out of pocket?
Fast forward to the last day of your contract, would you be out of pocket?
STW, last week:
Do you tend to look where you're going?
I've never written off a car, I've had one very minor collison, which caused no damage to my vehicle.
It's other people though, the morons on the road from the Borders to Edinburgh is amazing.
Mate in work had his house broken in to, keys taken, car stolen. They left his motorbike and took his audi a4.
I say mate, but he drove an audi, more of a person I have to work with.
Anyhow - gap insurance covered the shortcomings of the regular insurance policy (after a bit of haggling) - so maybe it depends on how bling the motor you are buying is / how popular it is to be robbed.....and can you afford to cover a shortfall in payout if the worst happens.
personally I don't buy flash motors anymore - the wife had an m3 and the car gave us all sorts of grief with people trying to steal it or it's wheels, lower profile motors since then.... ymmv
Cheers guys,
I'm going to go through ALA (with the Pistonheads code), works out £180ish for the extra cover, which is a load cheaper than through the dealership.