02-25-2012, 05:28 AM | #1 |
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BMW tyre insurance & Gap Insurance.
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02-25-2012, 09:20 AM | #2 | |
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Gap insurance i got them to price match the best quote i found online which was full vehicle replacement for £185
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116i Sport 5 door Crimson Red 2012 - 120i M-Sport 3 Door Le Mans Blue 2009 - 2012 |
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02-25-2012, 10:13 AM | #3 | ||
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Invoice? |
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02-25-2012, 10:41 AM | #4 | |
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Vehicle replacement actually gives you a replacement car. So in year 3, the car might be 5, 10% higher due to inflation. Or the dealer might not be able to give you the same discount as you got when you bought it, so vehicle replacement is considered an enhancement over RTI and is generally a more expensive product.
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02-25-2012, 10:59 AM | #5 | ||
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02-25-2012, 11:40 AM | #6 |
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Ok so lets say you paid £20,000 for a car 3 years ago. At the time you got a really good discount of £3,000. Today, the car retails for £24,000 as we've had a few years of inflation.
You still owe £10,000. The Car's market value is £8,000. Your car gets stolen, you have no car and still owe 10k in finance. Standard gap insurance pays you the difference between your insurance settlement (£8,000) and you finance outstanding (£10,000). So £2,000. That gives you £10,000. You to go into the dealer and put down £10k, and finance £14k as that special offer you got 3 years ago isn't available. Return to invoice pays you the difference between your insurance settlement (£8,000) and what you paid for the car (£20,000). So you walk into the dealership with £20,000, but still need to find £4,000 to buy a new car. Replacement Car just gives you a new car, regardless of the fact it now costs £4,000 more than when you bought it. Therefore you have got three levels of Gap insurance, Standard, RTI and Replacement Car, standard being the basic one, replacement car being the best. Hope that helps.
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02-25-2012, 12:10 PM | #7 | |
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02-25-2012, 12:38 PM | #8 |
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The loan would be still outstanding, i guess you would settle that first. (Thankfully ive never actually had to do this before) So if you did that then in example 1 you walk in with nothing, 2 you walk in with 10k, and 3, you just get a new car.
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116i Sport 5 door Crimson Red 2012 - 120i M-Sport 3 Door Le Mans Blue 2009 - 2012 Last edited by JonF1982; 02-25-2012 at 01:17 PM.. |
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