GAP and RTI: A good option for car loans customers?New and used car customers could be losing money on their vehicles through not preparing for the worst with their car insurance, according to a new article.
New and used car customers could be losing money on their vehicles through not preparing for the worst with their car insurance, according to a new article.
Femalefirst.co.uk reports that many drivers, including those with car finance, may not be being advised on the benefits of some policies and that this could result in "thousands of pounds" being lost if the vehicle is written off.
It is noted that guaranteed asset protection (GAP) and return to invoice insurance (RTI) are two types of policy which are rarely discussed and could offer protection against future losses.
"MB&G, the UK's largest privately owned warranty provider believes the main reason for drivers not taking out either [GAP or RTI] is a lack of understanding about the benefits of these policies," the article states.
The site goes on to state that over half a million cars are written off in the UK each year and that this has seen many drivers left significantly out of pocket in this way.
Last week an article for the Pacific Daily News advised young motorists to do their research before shopping for a car as often they do not comprehend "how much it actually costs to have a car."
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