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PPI or GAP

anawaz

Well-known member
Joined
30 Jan 2007
Messages
578
I'm doing some searches on the internet with regards PPI. The results (aka hits) don't reveal much other than loan protection plan and related.

I'm planning to buy a car outright so I won't need any finance. So who carries out this PPI and is it applicible to me even if I'm buying without loan?

What about HPI and getting an expert car engineer to go over it? will this suffice?

Aj


Migration info. Legacy thread was 115247
 
AJ,

People such as Peter Morgan and Phil Raby do Pre Purschase Inspections. They are both porsche specialists and will be able to advise you about the car and its condition.

I had my PPI done by Peter Morgan and you get a phone call on the day after so you can chat to the inspector about the car and then a report is sent via email followed by a hard copy by post.



I think everyone on this forum would recommmend a PPI on any 911 before you put any money down.

They also will run a HPI check to check for any outstanding finance or Insurance damage.



Hope this helps



Toby




Migration info. Legacy thread was 115251
 
Gap is normally to insure the difference between an Insurance settlement & finance settlement in the event of total loss. There is a product in the market that goes one better and is sometimes called GAP+ or new for old. This can be expensive (% of cost) and normally requires payment up front or over 12 month period.

I know a provider that has a product available called Return To Invoice Insurance which has a benefit for cash buyers in that it offers them the following protection:

In the event of a total loss i.e. write off or theft, the policy pays out a maximum benefit of £15K to cover the difference between Insurance company settlement (trade value) and the price you paid for the car.

It's about 500 for full 5 year cover and you can spread the payments over 60 months interest free. You can cancel the cover and payments at any time.

I am not regulated by the FSA to sell Insurance products or give advice on them - this is just personal knowledge / experience. If you want to be put in touch with someone who can do this product at this price PM me.


Migration info. Legacy thread was 115257
 
Oh, and I would recommend that you need a PPI and HPI - if there is finance, you need a copy of the settlement letter and you pay the finance direct - giving balance to the vendor. Do not accept a photocopy of cheque that may or may not have been sent or pay the vendor on the basis that he will settle it.

Migration info. Legacy thread was 115259
 

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