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Risk coverage
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LiamTheGreat
- Posts: 121
- Joined: Mon Feb 02, 2026 8:35 pm
Can I justify insuring my PCP with the optional cosmetic, alloy, and wheels coverage?
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Imlach_C220
- Posts: 39
- Joined: Mon Feb 02, 2026 8:46 pm
How you feel about taking risks is a major factor.
I recommend GAP insurance for financing purchases, but I wouldn't recommend the dealership's policy because of how expensive they are.
I recommend GAP insurance for financing purchases, but I wouldn't recommend the dealership's policy because of how expensive they are.
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TotalRecall4Cars
- Posts: 57
- Joined: Mon Feb 02, 2026 8:52 pm
Prior to my one and only vehicle being stolen, I believed GAP was a fantastic big swizz until I learned that the insurance wouldn't cover the asset value as recorded by the finance company.
There's no way around paying off the loan with the finance company; once you own the car, you can't use the money toward a cheaper vehicle.
Do not purchase GAP insurance from the dealer, as they may charge as much as 80% commission!
There's no way around paying off the loan with the finance company; once you own the car, you can't use the money toward a cheaper vehicle.
Do not purchase GAP insurance from the dealer, as they may charge as much as 80% commission!
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Imlach_C220
- Posts: 39
- Joined: Mon Feb 02, 2026 8:46 pm
This is it. When you need to sell your home and pay off your mortgage, it's like being in negative equity.
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LiamTheGreat
- Posts: 121
- Joined: Mon Feb 02, 2026 8:35 pm
It was completely out of my head, so I'm grateful. On PCP, I would have to pay off the balance in monthly installments rather than the balloon payment; however, with Mercedes, I won't be able to do that.