Car Owners Hub UK - Built by Drivers, for Drivers

Can I justify insuring my PCP with the optional cosmetic, alloy, and wheels coverage?

In your opinion, is it?

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.

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!

This is it. When you need to sell your home and pay off your mortgage, it's like being in negative equity.

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.