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| Going To Ycc (insurances) | |
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| Topic Started: Dec 1 2005, 03:46 PM (560 Views) | |
| Bakedalasker | Dec 1 2005, 03:46 PM Post #1 |
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Going to YCC (Insurances) Besides the purchasing of the car YCC will try to sell you extra insurances. These insurances are OPTIONAL not compulsory. You do not have to buy them. YCC salesperson will try and persuade you to take out these insurances. Why, because they make most of their commission on them. When you go to the showroom go with the attitude that you DO NOT WANT THESE INSURANCES. Make this clear to the salesperson straightaway as this will put him/her off and will give the impression you know about the con. So what are these insurances? a. Guarantee Asset Protection (GAP). Perhaps the only insurance worth having. This will cover you in case your car is written off. All your liability with the agreement should be paid for upon your car being written off. The cost of this is approx £350 for the 4 year period. b. Warranty. This covers the replacement of certain parts of the car if they are damaged. The usual cost of this is approx £650 for the 3 years. There has been many issues with this cover from our users and these issues will be highlighted later. c. Payment Protection Plan (PPI). This covers the payments of the agreement if you cannot work because of an accident or made redundant. This is the most expensive insurance ranging to many thousands of pounds depending on the value of your car and it covers the 4 year period of the agreement. Once again like the warranty there are many issues with this insurance and this will be highlighted later. Why you should NOT take out the insurances a. They are very expensive. When you take out motor insurance you usually have an arrangement where you can pay in monthly instalments for the year. You then renew your insurance and carry on paying in instalments. If you do not require the insurance anymore you can give a months notice and that’s the end of it. That’s how it should be BUT not how YCC do it. YCC will inform you how much the monthly instalment will be. What they don’t tell you is that the premium is for a 4 year period and they are none cancellable. So if you return the car anytime before the 4 year period, which is the length of the agreement, YCC will demand the remaining instalments. That is if you return the car at the 2 year mark you will be liable for another 2 years insurances. Another reason they are expensive is that YCC add their own interest rate, usually 19.9% on top of the cost of the insurances. These insurances are brought from other companies then YCC up the cost for themselves. Can you imagine going to a broker who pays insurance from another source then adds their own interest. Usually the broker can offer you insurance cheaper than the original supply due to the amount of business they bring the suppliers way. This is how the broker stays in business but at YCC it’s the other way. b. They do not cover what the salesperson will claim. A lot of our users are finding that these insurance are of little value compared to what is claimed by the salesperson: - 1. With the warranty you will be left with the impression that everything is covered but our users are finding this not to be the case at all. Many of our users have paid thousands of pounds out for repair work where you would expect the warranty to cover. Just read the testimonies of the users to get an idea. 2. A number of our users have had the unfortunate experience of having to pack in work due to accidents or illnesses. When they apply for the PPI they are finding out that they are not covered for one reason or another. The usual excuse is pre-existing condition, that is the user was suffering from this condition before so cannot claim for it. Here the salesperson should have advised but this is not happening. It also has been known that this insurance was sold to someone who was too old to qualify for it. What is being discovered here is that the salespeople within YCC have little knowledge of this subject so really should not be selling it. c. The salespeople make a hansom commission on the insurances. All branches are strictly targeted from mangers down to sales staff to achieve very high levels of optional insurance's and under constant pressure for senior management to hit these targets. High level of commissions and bonus are also paid to sales staff and management to encourage them to sell insurance's. So what shall I ask if I go? a. Do some homework before you go. Phone around and get quotes for these insurances. Nowadays YCC will only give you a car if you are in work. Find out how much PPI would cost. Although this site cannot recommend anyone it will be worth doing some research. At least you will have an idea of how much these insurances should be. b. Get a breakdown of each insurance. Ask the salesperson to give you a comprehensive list of what each insurance covers. c. Get a breakdown of the cost. The sales person will only inform you how much the monthly instalment is. You want to know the total cost of each insurance and for how long you are committed to them. d. Ask if these insurances are OPTIONAL. As we have stated these insurances are OPTIONAL. You do not have to take them. Ideally you should inform the salesperson that you do not want them and you know they are optional else they will convince you they are compulsory. If you end up taking on these insurances YOU HAVE A 14 DAY COOLING OFF PERIOD. That is you can cancel them within 14 days. The advice of this site is do not go to Yes Car Credit. Go elsewhere first. If you have no choice then please digest all the topics of this forum. |
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10:49 AM Nov 23
