[+++MadMatt+++]

I Today put a deposit down on a mini (51 plate).

I was told about this extra insurance for my mini, that in the event i had a crash and my car was written off, my insurance company would only give me a couple of thousand for it.

But if I had this extra insurance it would 'top it up' and would mean i could get a like for like replacement car. Has anyone done this and is it worth it?

Matt

[hoojkel]

Quote: Originally Posted by +++MadMatt+++ (original)

I Today put a deposit down on a mini (51 plate).

I was told about this extra insurance for my mini, that in the event i had a crash and my car was written off, my insurance company would only give me a couple of thousand for it.

But if I had this extra insurance it would 'top it up' and would mean i could get a like for like replacement car. Has anyone done this and is it worth it?

Matt

Hi Mate, this is ' GAP' insurance and it makes up the difference from what your insurance pays out and what the car is actually worth at the time. The insurance co. will only pay up to a limit for what they think its value is, not its true value so the GAP insurance makes up the difference. Definitely worth it and you can pick it up quite cheaply if you look online, think mine was less than £200 for 3 years cover.

[Restyle]

Quote: Originally Posted by hoojkel (original)

... think mine was less than £200 for 3 years cover.

Which seems good value if based on a brand new car, but if you`re getting it for a 6 year old 2001 car, then hopefully its cost will be reduced.
I was persuaded by the dealer to get it for my 1st 2001 MINI, which I ended up selling less than a year later when the MCS came out, but as the GAP insurance wasnt transferrable I made quite a loss.
I`ve never bothered with it since, & personally wouldnt consider it on a car of that age unless it only cost in the region of £50

[+++MadMatt+++]

Thanks guys for quick response. Where would be the best place for me to look for this gap insurance and find out some prices?

[hoojkel]

Do a google search for GAP insurance and then put in quotes, it should'nt be too expensive for your year of car. I got mine for my then 2 year old MCS JCW and for what I was paying over 3 years it is good value as I believe if anything did happen then I would probably get stuffed by the insurance co. If its not gonna cost much, go for it, it will reduce any shortfall as a result of any loss.

[+++MadMatt+++]

Thanks for that hoojkel, i think its worth having knowing my luck with cars! But the thing is shall i haggle for it with the dealer for about £200 as suggested or get it seperate online?

The other thing is i have no idea what MCS or JCW means, im a newbie to this forum, could you please explain?

[+++MadMatt+++]

I have just done a quote through Click4Gap and Im not sure what the best option is, I will be paying for the car in full, so would the RTI GAP insurance (Quoted £208 for 4 years with £5000 claim limit) be the best one to go for, caus that is basically what the mini dealerships are offering arent they?

[hoojkel]

The dealers will always try and charge more, I was quoted something stupid like £250 for the year with the dealer. I went with click4gap myself. My car is a Cooper s with John Cooper Works kit, hence the MCS and JCW and the cost is worked out on the value of the car and the limit of your claim, ie., the difference you want to insure your car for. If your car only costs £8k then GAP for 3 years works out at £133, just checked click4gap there.

[+++MadMatt+++]

Thanks again hoojkel, so what is the best option to go for on the click4gap, seeing as though im paying for my car outright. The return to value or the return to invoice gap? Iv read it over many times and i cant really understand the difference....

[hoojkel]

Go for the Return to Invoice as this is the figure you bought the car for and what you'll have proof of what it cost. Return to value will be judged to be what someone else believes the value to be at the time you bought it and won't consider any extras you may put on the car. For eg. , they will value it as on '01 cooper with pepper/chilli pack or whatever and will value it at the average market rate and therefore not necessarily what you paid for it.

[Streeters]

Yes RTI gap is the best type, that way if you're unlucky to have to claim then you'll get what you paid for it!
Your insurance co pay "market" value and RTI GAP insurers top up to your original purchase price. and it does work too