Shortfall Insurance Too Good Too Be True - MINI Cooper Forum

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post #1 of 13 (permalink) Old Sep 22nd, 2008, 04:47 PM Thread Starter
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Shortfall Insurance Too Good Too Be True

just got back from dealers to sign finance for my new JCW. as well has the usually attempt to mis-sell sorry sell me payment protection he also mention this shortfall insurance. should have been 639.96 he said he would do it for 450 or 37.50 interest free over a year. covers me for 3 years whatever my insurance pays out this takes it back to invoice price of 23702.

so theoretically after 2 years and 363 days I could theoretically crash into a wall thus writing off the car.

insurance pay out say 12000
then this insurance would pay 11702

then i could get a brand new car

i thought must be catch so declined his offer

thoughts ??


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post #2 of 13 (permalink) Old Sep 22nd, 2008, 04:49 PM
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You pays your money your takes your choice, try a search on here and you'll find plenty of opinion, but it's well worth checking out other places like motor gap insurance who offer a similar product, often for less.

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post #3 of 13 (permalink) Old Sep 22nd, 2008, 04:51 PM
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Quote:
Originally Posted by picard View Post
just got back from dealers to sign finance for my new JCW. as well has the usually attempt to mis-sell sorry sell me payment protection he also mention this shortfall insurance. should have been 639.96 he said he would do it for 450 or 37.50 interest free over a year. covers me for 3 years whatever my insurance pays out this takes it back to invoice price of 23702.

so theoretically after 2 years and 363 days I could theoretically crash into a wall thus writing off the car.

insurance pay out say 12000
then this insurance would pay 11702

then i could get a brand new car

i thought must be catch so declined his offer

thoughts ??
Thoughts?

Well if someone thinks about writing off a car before they get it to make a sting on the insurance to get another new car then there is something seriously wrong with them, and I hope I never see them on the same road as me

Other thoughts, well its been a nice day outside, I wish I hadn't been in the office today.

Did a chicken every cross the road, and if it did how come it wasn't in the paper rather than someone deciding to write a joke about?
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post #4 of 13 (permalink) Old Sep 22nd, 2008, 04:56 PM
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post #5 of 13 (permalink) Old Sep 22nd, 2008, 04:57 PM
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insurance industry way of charging you more for the cover you should get anyway

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post #6 of 13 (permalink) Old Sep 22nd, 2008, 04:58 PM Thread Starter
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Thoughts?

Well if someone thinks about writing off a car before they get it to make a sting on the insurance to get another new car then there is something seriously wrong with them, and I hope I never see them on the same road as me

Other thoughts, well its been a nice day outside, I wish I hadn't been in the office today.

Did a chicken every cross the road, and if it did how come it wasn't in the paper rather than someone deciding to write a joke about?
i am not saying i would do that but i admit i wrote it in a flippant way, its just when buying a car its insurance this insurance that extra cover blah blah blah. what next bird lime insurance

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post #7 of 13 (permalink) Old Sep 22nd, 2008, 05:08 PM
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Quote:
Originally Posted by picard View Post
i am not saying i would do that but i admit i wrote it in a flippant way, its just when buying a car its insurance this insurance that extra cover blah blah blah. what next bird lime insurance
Probably....

Car insurance hit by bird poo | myfinances.co.uk

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post #8 of 13 (permalink) Old Sep 22nd, 2008, 05:10 PM
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if you really want it they can go down on the price a lot, i knew I didnt want it as i was already paying loads for insurance so I kept saying no and it eventually went down to 200 but I still didn't buy it


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post #9 of 13 (permalink) Old Sep 22nd, 2008, 05:13 PM
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Ive had it on all mine (except the first I think) as I personally dont want to have a car of this value without it. I paid 300 for 3 years on mine....paid 150 for 3 years on the S as they struck a deal due to only having the other one 3 months.

For me, i'd rather spend out 300 now, and not really have to worry if anything did happen, than have to pay out 's (potentially) without it.

Thats my views
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post #10 of 13 (permalink) Old Sep 23rd, 2008, 01:56 PM
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I went for click4gap, paid 130 for the best cover, over 3 years. The dealer charges way too much.

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post #11 of 13 (permalink) Old Sep 23rd, 2008, 09:09 PM Thread Starter
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thanks for your views
and NO i am not planning on crashing on purpose

think i will look elsewhere dealer well too dearer

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post #12 of 13 (permalink) Old Sep 23rd, 2008, 09:36 PM
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Quote:
Originally Posted by picard View Post
just got back from dealers to sign finance for my new JCW. as well has the usually attempt to mis-sell sorry sell me payment protection he also mention this shortfall insurance. should have been 639.96 he said he would do it for 450 or 37.50 interest free over a year. covers me for 3 years whatever my insurance pays out this takes it back to invoice price of 23702.

so theoretically after 2 years and 363 days I could theoretically crash into a wall thus writing off the car.

insurance pay out say 12000
then this insurance would pay 11702

then i could get a brand new car

i thought must be catch so declined his offer

thoughts ??
my dealer went down to exactly the same amount. They made out it was a favour since i agreed to take delivery a day early so my car would count towards their september sales figures and earn them a big bonus!. I don't really want gap anyway.
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post #13 of 13 (permalink) Old Sep 24th, 2008, 12:37 PM
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i got return to invoice insurance on mine for 124 (3 year cover) underwritten by AXA from Surf and Protect. Initially it was more, but they have a price match policy plus a fiver extra off so i got them to price match click4gap, i was happier with a known industry name being the underwriter.

I thought it was worth having for that sort of money as i am repaying the car for the next three years and would hate to be in the situation where the car is written off and has depreciated more than i have repaid - as i do big miles this would be likely the case. For my policy the max repayment is 10k but you can get more - my car was 17.5k invoice price. You can go higher for a car of greater value which is probably recommended, perhaps 15k cover? Depends how much it's likely to be worth after 3 yrs, if less than 14.5k then you should top it up.

technically though it is only really two years cover (years two and three) as my insurance policy pays out the full purchase price if the car is totalled in the first year.
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