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What I ordered a few weeks ago I was told about shortfall insurance. Dealer told me if I wanted it I would have to take it out when I bought the car. So am just trying to work out if it's really worth it. Are there any pitfalls with it, all views would be welcomed.
thanks in advance. :cool:
 

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speedsman said:
What I ordered a few weeks ago I was told about shortfall insurance. Dealer told me if I wanted it I would have to take it out when I bought the car. So am just trying to work out if it's really worth it. Are there any pitfalls with it, all views would be welcomed.
thanks in advance. :cool:

Initial payment (can't remember how much) and 10 monthly payments of £24 is a very little amount to pay for the ability to get a brand new MINI if yours is written off.

I'd say it was worth it. :) Hope I don't ever have to use it really.

In fact, my last payment comes out the end of this month. :)
 

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Hillbilly boy
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From what i remember, i paid a £350 all in payment for the privilege for a three year period

Billy
 

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Range Rover SDV8, Triumph Tiger & Triumph Trophy
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GAP insurance

Bear a few things in mind when deciding:

1. If your car is written off early, within the first 6 months or so, it is often replaced with a new one by the insurance Co anyway (been there, unfortunately)

2. If you car is written off a little later than that then the difference between the used value of the MINI and the original invoice value is not that great anyway (MINI depreciation is very low).

3. Because of the high value of the vehicle (see above), the insurance company are much more likely to repair it than write it off, therefore no claim!

4. If you decide to change the car before the end of the insurance period then you are almost certain to not get any refund for the remaining period.

My own conclusion is only buy it if you intend to keep the car for a long period (at least 4 years). Then take out the GAP insurance for the longest period possible (probably 4 years). At that point the insurance is the cheapest (per year) and you are most likely to be able to make an expensive claim!

Also, if you must go for a GAP policy, see if you can get a price on one independantly from the dealer.

Please let us know what you decide.

Tigger.
 
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