Range Rover SDV8, Triumph Tiger & Triumph Trophy
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5,141 Posts
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.
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.
