Mini "Back to Invoice" Insurance

Honkycat

Hi,

Mini do a scheme (which costs about £400) whereby if your car is stolen or written off in the first 3 years they will make up the difference in the insurance payment so that you get back what you paid for it. Just wondering what is the view on this sort of thing... it seems attractive, but then £400 is quite a lot extra.

Thanks for any thoughts,

Steve.

gilbert_and_sullivan

It's called GAP insurance, probably worthwhile but shop around, you will more than likely get the same cover for £150 elsewhere.
Also check what your own insurance company offer, NFU give 2 years (new vehicle supplied in event of write off or theft) as part of their normal comprehensive cover at no extra cost.
Dealer tried to frighten us into GAP insurance until i mentioned NFU...there followed a disappointed silence.

dacouch

I agree with Gilbert, you can buy the same cover or better for around £150 off the net.

If you pay the inflated dealer price for gap you will also be paying the finance charge on the £400 premium so it will cost a lot more than £400.

As Gilbert said NFU give replacement with new if the car is a write off, most other companies give 1 year (These are both assuming it is a brand new vehicle with no previous registered owners including the dealership)

MX5huggy

You can get up to a 5 year policy (but its not transferable to a new owner) which will give a huge payout if you have a write in year 5!

vikingaero

The reason dealership GAP insurance is so pricey is that: the salesman gets a cut, the sales manager gets a cut, the dealership gets a cut, the finance rep gets a cut, etc etc.

Honkycat

VERY interesting.... thanks everyone! Apart from NFU (which I'll try as we will be looking for insurance anyway) any other good value places to buy such a product? The vibe I'm getting from you is that if you get it at a good price, it's a good idea yes?

Thanks,

Steve.

dacouch

NFU do not offer Gap / Back to Invoice Cover, their comprehensive policy as do a lot of Insurers offers a replacement new car if the cost of repairs equal more than typically 60% (Some companies stipulate a higher percentage) of the new price. Most companies only offer it for the first year however NFU offer two years.

It only operates if you buy the car from brand new eg it does not cover ex demos and the like that have a previous owner registered before your name.

What you need to look for is "Back to Invoice" just google it and you will find loads of companies.

The dealer cannot insist you take their Gap/ Back to Invoice but they will give you the hard sell, then bear in mind if you take theirs you can always cancel under the 14 day cooling off period you get with most Insurance products

gilbert_and_sullivan

Honkycat wrote: »

VERY interesting.... thanks everyone! Apart from NFU (which I'll try as we will be looking for insurance anyway) any other good value places to buy such a product? The vibe I'm getting from you is that if you get it at a good price, it's a good idea yes?

Thanks,

Steve.

Yes it's worth getting anyway, unless your insurance already covers.

Dacouch explained it all very well.

I'd recommend NFU to anybody, it won't be the cheapest but you are dealing with a company with old fashioned values and dare one say these days 'honour' (MP's should google the word)....and you will deal with a local office...no frustrating calls to someplace incompetent thousands of miles away...but they won't always quote for city dwellers being a rural specialist.

I found Co-op insurance good too..again not the cheapest but then good insurance is seldom the cheapest when you actually need it.

KeithP

Honkycat wrote: »

<snip>
...it's a good idea yes?

That depends on whether you are planning to write off your car during the term.:eek:

But seriously, like all insurances, it really depends on whether you can afford the loss. For everyone, the calculation will be different.

harveybobbles

GAP insurance isn't what the OP is referring to.

they are referring to RTI insurance.

GAP ins is the gap between what it's worth and what you owe if it gets written off.

RTI ins is you get what your paid etc.

Pew_Pew_Pew_Lasers!

The odds are that you won't write the car off, and that it won't be stolen.

But you can still pay someone else to assuage your fear, if that's your thing.