PCP Mini which Gap Insurance 14 November 2022 at 10:19PM in Motoring 14 replies 231 views

Bolt1234

I am picking up my new Mini which is worth £33k next week.  Could someone guide me as to which gap insurance I should be looking at and for how long? PCP is for 4 years but I presume I will get the ‘call’ offering a new one after say 2 years!

Many thanks

Grumpy_chap

I can't comment on the GAP insurance, but you've had a long wait so really hope you love the car when you have it

Bolt1234

Grumpy.  You remembered me!

DrEskimo

Whatever you go for, go through an online seller and avoid the dealers offering. There are generally three main types:

Finance GAP = Cover the shortfall from the main insurance payout and the cost to settle your finance.

Return to invoice GAP = Cover the shortfall from the main insurance payout and the invoice price of the car.

Replacement vehicle GAP = Cover the shortfall from the main insurance payment and the cost to get a like for like replacement of the car (can be more valuable that return to invoice in situations where a new model is more expensive, or discounts are reduced).

Some providers just provide a single policy with no limit, and pay out whichever is highest. TotalLossGap did that, as well as offering up to 5yrs on a used car, so I went with them.

How long. As long as you intend to keep the car. 4-yrs at minimum I would suggest.

flashg67

There is a school of thought that says not to bother in the first year as your comprehensive insurance will very likely replace 'new for old' in the event of a write off in the first 12 months.

DullGreyGuy

flashg67 said:

There is a school of thought that says not to bother in the first year as your comprehensive insurance will very likely replace 'new for old' in the event of a write off in the first 12 months.

Assuming its brand new not just new to the OP... certain finance arrangements can also break the new vehicle replacement clauses

Grumpy_chap

Yes, brand new for the OP who has waited best part of the year for the car to arrive.

caprikid1

"Yes, brand new for the OP who has waited best part of the year for the car to arrive."

Best part of a year ! , Luxury !, we gave up on an VW ID4 as it just kept getting extended 4 months. Probably best part of 14 months late.

Bolt1234

So ordered in April 22.  Mini JCW is coming next week.  Rebel Green with Black Roof.  I was tempted by the Island Blue with Black Roof but thought I might get a bit tired of the bright blue (and it was more expensive!).

Having a bit of a midlife crisis with a car like this.  If it hadnt come I would probably have gone for whatever they had available as I needed to give my old Mini Countryman back.   Do like Mini's and I have had all sorts over the years, Merc's, BMW's etc when I was entitled to a company car.  

I did get Gap Insurance back in the day and cannot remember which one was the best.  I guess they are a waste of time until you want to claim.  

I am just thinking though if I buy 4 year term insurance and then swap over to another PCP half way through the 4 years  wont I have wasted my money on the last 2 years?

DullGreyGuy

Bolt1234 said:

I did get Gap Insurance back in the day and cannot remember which one was the best.  I guess they are a waste of time until you want to claim.  

Would you rather some scrot torched your car so you didnt waste money on the insurance? Not claiming is generally the best outcome!

There is no one type of GAP thats best... RV gives the best certainty of getting a replacement vehicle but RtI can mean you get more money than needed for a replacement vehicle or less depending on how the price of cars have moved

DrEskimo

Bolt1234 said:

I am just thinking though if I buy 4 year term insurance and then swap over to another PCP half way through the 4 years  wont I have wasted my money on the last 2 years?

Most providers allow you to transfer for free if you change car.