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PCP Mini which Gap Insurance
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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!
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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.
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.
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?
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