PCP Mini which Gap Insurance 14 November 2022 at 11:19PM in Motoring 14 replies 248 views

Bolt1234

thank you Dr.

Noggin500

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.

A lot of finance companies won't accept a replacement vehicle onto the PCP - they'll want a cash settlement. Under these circumstances, many motor insurance companies will only pay out to the market value, not the invoice price you paid (let alone the replacement cost). Also, most motor insurers will only replace the vehicle with a new one "if one is available" (check small print!). New cars are like hen's teeth to get hold of, so again, they may well revert to a market value cash settlement instead.

Worth checking the GAP underwriting and go for A-rated insurers (several unrated underwriters have gone bust over the last few years), which can leave you high and dry - it happened to Warranty Direct customers a few years ago.

Racky_Roo

I got my new Mini covered by ALA after getting it in September. Went with them as they were a good price but also because my friend had her new car written off after only 8 months of ownership and they paid the gap to get a new one within a few days. 

I 100% would recommend getting it from day 1, insurers will try anything to reduce their payout

Bolt1234

Racky - thank you.  I think I used ALA as well as they are a recommended one