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Discussion Starter · #1 ·
Hi, just wondering if anyone has had quotes from MINI for their "gap" cover?

I've used ala.co.uk the past few times and was wondering how they compare.
 

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Some people say it's not worth going for, some say it is, i never was in a situation where i had the option of getting it since this will be my first new car.
 

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I got GAP Insurance with my 2013 Mini Cooper - built into my finance package and billed as £500. Pricey I know, but it paid to have it as in January this year, I was involved in a car accident which wrote off my beautiful 10 month old white silver Cooper. It was an insurance write off & the insurance company paid out enough to cover the remaining finance left on the car. The GAP insurance covered the rest up to new market value of the car - I basically got £3k back (taking out the £500 initially paid for the GAP insurance) and I have to say, I'm so glad I took it.
 

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Having had a car written off myself I think it is worth it. Always pays to shop around though ans the dealers always quote very high.
 

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Discussion Starter · #6 ·
Managed to haggle dealer down to £157 today, a little more expensive than ALA, but he did me a good deal on the purchase anyway.
 

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When you write off a car an insurance company typically gives you the 'market' value of the car. Often this is lower than what it would cost you to replace the car or to pay the remaining balance on the car if on finance.


Personally I've never paid for it, and I've saved enough now by not paying it that if the unfortunate happened I still shouldn't be out of pocket.
 

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Discussion Starter · #9 ·
Yes, I was the same....... but the unfortunate did happen to me in January and that's the only reason I've taken cover now.
 

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As I intend to keep the car for the long term i.e. at least 6 years if not more I'm going to take out the 5 year gap option and had a quote today for approx £300 which I think is a very good price considering what it offers. Not had a quote from Mini.
 

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I took it out on my previous JCW. It was instead of installing a Tracker- the reason behind that was if someone nicked it and thrashed it I wouldn't really want it back (Gap covered stolen non recovered). Fortunately didn't need to use it. I have taken in out again on my current MCS at a cost of £300
 

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I am with Direct Line and they say in the first year, for the first owner, they will replace the car if it is stolen and unrecovered or written off, with the same make and model of car.


But only for one year.


Do multiple year gap policies say they will give you the amount you spent on the car (topping up the basic insurance) for all the years of the deal or does the amount decrease with time?
 

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If I remember correctly there is an insured maximum value, but that should take you back up to the original price of the car.

So say the policy was for £15k and the car was written off after a year and the car was £25k new and now worth £18k the insurance would pay out £7k

If the car was written off at 2 years and the car was now worth £13k the Gap would pay out 12k...

I think this is how it works.
 

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I'm not getting mine for another couple of months but I have made some headway into gap insurance and the company I spoke to said that if your insurance cover you for the first year they will postpone gap cover for a year and then start it. i.e. you could get 6 years cover for the price of 5, or 5 for 4 etc etc
 

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That sounds like a good plan Milo, is that a general rule companies follow or just the one you talked to, do you think?
 

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Not sure @johnan as I've only spoken to one Gap insurer but it may well be the norm. Can't see why they can't postpone cover for a year if your car insurance company offers that free replace in the first year.
 

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I am a Navy guy. Got my loan through Navy Federal Credit Union. I took their GAP insurance at US$199. I thought it was worth it. Just posting for comparison with other options.
 

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gap insurance a good plan... i'll remain yet to be convinced!

by everyone getting gap insurance is letting the main insurer of the car off from why you pay your premiums for...

when you insure your car year on year they typically ask how much your car is worth... if they are not going to honor the amount, then why bother asking for a value?

like what has been said above, in the first year most insurance companies will cover cost to replace to new, some on a like for like basis, others may want to haggle and mess with the spec... some of you may have been there, its not always plain sailing!

i hate insurance... its cost me a fortune over the years, only ever tried to make one claim for a div who gave me a door dent in a car park... and guess what... i ended up paying for the repair myself... being private car park etc...

maybe if i had a £80k Maserati id consider gap... but at ~£20k on a mini... id rather have a good weekend away.

far too many insurances for this and that these days... and many of them not worth the time!
 
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