Buying extra insurance
Discussion
I am in the process of buying a new car and, as normal, the salesman is interested in pushing lots of extras.
Some of these being: Gap, Tyre, & Cosmetic insurance. IF I do decide to buy any of these it certainly won't be through the main dealer but it has got me thinking as there are several companies out there offering these insurances.
So has anyone got any experience of this type of insurance? Are they worth having? What is the best (or worse) company to use? Any other thoughts, comments or suggestions gratefully appreciated, thanks.
Some of these being: Gap, Tyre, & Cosmetic insurance. IF I do decide to buy any of these it certainly won't be through the main dealer but it has got me thinking as there are several companies out there offering these insurances.
So has anyone got any experience of this type of insurance? Are they worth having? What is the best (or worse) company to use? Any other thoughts, comments or suggestions gratefully appreciated, thanks.
When I purchased my new Mustang, the Ford dealer offered the insurances, but I had a good read of the paper work.
Tyre insurance was only valid for using the OEM tyres on the OEM wheels, at the time I was going to change the wheels (to the same size wheels as the existing ones - thus saving on buying new tyres), so Insurance not valid
Cosmetic one was only valid if the paintwork had been treated with the paintwork protection package and if you used a 3rd party (like a ceramic coating), it wasn't Valid
GAP - car had to remain stock, so even though the dealer fitted OEM lowering springs (from the Mustang Part catalogue) was no good to me
I did get GAP, but that was from somewhere else.
Tyre insurance was only valid for using the OEM tyres on the OEM wheels, at the time I was going to change the wheels (to the same size wheels as the existing ones - thus saving on buying new tyres), so Insurance not valid
Cosmetic one was only valid if the paintwork had been treated with the paintwork protection package and if you used a 3rd party (like a ceramic coating), it wasn't Valid
GAP - car had to remain stock, so even though the dealer fitted OEM lowering springs (from the Mustang Part catalogue) was no good to me
I did get GAP, but that was from somewhere else.
michaeljclark said:
When I purchased my new Mustang, the Ford dealer offered the insurances, but I had a good read of the paper work.
Tyre insurance was only valid for using the OEM tyres on the OEM wheels, at the time I was going to change the wheels (to the same size wheels as the existing ones - thus saving on buying new tyres), so Insurance not valid
Cosmetic one was only valid if the paintwork had been treated with the paintwork protection package and if you used a 3rd party (like a ceramic coating), it wasn't Valid
GAP - car had to remain stock, so even though the dealer fitted OEM lowering springs (from the Mustang Part catalogue) was no good to me
I did get GAP, but that was from somewhere else.
You Sir, are the 1 in a 1,000 who actually bothers.Tyre insurance was only valid for using the OEM tyres on the OEM wheels, at the time I was going to change the wheels (to the same size wheels as the existing ones - thus saving on buying new tyres), so Insurance not valid
Cosmetic one was only valid if the paintwork had been treated with the paintwork protection package and if you used a 3rd party (like a ceramic coating), it wasn't Valid
GAP - car had to remain stock, so even though the dealer fitted OEM lowering springs (from the Mustang Part catalogue) was no good to me
I did get GAP, but that was from somewhere else.
Hat off.
I spent over 30 years in the general insurance industry, and insurers don't generally offer these products unless they expect to make a profit!
In January 2008 I bought a pre-reg 57 plate BMW and got offered GAP Insurance - isn't that just insurance against depreciation that you will never need unless you trash it?
I was also offered Tyre Insurance for about £500, but it had new tyres and the cover only lasted 3 years! I refused that too, and sure enough my 1st puncture occurred more than 3 years later and a new tyre "only" cost £150!
Unless you tend to be very unlucky I'd say "No" to all of them.
In January 2008 I bought a pre-reg 57 plate BMW and got offered GAP Insurance - isn't that just insurance against depreciation that you will never need unless you trash it?
I was also offered Tyre Insurance for about £500, but it had new tyres and the cover only lasted 3 years! I refused that too, and sure enough my 1st puncture occurred more than 3 years later and a new tyre "only" cost £150!
Unless you tend to be very unlucky I'd say "No" to all of them.
Mr Tidy said:
In January 2008 I bought a pre-reg 57 plate BMW and got offered GAP Insurance - isn't that just insurance against depreciation that you will never need unless you trash it?
Unless you tend to be very unlucky I'd say "No" to all of them.
Well yes. That’s what it is. Why do you think it’s such a bad idea?Unless you tend to be very unlucky I'd say "No" to all of them.
I paid ~£200 for 4 years of ‘vehicle replacement plus’ type GAP cover with no claim limit for my M4. The policy provides cover for whatever the gap is between the insurance payout and the cost of a brand new replacement vehicle to the same spec’, or nearest equivalent if there’s a new model released.
Given that, at best, my car will be worth £30k by the time it’s 3 years old and, if it went missing or got written off, an equivalent replacement new car will be well over £70k, I’m happy with that premium for £40k+ of cover.
PorkInsider said:
Given that, at best, my car will be worth £30k by the time it’s 3 years old and, if it went missing or got written off, an equivalent replacement new car will be well over £70k, I’m happy with that premium for £40k+ of cover.
Well it seems I had a bit more faith in my driving ability! Mr Tidy said:
PorkInsider said:
Given that, at best, my car will be worth £30k by the time it’s 3 years old and, if it went missing or got written off, an equivalent replacement new car will be well over £70k, I’m happy with that premium for £40k+ of cover.
Well it seems I had a bit more faith in my driving ability! PorkInsider said:
Mr Tidy said:
PorkInsider said:
Given that, at best, my car will be worth £30k by the time it’s 3 years old and, if it went missing or got written off, an equivalent replacement new car will be well over £70k, I’m happy with that premium for £40k+ of cover.
Well it seems I had a bit more faith in my driving ability! 
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