Originally Posted by peterg1965
mmmmmmmmm at the end of the day it is £210 for 'peace of mind' (maybe). I am buying on finance but with a large deposit so hopefully the car's market value will always be higher than the settlement figure. ( I hope). I agree that it is a 'gamble' of sorts and depends on your attitude to the risk of writting the car off
I also took out a gap policy - cost about £160 if I remember right and will pay up to 12.5k to cover a shortfall in the event of a write off.
I also have the car on finance and with the higher values of a beemer I feel safe knowing that even if the insurance is 10% light on paying out, the extra 3 or 4k would be paid for me by the insurer to get the finance settled. Finance companies often have a penalty and admin fees for settling early (often several hundreds) and lease companies often require 3 months payments to end a lease early - the insurance I have also covers this.
It is down to an individual at the end of the day, but I dont know many people who have been paid more than their car was worth by an insurer, but know of many who feel they have been shortchanged.
My sis's boyfriend recently had his Vectra Sri estate trashed - He had only had it a few months but the insurer paid out bottom book price. left him over a grand worse off on it and when he tried to haggle they were having none of it (and this was on a four year old car) - imagine the difference betwen top and bottom book price on a 30k car.