Gap Insurance

[Davey Boy]

After some serious thought and a few test drives (including a TVR Chimera) I decided to take the plunge and am now the proud owner of a 1999 Azure Blue Elise S1 which had just 2000 miles on it when I picked it up on Saturday (it has a few more now as I can't stop driving it!)Fan-bloody-tastic!The excitement of picking it up and driving it home for the first time was made even better when a silver Elise passed me on the motorway, flashed its lights and gave me the thumbs up. Not something that used to happen when I had a BMW!

It's reassuring to know that there are so many knowledgeable owners around to help out with any problems. I have already discovered that it's normal for steam to come out of the front vents and that my PZeros are going to dodgy in the wet.

Anyway the dealer I bought the car off is trying to get me to take up gap insurance. Basically for a one off premium of £300 plus VAT for 3 years they will cover the difference between what you initially paid for the car and what you get from the insurance company. It's valid if the car gets nicked or if you wrap it around a tree yourself.

Does anyone else have this cover or think it is a good idea? My car is parked outside all the time and is my daily driver so I think it could be worth it although having just bought the car I have several other uses for the cash - Road Angel, full set of Advans etc.

I only have 20 days to take up the policy so any advice would be welcome.

Cheers guys.

[B19GRR]

My girlfriend was recently offered a similar gap insurance deal, admitedly on a Seat Arosa. She had a look around on the web and found a few other places that do similar packages for - surprise!!! - less money. Unfortunately she's not around at the mo' so I can't tell you where's best to look. Suggest doing a google search on 'gap insurance' and 'return to invoice'.

[bogie]

I think its worth it on new cars (have it on my S2) when you buy it for say £27K, drive it away, gets nicked 2 months later and the insurance company only pay out market value say £24K ...not good if you have finance outstanding etc. However most insurers offer a brand new car now if you lose/write off your new car in 1st year of ownership anyway. On a used car, that dosent depreciate much (like an Elise) its hard to say whether £117 a year premium is worth it. Hopefully you will have paid market value for it, and thats what it will be continue to be worth etc...its not like youre taking a £4K hit when you drive it away. Thats my understanding of it anyway !

cheers

bogie

[alunr]

bogie said: I think its worth it on new cars (have it on my S2) when you buy it for say £27K, drive it away, gets nicked 2 months later and the insurance company only pay out market value say £24K ...not good if you have finance outstanding etc. However most insurers offer a brand new car now if you lose/write off your new car in 1st year of ownership anyway. On a used car, that dosent depreciate much (like an Elise) its hard to say whether £117 a year premium is worth it. Hopefully you will have paid market value for it, and thats what it will be continue to be worth etc...its not like youre taking a £4K hit when you drive it away. Thats my understanding of it anyway !

Yes but we all know that you cant buy an elise for the Parkers/Glass's guide price and thats all you'll get back from the Insurance company. I heard of an SGT customer ages ago who had written off his Type 49 (?) which he'd paid £23K for - the insurance company, only 1 month later i believe, only offered him £18K. £100 per year - I'd think its worth it.

[Davey Boy]

Thanks guys.

I think I will go for it just for my own peace of mind.

If something does happen I should be able to buy a decent replacement.

I'm not too worried about it being nicked, more concerned that I will bend it round a lamp post as I start getting more confidence in it. Must remember to take it easy in the wet until I get rid of the PZeros!

[seloc]

davey - the payouts on elises recently have been good and people have easily picked up replacement cars - as mate just got £17k for his sport 160 first offer and one sold for well under that...

it may be worth your while getting some driver training if you're worried about bending it.. just to explore the limits etc..

[henrybovis]

Yes but we all know that you cant buy an elise for the Parkers/Glass's guide price and thats all you'll get back from the Insurance company...

If you think the Parkers prices are too low then have a look at the Exchange & Mart Price Guide, that'll bring a tear to your eye and a lump to your throat!