I have always said no to any insurance product unless it is required by law (I.e. Car insurance).
I was unlucky enough to write my Z4M off on the 1st Sept and had concerns at what I would get back from the insurance company.
Fortunately for me I was lucky in that they had difficulties in valuing the car and used the BMW Used car locator as a base point for the valuation. This was before 06 regs started popping up for sub £30k.
I was fortunate to have them pay out £1000 less than what I actually paid for the car. I obviously lost my excess (£650) as well. Thus my car only lost me £1650 in 9 months of driving. I think this in part was due to me getting a good deal in the first place.
Would I take GAP insurance in the future ? I am not sure really. It would obviously pay upto the invoice price I paid for the car which in my case didn't result in a big loss. If I had bought the car new I could of been looking at a >£10,000 loss. The cost of GAP is c£300 so would of been beneficial in my case but like any insurance is a waste unless you need to use it. If I take into account all the years I haven't bought it then I have easily saved more than the £1650.
I also dont plan to write off another car anytime soon so would probably pass next time - maybe ?
Think my new car will also be another Z4M Roadster !
I was unlucky enough to write my Z4M off on the 1st Sept and had concerns at what I would get back from the insurance company.
Fortunately for me I was lucky in that they had difficulties in valuing the car and used the BMW Used car locator as a base point for the valuation. This was before 06 regs started popping up for sub £30k.
I was fortunate to have them pay out £1000 less than what I actually paid for the car. I obviously lost my excess (£650) as well. Thus my car only lost me £1650 in 9 months of driving. I think this in part was due to me getting a good deal in the first place.
Would I take GAP insurance in the future ? I am not sure really. It would obviously pay upto the invoice price I paid for the car which in my case didn't result in a big loss. If I had bought the car new I could of been looking at a >£10,000 loss. The cost of GAP is c£300 so would of been beneficial in my case but like any insurance is a waste unless you need to use it. If I take into account all the years I haven't bought it then I have easily saved more than the £1650.
I also dont plan to write off another car anytime soon so would probably pass next time - maybe ?
Think my new car will also be another Z4M Roadster !