Hey guys,

I was gonna ask about the insurances that dealers try and sell but I've looked into it and apart from GAP I don't think the alloy wheel or paint chip insurance is worth it at all.

GAP is only worth it if your car gets written off, hopefully that'll never happen but for the £150 I've found it seems a small(ish) price to pay over 3 years.

Alloy wheel insurance, well, initially I thought it was worthwhile but the more I look into it I don't think it is.

I've found cover that is £191 for 3 years and this will do a maximum of 4 repairs a year, with a £10 excess for each repair, if you use all 12 repairs (which if you've taken it out you really should otherwise it's wasted money) it will come to £311

I called a refurb company and they said a full refurb on an 18"er with diamond cut is £85, so for the price of the insurance you can get 3 full refurbs done with £56 left over.

Does anyone have any opinions? Have they got these insurances and had to use them?

Thnaks,

Martin

With insurance you always pay more than the true odds of incident occurring / cost. Because a big chunk goes on a) dealer commission, b) the cost of paying insurance staff to sit around chatting and drinking coffee etc, c) insurance company profit.      If an uninsured loss won’t seriously affect your life then don’t insure. That’s what I reckon.  I worked for insurance companies for over 35 years. I accept that insurance for some things is needed, if my house burnt down I wouldn’t have enough to pay for it to be rebuilt

And medical insurance when abroad eg bringing you home if you were in a serious accident. Third party cover where someone could sue you for a million if you caused them serious injury. So I don’t advocate no insurance. But it’s for incidents that would seriously affect your finances long term in my view

12 minutes ago, isetta said:

And medical insurance when abroad eg bringing you home if you were in a serious accident. Third party cover where someone could sue you for a million if you caused them serious injury. So I don’t advocate no insurance. But it’s for incidents that would seriously affect your finances long term in my view

Wise words indeed, House insurance and holiday insurance are pretty much must haves. Insurance that'll pay for a scuffed wheel is indeed pretty much way down the list of must haves.