It is called GAP insurance. You take out the cover from dealers when you buy your car. I know this because i sell cars and sell this product. Not sure if you can buy it after the initial purchase. Just protects the invoice price of the vehicle if the worst should happen.
I am 20 with nine points on my licence. 3 years no claims with the value at 11000 and i got quoted 600 from elephant. try them they seem to be really good. You def wouldn regret getting a gti. Ace little car!!!!!!!!!