GAP Insurance

T

TitanTim

Elite
Hi all,

Will be collecting the M140i on Thurs and currently looking at GAP insurance. I've had it through the dealer in the past and know I've probably paid twice what I should have :cry: and had my pants pulled down :) I've been looking at quotes but unsure what Policy Claim Limit to go for i.e. 5K, 10K, 15K etc. I would be looking at having it for the duration of the 4 year PCP. Any advice would be welcome, worried if I chose a lower amount it might not be enough to cover the Gap difference? I'm looking at Vehicle Replacement rather than Return to Invoice. Cost of vehicle is 38K.

Many thanks,

Tim.
 
Been looking at that for my son's car, it is about £275 now for an "unlimited back to invoice". Pound for pound, it is more expensive that the 75k I did for the Porsche which was £300.
 
pvr said:
Been looking at that for my son's car, it is about £275 now for an "unlimited back to invoice". Pound for pound, it is more expensive that the 75k I did for the Porsche which was £300.
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Thanks pvr, I'm looking at GAPInsurance.co.uk and full vehicle value is £249 for 4 years but unsure if thats overkill.

Tim.
 
Just a personal thing, but I don't like it.

You buy a car for £XX,000 and three years later its only worth £YY,000 if you sell it on the open market.
However, ....GAP insure it, then if you 'accidentally' smash it, lose it, burn it, or whatever, we'll pay you out £Z,000 more than its actually worth ???

Far too tempting to too many dodgy individuals, which is probably why the premiums are rising.
 
Number5 said:
Just a personal thing, but I don't like it.

You buy a car for £XX,000 and three years later its only worth £YY,000 if you sell it on the open market.
However, ....GAP insure it, then if you 'accidentally' smash it, lose it, burn it, or whatever, we'll pay you out £Z,000 more than its actually worth ???

Far too tempting to too many dodgy individuals, which is probably why the premiums are rising.
Click to expand...

See your point of view, I guess depends if you want to be be able to replace a 2 year old car with a new one than trying to find another comparable 2 year old car with similar milage, condition etc, I think its money well spent to be honest for the sake of 200 quid which puts you back in a new car.

Tim.
 
Number5 said:
Just a personal thing, but I don't like it.

You buy a car for £XX,000 and three years later its only worth £YY,000 if you sell it on the open market.
However, ....GAP insure it, then if you 'accidentally' smash it, lose it, burn it, or whatever, we'll pay you out £Z,000 more than its actually worth ???
Click to expand...
No different to paying a bit extra on home contents insurance for new-for-old accidental damage replacement cover...
 
I would always go with the "return to invoice" for total piece of mind. £275 is a decent price however if you want to keep it all with the dealer they usually can price match, even at that price point so worth an ask.

Just remember to avoid the temptation to drive it into a wall after 3 years, 11 months and 3 weeks! :rofl:
 
MACK said:
I would always go with the "return to invoice" for total piece of mind. £275 is a decent price however if you want to keep it all with the dealer they usually can price match, even at that price point so worth an ask.

Just remember to avoid the temptation to drive it into a wall after 3 years, 11 months and 3 weeks! :rofl:
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Thanks MACK, can I ask why you think return to invoice would be better than Vehicle Replacement? as I thought return to invoice wouldn't take into account any future retail price increase?

Tim.
 
bluestreak56 said:
Heres a guide I wrote when buying mine..

http://www.z4-forum.com/forum/viewtopic.php?f=2&t=34430&hilit=+gap
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Thanks for that, very helpful and some things to check out now, I will ask the dealer anyways but I doubt they will do a half decent price compared to others.

Tim.
 
Have a look at car2cover
In March this year I took out GAP insurance with them on £37k car
Paid £285.00 for 5 years of cover maximum £25,000 pay out return to invoice.

Very few companies offer 5 years cover and you won't be surprised to know that a 5 year old £37k car is worth the square root of naff all to insurance companies if you were to have it written off.

The other reason I chose them is that the balance of any policy is transferable if you were to sell the car before the 5 years are up.

Used them 3 times now, cannot comment on any claims as thankfully never had to make one.

.
 
TitanTim said:
MACK said:
I would always go with the "return to invoice" for total piece of mind. £275 is a decent price however if you want to keep it all with the dealer they usually can price match, even at that price point so worth an ask.

Just remember to avoid the temptation to drive it into a wall after 3 years, 11 months and 3 weeks! :rofl:
Click to expand...

Thanks MACK, can I ask why you think return to invoice would be better than Vehicle Replacement? as I thought return to invoice wouldn't take into account any future retail price increase?

Tim.
Click to expand...

Simply because I've heard stories (third hand) of issues with replacement vehicle cover if the model is discontinued, it had pricey options on it or for example it is getting on a bit or not selling well and huge discounts can now be had off new prices which the insurer uses to reduce the payout. Like I said its all third hand so could be a load of tosh, but at least with return to invoice you know exactly what your getting.

Price wise you would be surprised what the dealer can do and just how much they can make on this stuff. I was quote £750 on the last new Porsche I bought by Sheffield Porsche Centre, I declined told them I could get it for £300 and they price matched there and then!
 
Thanks MACK appreciate your thoughts, will hold off and see what the dealer comes back with and can match the quote I have, doubt it though as they will want their commission.

Tim.
 
GAP was sorted, I went with GAPinsurance.co.uk in the end with vehicle replacement at full value for 4 years, came out at 249 quid but with a 10% BabyBMW discount so reduced to 224. Strangely the dealer didn't push their GAP or any other insurance which I was surprised with.

Tim.
 
When we bought Mrs K's car last year we went with ALA. they seemed to offer the right policy at the right price. You have six months to start a policy after buying the car and they are FSA approved. I got five years cover on her car.
I think (from memory here) I decided on return to invoice.

My car insurance is new for old during the first 12months so the overlap of cover is reduced.
 
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