Talk to me about gap insurance

Discussion in 'General chat' started by David Brelsford, Jun 28, 2020.

  1. David Brelsford
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    David Brelsford

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    Hello all...

    As title says, any advise on gap insurance? I pick up my new 8 series in September, and I'm thinking it's best to take out the gap insurance, as I don't want to become a cropper if the worst was to happen.
    I've not had a quote from BMW as yet, but have had quotes on line from a few companies, I.e. someone called ala, and frank pickles, and a few others.
    All seem to be coming in at between £360 and £650 ish depending which one you pick, I.e back to invoice/replacement new car, etc, Frank pickles was £442 for 4 years, which was "replacement gap insurance" this from what I understand seems to be very good.
    Not sure what BMW will quote me yet, as I've not got round to speaking to them yet.
    What is the best to go for, back to invoice, or replacement gap insurance?
    What is the difference?
    I've not taken this type of insurance out before, so don't know much about it.
    Are those companies I've mentioned good, or am I best to go with the BMW one.
    Sorry for so many questions, but really not sure what to go for. Invoice price of the car is £78105.00.
    Kind regards,
    Dave....
     
  2. Rob530i
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    Rob530i Site Supporter

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    I would definitely consider gap insurance. This will cover the difference between your normal insurance payout and that required to replace your written off/stolen car of the same value. I went with BMW's in the end but you can buy this yourself from the bigger insurance companies (it is not a specialist policy in that sense). You can get 4 years cover for not much more than 3 years if you look into it. If you choose BMW, they are just selling someone else's policy, so taking a commission on it. No different to a broker, really. I managed to get the gap cover for about half of what they were offering at the beginning of the negotiations. You have to be prepared to walk away from the car if they try to tie the whole deal with the full price for the extras. Use your mobile to show what typical prices you can get and get them to justify the 200-300% mark up!

    By the way, I went with the Autoglym package inside and out and have to say that the car is much easier to wash/clean with this on. Expensive, but if like me, you wash your own car, it is well worth it for the time saving.

    Hope this helps.

    Rob
     
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  3. The Livster
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    The Livster Site Supporter

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    I usually go with ALA , never claimed but they are good to deal with, competitive and good reputation
     
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  4. The Livster
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    The Livster Site Supporter

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    A quick guide


    The Vehicle Replacement policy requires the car to have been a. collected within the last 60 days and b. be less than 4 months old with fewer than 1500 miles on the clock. Assuming that is the case and that your car was brand new when purchased, if you select this policy and your car was a total loss we would pay the difference between the insurer’s market value settlement and the cost of a brand new car of the same type, even if it is more than you originally paid.


    The alternative is Back to Invoice + which doesn’t have those age and mileage restrictions, and will simply pay the difference between the insurer’s settlement and the original invoice price you paid for the vehicle i.e. approximately £72,000.
     
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  5. David Brelsford
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    David Brelsford

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    Thanks for the reply guys, really appreciate it, but I'm still a little confused.
    The car is brand new, (not built yet, pick it up in September) which one should I be going for? I'm new to this gap insurance, and really not sure what best?
    Sorry to sound a little dumb on this..
     
  6. The Livster
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    The Livster Site Supporter

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    vehicle replacement guarantees a new car , back to invoice covers what you paid. Assuming price’s go up over term of insurance the replacement policy is what I go for but if you speak to ALA they will happily explain
     
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  7. David Brelsford
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    David Brelsford

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    Thank you, perfect layman's terms..This is what I was thinking, but was unsure.. you've made it clear for me:thumleft: I will go for replacement policy. .
    Kind regards,
    Dave...
     
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  8. Abh29
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    Abh29 Site Supporter

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    Worth noting some insurance company include replacing car with identical if required in first 2 years.
     
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  9. f30paul
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    f30paul

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    I never used to bother with gap insurance when I bought cars I’m with cash/part exchange. However after the first PCP deal I did with BMW where I saw the ‘total finance taken’ and compared that with the value of the car, I felt with finance in the mix I really needed it, for peace of mind.

    Return to Invoice is what I usually go for as my cars are purchased below £20,000 and always used...

    Obviously everyone’s situation is different, especially if you’ve got a 70-grand invoice!!

    Ps: if anyone does think I should be using ‘vehicle replacement’ in my situation do shout up, I’m still within the 14 days of changing my mind!

    Sent from my iPhone using Tapatalk
     
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  10. GunRunner
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    GunRunner Site Supporter

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    We have been using GAP insurance since 2007. We have had policies on the two family cars that we had at the same time. They are 2017 Audi Q5 2.0TFSI Sline and my wife's 2019 1.0TSi 95 Polo SE. The company we are with and have been for many years is called AEQUITAS automotive Ltd. Trading as totallossgap.co.uk. Very importantly their telephone number is 0800 195 4926 or 0151 647 7556. They do not just sell you GAP insurance they are brokers and, they look at every company in this field and give constructive informed advice to suit your needs and supply what you want accordingly. Their advice is completely free.

    We have now decided to go back to a one-car family and have ordered an F48 2020 BMW X1 xDrive 2.0i M Sport. I decided to sell the Audi first, to be followed by the Polo when the new car arrives. As soon as I told them what I was doing, they asked me to ring them back as soon as the Audi was disposed of. We sold it back to a dealer, and on that day I rang them, they canceled the policy and they refunded part of it. There were 2 years left, and they paid back the 2 years left minus an admin fee.
    As soon as the new BMW X1 arrives they have advised us to ring them and they will refund what is left of the Polo policy as we take out the new one for the X1.
    Edited. Vehicle replacement is what I always go for, and where possible a 4-year policy.
     
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    Last edited: Jun 28, 2020
  11. snrbrtsn
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    snrbrtsn WARLORD Site Supporter

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    I ordinarily wouldn’t advocate such a policy, though do have a current return to invoice policy After much deliberation
    In my case, Mercedes policy was ridiculous within the small print so worth reading
    I have / got an Auto protect policy with £0-£75000 for £199, worth shopping around
     
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  12. aldo
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    aldo

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    I got mine through BMW and negotiated a slightly cheaper price.

    £300 to cover 60 months (30k)

    I looked at ALA and similar and wasn’t too much difference in price.

    Can also pay interest free and if you sell the car they pro rata and refund.


    Sent from my iPad using Tapatalk Pro
     
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  13. Abh29
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    Abh29 Site Supporter

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    I have only ever taken one car on pcp and paid that off after 3 months and paying interest for that period Bought that way to get big contribution from dealer/BMW.
    The dealer knew who my insurers were and pointed out they replace the car in the first 2 years so GAP not worth considering as I going to pay it off after 3 month (his advice better not to pay off sooner)
     
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    Last edited: Jun 29, 2020
  14. Abh29
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    Abh29 Site Supporter

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    missed these off previous IMG_5822.PNG IMG_5823.PNG
     

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  15. Ibby
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    Ibby

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    Another shout out from me for totallossgap (used them for my previous two vehicles).

    This time for the G05 gone with tidyalloys.com (after recommendations from martin Lewis's website). £230 for a 4 year policy with invoice price of £55k (return to invoice which will cover the lot inc finance)
     
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    Last edited: Jun 29, 2020
  16. The Livster
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    The Livster Site Supporter

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    Just a taste 541D36C1-9AD6-4271-8C8D-2650C4CFC569.jpeg 59CF9D6B-FECF-4141-9168-20CB76C7EE39.jpeg
     

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  17. K777
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    K777 WARLORD Site Supporter

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    Best £600 I ever spent, wrote a £95k Panamera off last year (not my fault), valued at £65k on insurance. GAP paid out the rest, ended up with £30k for deposit on its replacement.

    I would recommend going for cover that puts you back to new price, particularly as you are buying a new car.


    Best £100 i ever spent was on dashcams, without which the k**b who reversed into my path (who i didn't hit) would have denied any responsibility, and was until my dash cam evidence was put to his insurers.
     
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  18. David Brelsford
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    David Brelsford

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  19. The Livster
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    The Livster Site Supporter

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    You will love it I’m sure.
     
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  20. David Brelsford
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    David Brelsford

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