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      06-04-2007, 02:20 PM   #1
LRS
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GAP Insurance - Vast Price Differences

Dear All

I’ve been reviewing (Return to Invoice) GAP insurance from a number of companies for my new 335d. I’m quite perplexed as to the wide range of pricing for the same type of cover.

Quotes range from:

£198 - Car-finance.net
£212 – Shortfallcover
£240 - Hitachi Capital
£340 - Click4Gap
£475 – BMW Dealer

Are each their products Terms & Conditions so very different from each other to explain the vast range of quotes?

Does anyone have a personal experience with any of these insurers? Specifically, if you have had the unfortunate need to make a claim?

Does the old saying “you get what you pay for” apply to these companies? Or are they all much of a much ness, with some having better buying power then others?

Any help on this would be much appreciated.

LRS
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      06-04-2007, 02:23 PM   #2
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What's the term on these prices?

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      06-04-2007, 02:30 PM   #3
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TERM = 3 Years

CLAIM LIMIT = £20,000
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      06-04-2007, 02:30 PM   #4
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I paid £170 for a three year RTI GAP policy with Click4Gap, which covered up to £15,000. The equivalent BMW Finance product via the dealer was over £540.

They should all be regulated by the FSA, so in theory they should all be equal in terms of protection it is just the premium which differs.
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      06-04-2007, 03:14 PM   #5
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peterg1965

How were you able to get such a low premium with Click4Gap?

Did you look at any other insurers before going with Click4Gap?
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      06-04-2007, 03:23 PM   #6
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Quote:
Originally Posted by LRS View Post
peterg1965

How were you able to get such a low premium with Click4Gap?

Did you look at any other insurers before going with Click4Gap?
If I remember (it was last Sept), the premium was £200, I had an Autotrader discount code which gave £10 off, I believe these are no longer available, I took the policy out accessing the Click4Gap website via a cashback site ( www.topcashback.co.uk ) which gave me £20 of cashback, this made the premium £170.

Having had a look at Click4Gap again tonight, the premium has obviuosly gone up since last year, although it is still competitive compared to the dealers. I did look at Hitachi but they were more expensive.

The irony, I sold the car after 8 months (E91 320d M Sport Touring) so never needed the GAP as I should have been covered 'new for old' on my motor insurance policy.
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      06-05-2007, 08:30 AM   #7
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Thanks peterg1965

How would you rate Click4Gap?

Did you go with them purely based on their price or was their policy more solid then the completion?
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      06-05-2007, 08:43 AM   #8
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Usually... you can get gap insurance through your insurance company....check with them, mine is $8.00 a year! I refuse to pay the dealer mark up BS price they offer.
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      06-05-2007, 10:48 AM   #9
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Quote:
Originally Posted by LRS View Post
Thanks peterg1965

How would you rate Click4Gap?

Did you go with them purely based on their price or was their policy more solid then the completion?
LRS, I will be honest, I bought based on price. I did call first and talked to a man at their office, he sounded knowledgebale and entirely convincing. The company is regulated by the FSA, which I assume provides for payout in the event of the company going under. I would rate them highly on the buying experience alone, I clearly did not claim so cannot comment there. I have dug out my old policy document, I actually paid £197 after the £10 Autotrader discount for £15000 cover over 3 years from Sept 06, it was RTI cover. Premiums have risen since then. I will be buying another GAP policy when I get my new car so will probably go back to Click4Gap.

Click4Gap is 'brough to you by Future45 Ltd' - as it says on the document. It is internet based so you print out your own certficate of cover. Hope that helps.
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      06-09-2007, 09:06 AM   #10
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With Gap insurance, make sure you read the fine print to know what you are actually getting - see Honest John's comments in today's Telegraph for info (http://www.telegraph.co.uk/motoring/...09/mrjon09.xml), under 'Mind the Gap'.
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      06-10-2007, 01:23 PM   #11
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BC4J

I decided to go directly with Hitachi Capital Insurance (Europe) Ltd, for 3 Year, £20K, RTI Gap Insurance.

Thanks for the “Mind the GAP” warning on reading the fine print. Hitachi states the following:

“We will pay the financial shortfall between the Insured Value and purchase price of the Vehicle, as confirmed in the Sales Invoice, up to the Sum Insured”.

Coincidently, I received my BMW Tyre Insurance paperwork yesterday with a notice letter stating that BMW is moving away from Haven Insurance to Hitachi Capital Insurance (Europe) Ltd. I took this out at the time of purchase.

Hopefully this is a good endorsement for Hitachi…

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      06-10-2007, 02:28 PM   #12
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RTI Insurance

Hi Newbie here - first post.

I'm looking into RTI at the moment as well - I'm going to be requesting a quote from Lombard, who I'm told come in at c. £8.25 per month, (so £99) a year) which seems pretty good. Don't know the full details yet but will post an update when I do.
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