Offset insurance (aka gap insurance)

southsider1972 · 05-21-2007, 02:29 PM

Anyone taken this out? Think it is worth it?
Dealer trying to sell me it at £349 for 3 years. Thinking about it because i put about five grand of extras on new car.
Thoughts?

manticore · 05-21-2007, 04:01 PM

Thats not a bad price from what I've seen around on the internet. My stealer quoted nearly £1000 for 3 years! I think I've quite a bit of haggling downwards!

roofer · 05-21-2007, 04:16 PM

It insures the finance company for shortfall, before it serves you any purpose.

Steve A · 05-21-2007, 04:56 PM

Ive got my fully comp insurance with sainsburys.

Inc in the policy is a brand new replacement car if the car gets stolen or written off, within the first 12 months. No need for GAP then

ChrisMWard · 05-22-2007, 01:38 AM

Quote:

Originally Posted by Steve Ashton

Ive got my fully comp insurance with sainsburys.

Inc in the policy is a brand new replacement car if the car gets stolen or written off, within the first 12 months. No need for GAP then

But do you plan to keep your car for longer than 12 months?

Regards

Chris

silverbmwz3 · 05-22-2007, 03:07 AM

That sounds like a good price - I'm sure my dealer wanted something like a hundred quid a month to cover it!

Get an insurance policy that covers you with a new car (privelege seem to, as do sainsburys) and make sure you call them and list the extras (privelege advised me on the phone that they don't cover extras unless you call them and detail them!)

That covers you for the first year. After that to me it seems like you are buying something for nothing. You lose a 2 year old car and you get the value of a 2 year old car back - where's the gap? Why would you expect a brand new car back when the car you crashed/had stolen was 2 years old?!

OK so some will say that the insurance company won't even give you the value of a 2 year old car... well, maybe - is that people's experience here? If so it is like any insurance, how likely do you think it is to happen to you and is the value of the 300 quid or whatever worth more to you than the risk you run by not having it? I didn't take it.

05-21-2007, 02:29 PM	#1
southsider1972 New Member 4 Rep 20 Posts Drives: 2007 E93 335 M Sport Join Date: Mar 2007 Location: Glasgow, Scotland iTrader: (0)	Offset insurance (aka gap insurance) Anyone taken this out? Think it is worth it? Dealer trying to sell me it at £349 for 3 years. Thinking about it because i put about five grand of extras on new car. Thoughts?
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05-21-2007, 04:01 PM	#2
manticore Registered 0 Rep 4 Posts Drives: Nissan 350Z Join Date: May 2007 Location: UK iTrader: (0)	Thats not a bad price from what I've seen around on the internet. My stealer quoted nearly £1000 for 3 years! I think I've quite a bit of haggling downwards!
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05-21-2007, 04:16 PM	#3
roofer Lieutenant 21 Rep 584 Posts Drives: 335D M Saloon Join Date: Apr 2007 Location: Essex iTrader: (0)	It insures the finance company for shortfall, before it serves you any purpose.
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05-21-2007, 04:56 PM	#4
Steve A Brigadier General 96 Rep 3,465 Posts Drives: too much Join Date: May 2007 Location: Manchester UK iTrader: (0)	Ive got my fully comp insurance with sainsburys. Inc in the policy is a brand new replacement car if the car gets stolen or written off, within the first 12 months. No need for GAP then __________________ C350 cdi sport estate facelift 457lbft 130i M SportMercedes C350 CDI Sport Estate AutoMini Cooper Auto.Mercedes E250 CGI,Lexus IS-F,R36, RS4 Saloon,ML 420 CDI SPORT,M6, 335d, C55, C32, M3, M5, S3, ALL SOLD but fondly remembered
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05-22-2007, 03:07 AM	#6
silverbmwz3 Colonel 48 Rep 2,022 Posts Drives: X5 g05 Join Date: Mar 2007 Location: Buckinghamshire, UK iTrader: (0) Garage List 2003 325 ci SE conv ... [0.00]	That sounds like a good price - I'm sure my dealer wanted something like a hundred quid a month to cover it! Get an insurance policy that covers you with a new car (privelege seem to, as do sainsburys) and make sure you call them and list the extras (privelege advised me on the phone that they don't cover extras unless you call them and detail them!) That covers you for the first year. After that to me it seems like you are buying something for nothing. You lose a 2 year old car and you get the value of a 2 year old car back - where's the gap? Why would you expect a brand new car back when the car you crashed/had stolen was 2 years old?! OK so some will say that the insurance company won't even give you the value of a 2 year old car... well, maybe - is that people's experience here? If so it is like any insurance, how likely do you think it is to happen to you and is the value of the 300 quid or whatever worth more to you than the risk you run by not having it? I didn't take it. __________________ Current: E90 335d (May 2007) \| Black/Black \| Prof Hifi \| Prof Nav \| 6FL \| Fully Electric Seats \| Xenons \| Folding Mirrors \| PDC Previous: 325ci Conv. Black/Black with lots of ACS Previous: z3 3.0 Silver with Black&Red Leather
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