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