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BMW 3-Series (E90 E92) Forum > BMW E90/E92/E93 3-series General Forums > Regional Forums > UK > Contract Hire & GAP insurance



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      02-09-2011, 12:24 PM   #1
sheps
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Contract Hire & GAP insurance

Quick question for those running vehicles via contract hire with GAP insurance;

Who is underwriting your GAP insurance policy and what is the claim limit?

Our cover, up until now, has been pegged at 10k

However, we have some cars on the fleet that, if written off on day one of contract start, represent a 30k liability from an outstanding rentals point of view.

Obviously I need to address this to ensure those with long terms & high monthly rentals are sufficiently covered, so I need to shop around.

Any advice (along with premium cost) would be greatly appreciated.

Si
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      02-09-2011, 12:26 PM   #2
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Can vary depending on how much you want to pay/risk, On my last carI looked at 25k GAP cover but decided on back to invoice.
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      02-09-2011, 01:14 PM   #3
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Quote:
Originally Posted by creepy coupe View Post
Can vary depending on how much you want to pay/risk, On my last carI looked at 25k GAP cover but decided on back to invoice.
Ours definitely needs to be GAP on this one particular example;

Merc C63 with a few bells and whistles.
Invoice value of car circa 62k
Monthly rentals of 750+VAT/month

If car is a total loss Mercedes corporate (funder) want market value of car + 100% of oustanding monthly rentals.

Market value of car is covered by our AIG fleet insurance, so no issues there.

The risk is the total value of the outstanding rentals.
If car is written off on day one the potential bill is 35*750+VAT

Back to invoice doesn't help us until the outstanding rentals total less than the difference between market value and original invoice, surely?
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      02-09-2011, 03:13 PM   #4
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I have used Surf and Protect on many occasions, they have an online chat function where you often get to talk to someone senior and often they give prices lower than the quotes on the website. Well worth a try in my opinion. I pay about 150 for 3 years cover with 20k limit.
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      02-09-2011, 05:39 PM   #5
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Quote:
Originally Posted by sheps View Post
Ours definitely needs to be GAP on this one particular example;

Merc C63 with a few bells and whistles.
Invoice value of car circa 62k
Monthly rentals of 750+VAT/month

If car is a total loss Mercedes corporate (funder) want market value of car + 100% of oustanding monthly rentals.

Market value of car is covered by our AIG fleet insurance, so no issues there.

The risk is the total value of the outstanding rentals.
If car is written off on day one the potential bill is 35*750+VAT

Back to invoice doesn't help us until the outstanding rentals total less than the difference between market value and original invoice, surely?
Sheps, you may not be correct in thinking that Mercedes will want all the rentals if the car is written off. I always thought this also, as it is how the lease/CH agreements are written but I currently have first hand experience of this currently at work, and the firm in question is Mercedes Corporate.

As you may recall, a few months ago my business partner leased an SLK Mercedes through the business for his missus. To cut a long story short, she left it running on the drive and it got nicked.

He notified his insurance and also Mercedes Corporate Finance. They immediately sent a settlement value for the car which was pretty well the full sale price as the car was only 3 weeks old! The wording said that all rentals are due to be paid in full until settlement is received. They expect settlement within 90 days so you should have 3 months worth of payments to cover. It doesn't go on to say that these will continue and as we haven't paid for the car yet I haven't got full knowledge that the payments will stop, but all correspondance so far indicates that they will cease.

Hope this helps

Paul
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      02-09-2011, 06:10 PM   #6
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Just taken out gap return to invoice with 12k5 claim limit 119 for 3 years cover from ala.co.uk went via quidco and I should get 25 back
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