|
|
|
|
|
|
BMW Garage | BMW Meets | Register | Today's Posts | Search |
|
BMW 3-Series (E90 E92) Forum
>
Gap Insurance
|
|
08-22-2016, 01:08 PM | #1 |
Major
480
Rep 1,270
Posts |
Gap Insurance
Is there any reason why i SHOULD get gap insurance from BMW? Are there any benefits using them or am i ok to use companies like directgap.co.uk, it looks like its just another generic insurance product but i can't find clear cut answer online!
These guys are half the price compared to what bm quoted. https://www.directgap.co.uk/get-a-quote/ Please let me know if theres any others i should check out too! THANKS |
08-22-2016, 02:11 PM | #2 |
Colonel
142
Rep 2,335
Posts |
No benefit. If they can't do 4 years for circa £200 then just get it elsewhere.
I used ALA aka pistonheads gap. You can also get a quote elsewhere and they'll match. £50 a year for return to invoice, worth the peace of mind. |
Appreciate
0
|
08-22-2016, 02:25 PM | #4 |
Major
480
Rep 1,270
Posts |
Thanks mate, i was hoping you would say that!
|
Appreciate
0
|
08-22-2016, 02:59 PM | #8 |
bOrN To DiE
414
Rep 1,736
Posts |
I don't know how things are outside of USA but my friend here had an accident and totaled the car he financed the car for 5 years (without down payment) had an accident after 2 years car was worth it 16K but he owes 19K and his insurance paid it off.. Same thing happened to my cousin as well. No gap insurance..
|
Appreciate
0
|
08-22-2016, 03:02 PM | #9 | |
Major
480
Rep 1,270
Posts |
Quote:
I'm thinking if the car is written of in 3 years, it will probably be worth half the price i paid today, but with gap insurance it will bump it up to original invoice price paid, worth it i think? Subject to gap insurance paying up, but why wouldn't they? |
|
Appreciate
0
|
08-22-2016, 03:06 PM | #10 | |
bOrN To DiE
414
Rep 1,736
Posts |
Quote:
|
|
Appreciate
0
|
08-22-2016, 03:17 PM | #11 | |
Major
480
Rep 1,270
Posts |
Quote:
**Touch wood nothings happens** |
|
Appreciate
0
|
08-22-2016, 03:30 PM | #12 | |
bOrN To DiE
414
Rep 1,736
Posts |
Quote:
|
|
Appreciate
0
|
08-23-2016, 03:14 AM | #13 |
Colonel
142
Rep 2,335
Posts |
You've just bought a 640d right? If you spent over £25k I'd probably go for it. As I said you can get 4 years for cheap.
There are a lot of BMW thefts these days and on high end cars it doesn't take much to tot up a huge repair bill where an insurer may just want to write it off. All this said ,my insurer is Admiral, and I recon they'd value my car about £6-7k less than I paid for it as it stands. If I had a more premium insurer I may feel differently, but then again most insurers only replace up to current value, not purchase value. Mine is pretty much irreplaceable so having that return to invoice money would really help finding something else! |
Appreciate
0
|
08-23-2016, 12:28 PM | #14 | |
Major
480
Rep 1,270
Posts |
Quote:
Your absolutely right, no insurance company will pay the invoice price, the logical step is gap insurance. I'm tempted to get the 5 year plan though as im likely to keep it for that long and if not, can transfer it over to the new car. Mate your car is gorgeous, it would be tough to replace her even if you had the full invoice money back! Maybe we can do swaps in a couple years |
|
Appreciate
0
|
08-23-2016, 05:07 PM | #15 |
Captain
106
Rep 604
Posts |
If you buy a new car and write it off in the first year chances are you will get a new replacement car. In that scenario GAP is no use, but for all other scenario's, especially if the car will devalue a lot it is worth it. I got it for my car. Around £200 for 5 years, which was a lot lower than what BMW wanted. Dealerships make a good mark up on all the different types of insurance they try to sell you. It hacked me off when I bought my car. I went in to buy a car and all they wanted to sell me was insurance. Trying to get info on the car was like getting blood out of a stone, it was all about insurance. BMW car insurance is also over priced. It's no better, just more expensive.
The only potential concern on GAP is that I have heard some insurances companies are starting to offer a like for like car rather than a pay out. They state they are doing it to over come disagreements on the car value, but no doubt the replacement car is purchased at a lower cost than the pay out. If the insurance company offered you a like for like replacement GAP would not come into play and I don't know if you can refuse the replacement car. Hope you enjoy the 640d. I had a burn out with one a couple of weeks ago and it was fast. |
Appreciate
0
|
08-23-2016, 06:32 PM | #16 |
Lieutenant
57
Rep 439
Posts |
Gap insurance is worth it. IF you owe more than it is worth, it pays for itself. But, if you never get an accident while owning the car than it was useless. Get it as cheap as possible and have peace of mind.
__________________
LMB , M-Sport, JB4 Stg. 2, AR catless res. dp, ETS cp
|
Appreciate
0
|
08-24-2016, 05:10 AM | #17 |
Lieutenant Colonel
343
Rep 1,830
Posts
Drives: Alpina G21 D3S
Join Date: Apr 2006
Location: Midlands
|
I bought RTI GAP following my recent F31 purchase. I know of a couple of people who have taken it out and then, unfortunately, had to use it, and it was well worth the initial £200 outlay.
I had it before on my M3 and whilst I never used it, it was good to know that it was there. Just depends on what you consider to be an acceptable 'loss', should the worst happen. |
Appreciate
0
|
08-25-2016, 04:48 AM | #18 |
Brigadier General
196
Rep 3,491
Posts |
If you decide to use ALA,use the code PISTON12 for an extra 12% discount
|
Appreciate
1
The0pportunist479.50 |
08-25-2016, 05:00 AM | #19 |
Captain
62
Rep 663
Posts |
I believe some of the more higher end insurers do an assured value so you're not fighting over the value in the event of an accident. Maybe an alternative to GAP. I've not done it before though.
Last edited by Thermobaric; 08-25-2016 at 05:07 AM.. |
Appreciate
0
|
Bookmarks |
|
|