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2019+ BMW 3 AND 4-SERIES FORUMS (G2x Generation) Local Forums UK Gap Insurance

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      12-10-2020, 12:44 AM   #1
Teroturi
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Gap Insurance

Picking up my new 330e G21 M Sport Pro tomorrow. What are your thoughts on Gap Insurance? TIA
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      12-10-2020, 02:15 AM   #2
Axeman15
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Martin Lewis has an informative piece about GAP insurance on his website.
https://www.moneysavingexpert.com/in...gap-insurance/. My car is just coming up to a year old and I am thinking about it again.
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      12-10-2020, 02:47 AM   #3
Jim_330e
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Try https://www.directgap.co.uk/
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      12-10-2020, 03:13 AM   #4
JP02
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Gap Insurance

Just joined forum new 330i M Sport, What is the general feeling on taking out this type of insurance? Is back to invoice the best?

Regards JP02
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      12-10-2020, 10:26 AM   #5
Soul_Glo
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Worth it's weight in gold unless you have deep pockets. I have used ALA on my daughters car in the UK for years. There was a discount on Honest John. Might still be there.
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      12-10-2020, 11:54 AM   #6
Kent Driver
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I had a return to invoice on a F30 320d msport. It was totalled just after a year of ownership. With the insurance payout and gap I got back the amount I paid for it
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      12-11-2020, 04:14 AM   #7
zorroone
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Quote:
Originally Posted by JP02 View Post
Just joined forum new 330i M Sport, What is the general feeling on taking out this type of insurance? Is back to invoice the best?

Regards JP02
IMO the best policy is a replacement like for like policy as opposed to return to invoice. However be warned ... my car was registered on 01 Sept 2020 so I decided to wait as GAP Insurance co.uk recommended on this forum allows 3 months from 1st registration to take out their GAP Insurance.

They offered 20% discount on Black Friday however when I went to take out the replacement policy they informed me they had changed their terms on 01 October. For a replacement policy the vehicle has to be less than 30 days from 1st registration and with an invoice of no more than £32000. They said the replacement policies were proving too expensive for the underwriters. So I had to opt for the return to invoice which IMO is 2nd best.
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      12-12-2020, 11:27 AM   #8
Conrod Bent
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It’s very important to check your car insurance, I very nearly bought new car replacement gap insurance without realising that my LV insurance, rather surprisingly, already gave me it, just for the first year.
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      12-13-2020, 04:24 AM   #9
InvadeLoyd
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Quote:
Originally Posted by Conrod Bent View Post
It’s very important to check your car insurance, I very nearly bought new car replacement gap insurance without realising that my LV insurance, rather surprisingly, already gave me it, just for the first year.
The problem with that is potentially two-fold:

1. If you financed your vehicle via PCP, there’s a fairly decent chance you negated the new-for-old cover from LV. Many finance companies behind PCP agreements will deny the motor insurer the ability to replace the vehicle new-for-old in an attempt to prevent you from profiting from the vehicle having been written off by, being able to sell a newer, more valuable vehicle at the end of the PCP term than the vehicle you would have had, had it not been written off. When the finance company does this most (though granted not all) motor insurers revert to a market value payout.

2. You won’t be able to buy GAP insurance after that first year. Most GAP insurance policies can only be purchased with a matter of months of taking delivery of the vehicle. Some will permit 6, most will permit just 3.
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      12-13-2020, 12:46 PM   #10
Conrod Bent
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Quote:
Originally Posted by InvadeLoyd View Post
The problem with that is potentially two-fold:

1. If you financed your vehicle via PCP, there’s a fairly decent chance you negated the new-for-old cover from LV. Many finance companies behind PCP agreements will deny the motor insurer the ability to replace the vehicle new-for-old in an attempt to prevent you from profiting from the vehicle having been written off by, being able to sell a newer, more valuable vehicle at the end of the PCP term than the vehicle you would have had, had it not been written off. When the finance company does this most (though granted not all) motor insurers revert to a market value payout.

2. You won’t be able to buy GAP insurance after that first year. Most GAP insurance policies can only be purchased with a matter of months of taking delivery of the vehicle. Some will permit 6, most will permit just 3.
Ok, thanks, no finance on car, I paid cash, so number 1 not a problem but number 2 may be. The car is about just over 3 months old so I will check what is still available, thanks.
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