Buying a new car? Have you sorted GAP insurance? Save 10%!

Independently Rated 5-Star Invoice & Replacement GAP insurance at prices up to 85% LESS than from a Motor Dealer.
Forum members call 01943 850999 for 10% discount!

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Buying a new car? Have you sorted GAP insurance? Save 10%!

Post by GapInsurance.co.uk » Fri Aug 19, 2016 10:23 am

If you've bought a car in the last 12 months or are buying a new '66 plate car in the coming days & weeks, you need to consider GAP insurance.

In the event that your vehicle is written off as a result accident, fire, theft, flood etc, your Motor Insurer will only pay you what they deem the vehicle to have been worth at the time of loss. GAP insurance steps in as follows:

Invoice GAP

Aims to pay the difference between your Motor Insurance payout and the greater of either:

1. The amount outstanding on finance at the time of claim (f any), OR
2. The original invoice price that you paid for the vehicle.

Replacement GAP

Aims to pay the difference between your Motor Insurance payout and the greater of either:

1. The amount outstanding on finance at the time of claim (f any), OR
2. The original invoice price that you paid for the vehicle, OR
3. What it would cost at the time of claim to replace your vehicle with a brand new (assuming you bought the vehicle brand new) version of the same (or nearest equivalent) vehicle at the time of claim - even if the replacement vehicle costs more than you bought the vehicle for first time around.

Our Prices:

Our prices are up to 85% cheaper than those of a Motor Dealer AND BabyBMW members get a further 10% discount!

Cover Features
  • Available for new or used cars bought up to 12 months ago
  • Available for cars bought for up to £150,000
  • Claim Limits of up to £100,000 available
  • Durations of 1, 2, 3, 4 or 5 year
  • Defer the start date by up to 1 year if you have New-For-Old cover with your Motor Insurer
  • No Cancellation / Transfer or Admin Fees if you need to make changes to or cancel your policy
  • Daily pro-rata rebates if you cancel your policy early
  • Upon expiry policies can be renewed/extended by either 12 or 24 months
  • Invoice or (superior) Replacement GAP insurance available for both new and used cars
  • Replacement GAP insurance with "Invoice Price Protection" (in case the replacement price of the vehicle has fallen by the time of claim)
  • Cash payouts (we won't force you to spend the amount paid out on any particular vehicle from any particular dealership)
Use Discount code: "BBMW10" to save 10%

See: www.gapinsurance.co.uk or call 01943 850999 for more details.
Invoice, Replacement & Contract Hire GAP Insurance quotes at up to 85% less than your Motor Dealer
T: 01484 490095 E: support@gapinsurance.co.uk W: gapinsurance.co.uk F: facebook.com/gapinsurance

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Re: Buying a new car? Have you sorted GAP insurance? Save 10%!

Post by brookie » Fri Aug 19, 2016 11:44 am

Need to ring u need my sorting soon
2007 130i in white

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Re: Buying a new car? Have you sorted GAP insurance? Save 10%!

Post by GapInsurance.co.uk » Fri Aug 19, 2016 11:47 am

brookie wrote:Need to ring u need my sorting soon
Just give us a shout when you're ready brookie.
Invoice, Replacement & Contract Hire GAP Insurance quotes at up to 85% less than your Motor Dealer
T: 01484 490095 E: support@gapinsurance.co.uk W: gapinsurance.co.uk F: facebook.com/gapinsurance

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Re: Buying a new car? Have you sorted GAP insurance? Save 10%!

Post by Octavius » Fri Aug 19, 2016 12:08 pm

I will been in touch with you soon.
MY SIGNATURE STOPPED WORKING AFTER AN UPDATE.

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Re: Buying a new car? Have you sorted GAP insurance? Save 10%!

Post by brookie » Fri Aug 19, 2016 1:25 pm

GapInsurance.co.uk wrote:
brookie wrote:Need to ring u need my sorting soon
Just give us a shout when you're ready brookie.


ready haha got my reg now aswell
2007 130i in white

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Re: Buying a new car? Have you sorted GAP insurance? Save 10%!

Post by iplod » Wed Aug 31, 2016 10:24 am

What type of product would you recommend for a lease vehicle? Mine arrives in a few days and not sure what would suit me best.


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Re: Buying a new car? Have you sorted GAP insurance? Save 10%!

Post by GapInsurance.co.uk » Wed Aug 31, 2016 10:28 am

iplod wrote:What type of product would you recommend for a lease vehicle? Mine arrives in a few days and not sure what would suit me best.
Sent from my iPad using Tapatalk
Please confirm, by "lease" you're referring to a Contract Hire vehicle that you're contractually obliged to hand back at the end of the agreement? (E.g. no option to purchase the vehicle?).

I only ask because lots of people incorrectly refer to a PCP agreement (involving a larger balloon/residual payment at the end of the agreement that must be paid if you intend to keep the vehicle) as a "lease" and it makes a big difference in relation to what policy type you're eligible for and how the cover works.

Best wishes

David
Invoice, Replacement & Contract Hire GAP Insurance quotes at up to 85% less than your Motor Dealer
T: 01484 490095 E: support@gapinsurance.co.uk W: gapinsurance.co.uk F: facebook.com/gapinsurance

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Re: Buying a new car? Have you sorted GAP insurance? Save 10%!

Post by iplod » Wed Aug 31, 2016 10:31 am

GapInsurance.co.uk wrote:
iplod wrote:What type of product would you recommend for a lease vehicle? Mine arrives in a few days and not sure what would suit me best.
Sent from my iPad using Tapatalk
Please confirm, by "lease" you're referring to a Contract Hire vehicle that you're contractually obliged to hand back at the end of the agreement? (E.g. no option to purchase the vehicle?).

I only ask because lots of people incorrectly refer to a PCP agreement (involving a larger balloon/residual payment at the end of the agreement that must be paid if you intend to keep the vehicle) as a "lease" and it makes a big difference in relation to what policy type you're eligible for and how the cover works.

Best wishes

David
Hi David,

Definitely contract hire with no option to buy the vehicle at the end of the contract.

Thanks

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Re: Buying a new car? Have you sorted GAP insurance? Save 10%!

Post by GapInsurance.co.uk » Wed Aug 31, 2016 10:59 am

iplod wrote: Hi David,

Definitely contract hire with no option to buy the vehicle at the end of the contract.

Thanks
Great. In that case, the type of cover you can get is basically "Contract Hire GAP insurance". It means that in the event of write-off the policy will pay the difference between your Motor Insurance payout and the amount required to settle the remaining balance of the contract hire agreement (although any maintenance element would normally be excluded from cover).

In our case, our Invoice GAP insurance is a hybrid of Contract Hire & Invoice GAP insurance in so much that if you're leasing the vehicle it works on a Contract Hire GAP insurance basis (as above), whereas if you're buying the vehicle it works on an Invoice GAP insurance basis (paying the difference between motor insurance payout and original invoice price).

The basic logic with a Contract Hire agreement is that in the event of write-off your Motor Insurance payout will go directly to the finance house and then the finance house comes after you for the balance of some/all of the as yet unpaid rentals on the agreement. If the write-off occurred early in to the agreement this *could* be a not inconsiderable figure.

However... not all Contract Hire agreements require GAP Insurance. In my own experience I wrote off my leased Volvo V40 in December 2014. The outstanding balance of my lease agreement was ~£18k and my Motor Insurer paid out a little shy of £15k. In most cases people would assume that they'd be liable for the difference between the two however, I wasn't. The terms of my lease were such that the finance house would take my Motor Insurer's payout as full settlement regardless as to whether it cleared the remaining balance or not. Hence, I was allowed to walk away from the agreement with nothing else to pay.

As a first port of call, it would therefore be prudent to check the terms of the lease itself to see what/how your liability to the finance house will be calculated in the event of the vehicle being written off and ultimately determine whether there's a need for GAP insurance at all.

I'm more than happy to provide you with a quote based on a worst-case scenario (e.g. assuming you're liable for every penny outstanding at the time of write off) but to do that, I need to know the structure of your lease agreement (e.g. how many rentals upfront followed by how many monthly rentals) and the financials involved because an appropriate policy claim limit is arrived at as multiple of your monthly rentals.

Best wishes

David
Invoice, Replacement & Contract Hire GAP Insurance quotes at up to 85% less than your Motor Dealer
T: 01484 490095 E: support@gapinsurance.co.uk W: gapinsurance.co.uk F: facebook.com/gapinsurance

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