Have you considered GAP insurance?

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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GapInsurance.co.uk
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Have you considered GAP insurance?

Post by GapInsurance.co.uk » Wed Feb 22, 2017 12:10 pm

If you're buying a '17 plate car or have bought a car within the last 12 months, have you considered GAP insurance?

We offer both Invoice and the superior Replacement GAP insurance at prices up to 85% lower than your Motor Dealer might charge you and using discount code "BBMW10" you can save a further 10%!

In the event of your vehicle being declared a Total Loss ("written off") by your Motor Insurer through accident, fire, theft or flood, the policies work as follows:

Invoice GAP insurance: Aims to pay the difference between your motor insurance payout and the greater of either:
  • The finance agreement settlement figure at the time of claim (if applicable), or
  • The original invoice price that you paid to put the vehicle on the road.
Replacement GAP insurance: Aims to pay the difference between your motor insurance payout and the greater of either:
  • The finance agreement settlement figure at the time of claim (if applicable), or
  • The original invoice price that you paid to put the vehicle on the road, or
  • What it would cost at the time of claim to replace your vehicle with one of the same (or nearest equivalent) make, model, specification, age and mileage as was relevant to your original vehicle at the time you first bought it.
Cover Features:
  • Available for cars purchased for up to £150k
  • Available for cars purchased up to 365 days ago
  • Available for cars up to 10 years old
  • Claim Limits of up to £100k available (subject to vehicle value)
  • Cash payouts in the event of a claim (we don't tell you what vehicle you need to buy next or from whom)
  • Daily pro-rata rebates if you end your policy early.
  • NO - Cancellation or Admin Fees
  • NO - Market Value clauses
  • NO - Mileage limitations
  • FREE - Policy amendments
  • FREE - Transfer of unused premium to a new policy on a new vehicle
  • Durations of up to 5 years available
  • Pays up to £250 towards your Motor Insurance excess
  • FREE - Ability to defer the start date by up to a year from first registration if your Motor Insurance covers you on a new-for-old basis in the first year.
  • 30 day Cooling Off period.
See www.gapinsurance.co.uk or contact us on either support@gapinsurance.co.uk or 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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AndytheGreek
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Re: Have you considered GAP insurance?

Post by AndytheGreek » Wed Feb 22, 2017 10:59 pm

Highly recommended.
These guys were 2.5x cheaper than BMW's Gap cover when I recently bought my M2.
2017 M2

GapInsurance.co.uk
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Re: Have you considered GAP insurance?

Post by GapInsurance.co.uk » Thu Feb 23, 2017 9:17 am

AndytheGreek wrote:Highly recommended.
These guys were 2.5x cheaper than BMW's Gap cover when I recently bought my M2.
Thanks Andy! :thumbs:
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: Have you considered GAP insurance?

Post by Class2ldn » Thu Feb 23, 2017 6:14 pm

Can I just ask, is it best to get cover that covers all the difference between the sale price and the gfv so about 19k for me. Full sale price is 34k I think
Mineral Grey M140, Auto, Coral, Heated seats/wheel, Sun protection, Pro nav, HK, Comfort package, Lumbar, Front/Rear sensors, Speed limit display.

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Re: Have you considered GAP insurance?

Post by GapInsurance.co.uk » Thu Feb 23, 2017 6:44 pm

Class2ldn wrote:Can I just ask, is it best to get cover that covers all the difference between the sale price and the gfv so about 19k for me. Full sale price is 34k I think
If understand correctly, you're buying a car for £34k on a PCP incorporating a GFMV of £19k. If that's correct, and you're looking at say, Invoice GAP insurance, it's good practice to deduct one from the other which in this case gives a figure of £15,000 and then choose a Claim Limit that covers *at least* that amount.

Something to consider though is that following that advice literally you'd arrive at a £15,000 Claim Limit (which is one of the options)... except this then doesn't leave any room for movement in the event that your car depreciates by more money than the finance company predicted so it'd be good practice to step the claim limit up to at least the next option up (in this case £17,500) to provide some flexibility.

If you're considering Replacement GAP insurance you also need to consider that the replacement vehicle value at the time of claim for a new equivalent might well have increased therefore the "gap" would be bigger for a Replacement GAP insurance claim than an Invoice GAP insurance claim and there's some sense in stepping the Claim Limit up further still for Replacement GAP insurance (which in this case the next option up would be £20,000).

If these figures are anything like accurate (the purchase price and GFMV) in the context I've explained above I'd recommend sticking with at least £17,500 as a Claim Limit on Invoice GAP insurance and at least £20,000 for Replacement GAP insurance but there are possibly other things at play (was the £34k the list price or the price you paid / are paying AFTER discount? for example) which could affect these calculations and therefore my advice.

If you want to share a breakdown of your car purchase with me (by PM) please do so and I can customise my advice according to your specific figures.

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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Have you considered GAP insurance?

Post by Semerka » Thu Feb 23, 2017 7:01 pm

Welcome to BabyBMW, GapInsurance.co.uk!

I have had GAP insurance from your company since my 123d coupe in 2010 (you took over my policy from Surf and Protect).
And we now have both our current cars GAP insured with you. :)

So far did not have to claim, and may that status continue! :)
Now:: 2016 Macan Turbo
Gone: 2016 Macan S Diesel; 2011 N55 135i coupe; 2009 123d M sport Coupe

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Re: Have you considered GAP insurance?

Post by Class2ldn » Thu Feb 23, 2017 8:55 pm

Thanks for that. Basically my sale price is 34k then gfv is 15k so 19k leftover so best to go for say 21/22?
Not sure if I want replacement gap as If this one gets written off or stolen il be straight to bmw in an m4.
Not sure exactly how the price is broken down so I'm pm you
Mineral Grey M140, Auto, Coral, Heated seats/wheel, Sun protection, Pro nav, HK, Comfort package, Lumbar, Front/Rear sensors, Speed limit display.

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Re: Have you considered GAP insurance?

Post by GapInsurance.co.uk » Sat Feb 25, 2017 6:10 am

Semerka wrote:Welcome to BabyBMW, GapInsurance.co.uk!

I have had GAP insurance from your company since my 123d coupe in 2010 (you took over my policy from Surf and Protect).
And we now have both our current cars GAP insured with you. :)

So far did not have to claim, and may that status continue! :)
:-) Thanks for the long standing custom Semerka!
Class2ldn wrote:Thanks for that. Basically my sale price is 34k then gfv is 15k so 19k leftover so best to go for say 21/22?
Not sure if I want replacement gap as If this one gets written off or stolen il be straight to bmw in an m4.
Not sure exactly how the price is broken down so I'm pm you
With those figures you'd be looking at either a £20,000 or £25,000 Claim Limit (there's no options in between - at least not with us). My advice would be that whilst £20,000 would probably be ok for Invoice GAP, you'd stick with at least £25k for Replacement GAP.

I've replied to your PM but for anyone else reading this too... please note that Replacement GAP insurance is NOT about us physically replacing the vehicle at the time of claim. Nor is it about us telling you what vehicle you need to buy or from where you need to buy it.

Both of our policies pay out in cash at the time of any claim (the finance company (if applicable) gets any amount due to them first and you get the remaining balance). It's that the amount paid out in addition to that which is paid by your Motor Insurance is dictated in relation to different figures:
  • With Invoice GAP insurance it's the difference between your Motor Insurance payout and the original invoice price that you did pay first time around.
  • With Replacement GAP insurance it's the difference between your Motor Insurance payout and what it would cost to replace your vehicle with a new equivalent of the same at the time of claim - but you can actually use the funds to buy any vehicle you want from wherever you choose to buy it.
Thus Replacement GAP insurance IS the superior of the two policies simply because in the event of any claim you'd be inline for a greater sum of money to be paid out than an Invoice GAP insurance policy.

I hope this helps.

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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