GAP Insurance M235i

Independently Rated 5-Star Invoice & Replacement GAP insurance at prices up to 85% LESS than from a Motor Dealer.
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J3oef
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GAP Insurance M235i

Post by J3oef »

Hi,

I've recently purchased an M235i using a bank loan as my source of funding. I've never had GAP insurance on any car but they have all been sub £11,000 and never thought i'd actually need it, however this is the most expensive purchase I've ever done in terms of car's. Would it be recommended to take out GAP insurance?

Thanks

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GapInsurance.co.uk
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Re: GAP Insurance M235i

Post by GapInsurance.co.uk »

J3oef wrote:
Sun Jan 19, 2020 2:58 pm
Hi,

I've recently purchased an M235i using a bank loan as my source of funding. I've never had GAP insurance on any car but they have all been sub £11,000 and never thought i'd actually need it, however this is the most expensive purchase I've ever done in terms of car's. Would it be recommended to take out GAP insurance?

Thanks
Hello J3oef,

The question needs to be... can you comfortably afford *not* to have GAP insurance?

E.g. if your car is written off through accident, fire, theft or flood etc, your motor insurance payout at the time of claim will only equal what your motor insurer believes your car to have been worth at the time of incident. This figure *may* be less than you owe on finance at that time which would leave you needing to fund both the shortfall in the original finance *and* fund the replacement vehicle.

Invoice GAP insurance for example however, would aim to pay the difference between your motor insurance payout and the original invoice price that you paid for your vehicle which for most people, would leave them in the position of being able to both clear the finance outstanding *and* have funds remaining to put towards their next vehicle.

The cost of GAP insurance varies based on the vehicle value, specific vehicle, type of cover and duration but on average for say, 3-yr Invoice GAP cover... a policy from us would be circa £170. As a forum member you get 10% discount using code “BBMW10” too.

In my opinion it’s a small price to pay for the peace of mind.

David
GAPinsurance.co.uk
Invoice, Replacement, Contract Hire & Top-Up 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

J3oef
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Re: GAP Insurance M235i

Post by J3oef »

Hi David,

I've just carried out a quote and its £148 for 3 years on Invoice Gap Insurance using the forum discount code.....would this be the correct one you are refering to?

Thanks

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GapInsurance.co.uk
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Re: GAP Insurance M235i

Post by GapInsurance.co.uk »

J3oef wrote:
Sun Jan 19, 2020 8:02 pm
Hi David,

I've just carried out a quote and its £148 for 3 years on Invoice Gap Insurance using the forum discount code.....would this be the correct one you are refering to?

Thanks
Yes. That's exactly the one. Just a matter of deciding the most appropriate term for your needs.

The thing to consider is how long you anticipate keeping the vehicle for. Policies can't be extended/renewed but, they can be cancelled early and if no claim has been made a pro-rata rebate of unused premium is given against the cost of a new policy on a new vehicle.

If you're confident that you'll move on to another vehicle within 3-years, a 3-year policy is probably ok but if you think it's possible that you may keep the vehicle longer, it may be prudent to consider a longer duration - the longest duration we can do is 4-years (though some other companies can do 5-years).

D
Invoice, Replacement, Contract Hire & Top-Up 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

J3oef
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Re: GAP Insurance M235i

Post by J3oef »

I think for £148 it's a no brainer given its £50 a year to protect an expensive investment and it would mean you wouldn't be out of pocket. I think the term 3 years is fine for me, I tend to keep them between 3-5 years so it's something ill revisit in 3 years time and decide again

Thank you

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Re: GAP Insurance M235i

Post by GapInsurance.co.uk »

J3oef wrote:
Sun Jan 19, 2020 9:03 pm
I think for £148 it's a no brainer given its £50 a year to protect an expensive investment and it would mean you wouldn't be out of pocket. I think the term 3 years is fine for me, I tend to keep them between 3-5 years so it's something ill revisit in 3 years time and decide again

Thank you
No trouble J3oef. Just keep in mind that in 3-years time (assuming nothing changes in terms of underwriting criteria etc) you won't be able to extend/renew the existing cover and won't be able to buy the same type of cover either (Invoice GAP insurance can only be purchased from us within 3-months of taking delivery of the vehicle).

Just something to consider... The 3yr policy is £148.29 after the forum discount... whilst the 4yr policy would equate to £178.57. Which means that the 4yr policy is £30.28 more expensive than the 3yr policy upfront but, if you happened to sell or part-exchange your vehicle at the end of the third year, a whole year of remaining cover on the 4yr policy would be worth £44.64 (£178.57 divided by 4). In other words, if you think it remotely possible you'd keep the vehicle longer than 3 years, the 4yr policy may be worth considering because although it's a more upfront cost, if you didn't use that 4th year, you'd get more back in rebate than you actually paid for the 4th year in the first place.

All cards on the table... the rebate would have to be used against the cost of a new policy on a new vehicle with you paying the difference. If you asked for the rebate amount to be refunded the insurer would see a £30 fee deducted, but even with that applied it would mean you'd paid just £15.64 more for the 4-year cover (vs 3-yrs) and the flexibility that would provide in terms of potentially maintaining cover in the event you had have kept the vehicle longer.

Food for thought perhaps?

D
Last edited by GapInsurance.co.uk on Mon Jan 20, 2020 4:04 pm, edited 1 time in total.
Reason: Maths
Invoice, Replacement, Contract Hire & Top-Up 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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Twenny
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GAP Insurance M235i

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