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Discussion Starter · #1 ·
As the subject heading suggests, I'm seeking your opinions on GAP Insurance?

I've never bothered before, but not have I owned such an expensive car before!

I've just got a quote from gap insurance.co.uk, having seen their sponsor ad elsewhere on this forum. They quoted just under £250 for a 4 year policy.

Any reason why I shouldn't take out a policy?

EDIT: With their 10% forum discount, it'll be about £225 for 4 years. Starting to think this is a no-brainer.
 

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mrbeck said:
Any reason why I shouldn't take out a policy?
The only reason not to in the first year is if your own car insurance will replace 'old' for new as standard. In that circumstance, I'd still buy GAP but ask for it to be deferred for a year.
 

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Definitely a good idea. Just make sure you get the right policy. I was £211 for a combined one (return to invoice / finance which ever is greater) for my last M135i no problem getting a refund after I'd rejected the car. So will be going with the same people when my next one arrives.
 

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hi_code said:
Definitely a good idea. Just make sure you get the right policy. I was £211 for a combined one (return to invoice / finance which ever is greater) for my last M135i no problem getting a refund after I'd rejected the car. So will be going with the same people when my next one arrives.
Which company was this?
 

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Discussion Starter · #5 ·
marco_polo said:
The only reason not to in the first year is if your own car insurance will replace 'old' for new as standard. In that circumstance, I'd still buy GAP but ask for it to be deferred for a year.
Cheers MP. As I bought the car when it was 9 months old, I don't think this is an issue for me. Just looking to recover the potential difference between my insurance payout and my invoice price.
 

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100% take GAP insurance if you're financing a car.

Prime example, my friends 2017 Abarth 595, which he's had since new, got stolen last week in central London. Insurance offering peanuts, and although he is haggling with them, the gap insurance he's got will cover upto £25k so in the end he's just waiting for a decent payout and the gap insurance will be able to cover the rest.
I see it as a no brainer for what is a nominal fee monthly to cover something which can leave you potentially thousands out of pocket, depending on your deal etc.

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Discussion Starter · #10 ·
Majority of posts seem positive (thanks all for your input), so I'll do some shopping around for quotes tomorrow (though the gapinsurance.co.uk quote I already have seems pretty good to me).

I bought the car outright, but definitely could not afford to do so again should it be written off for any reason, GAP insurance seems sensible!
 

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Carlosfandang0 said:
hi_code said:
Definitely a good idea. Just make sure you get the right policy. I was £211 for a combined one (return to invoice / finance which ever is greater) for my last M135i no problem getting a refund after I'd rejected the car. So will be going with the same people when my next one arrives.
Which company was this?
I got that quote from gapinsurance.co.uk thought there may have been an issue getting a refund but it was no problem at all.
 

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marco_polo said:
mrbeck said:
Any reason why I shouldn't take out a policy?
The only reason not to in the first year is if your own car insurance will replace 'old' for new as standard. In that circumstance, I'd still buy GAP but ask for it to be deferred for a year.
This. Although a lot of GAP insurance companies are now only allowing you to defer for a couple of months. In this inatance I'd just take it out anyway (and did)
 

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Discussion Starter · #14 ·
F1SpaceMonkey said:
Cotswold BMW matched my online deal i found.
What'd you pay, if you don't mind me asking? Would be good to have a benchmark!

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I got my gap from ALA, it was £153 for £30k cover for 4 years, it was 2 years ago so could be a bit more now, that was for Vehicle Replacement Plus GAP
 

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I got mine through admiral for £310 interest free payments for 10 months. The guy in the dealers said it was rubbish and I would be better with theirs for £500. Asked my ex wife to look at both policies and they were identical. She has worked in insurance for over 30 years. Couldn't believe a word the dealers tell you. They would swear a black crow was white.
 

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I always go for £30k gap on a new car for the first 3 years, I got the car discounted then gap thrown in to help sway my decision to buy.....
 

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The problem I had with the BMW gap when I used it was that you get almost nothing back if you sell the car, I sold my 335D after about 2 months and got £15 back from a £400 policy after cancelling the policy, with ALA you get a much bigger percentage back, I'll probably get about £70 back after 2 years that I can put towards another gap policy on the new car, maybe BMW have changed, but I'd never use them again
 
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