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      02-26-2013, 10:16 AM   #1
Johnny5iv3
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GAP Insurance

Looking to buy GAP insurance for my 320i M Sport which I'm picking up on Saturday. I've been looking at ala.co.uk and directgap.co.uk and they seem very good price.

I got a good quote from Direct Gap: 239 for a 4 years cover on vehicle replacement GAP insurance and max claim of 25K.

Before I go ahead to buy this I was wondering if anyone else have use Direct Gap and are they any good?
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      02-26-2013, 10:20 AM   #2
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Remember if your insurers give a new replacement for a write off in year one then you don't need GAP until the start of year 2, that may save a few pounds as it limits the GAP company liability considerably. Also consider do you need 25k cover, sounds pretty high to me.
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      02-26-2013, 10:48 AM   #3
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The GAP cover needs to be bought within 180 days from buying the car so if I want Gap FOR YEARS 2,3,4 I will need to buy it now really. In regards to the 25k cover it's only a 20 extra compared to 20k cover so might as well for peace of mind. The cover is a vehicle replacement cover and not a return to invoice, so if I the car was written off in year 2, I will get all my finance settlements paid for and also get some money toward replacing the written off car.

Just wondering if anyone has used Direct Gap before?
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      02-26-2013, 10:52 AM   #4
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Quote:
Originally Posted by davyk31 View Post
Remember if your insurers give a new replacement for a write off in year one then you don't need GAP until the start of year 2, that may save a few pounds as it limits the GAP company liability considerably. Also consider do you need 25k cover, sounds pretty high to me.
I agree it seems high. I think 15k should be enough to cover most shortfalls.
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      02-26-2013, 11:19 AM   #5
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Originally Posted by Steve_M_Sport View Post
I agree it seems high. I think 15k should be enough to cover most shortfalls.
Is this enough to get a replacement vehicle??

For argument sake, lets say my car is 33k (including interest paid with finance) on a 3 year PCP (BMW Select) payment plan having put down 5k deposit.

Residual Value of car after 3 years is 15k so I have 13k to pay on finance after paying 5k deposit.

Lets say car is written off just after year 2 and I still have 4.5k to pay on the finance and the car is valued at 20k. So my insurance company will give me 20k - 4.5k to pay off finance = 15.5k. 15k is then need to pay the residual value of the car and that leaves me with 500 left plus another 15k from GAP insurance. And with 15.5k this will not get me another 30k car or am I missing something?
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      02-26-2013, 11:39 AM   #6
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I went with the Vehicle Replacement+ from ala with as much cover as they would allow just to cover as much eventuality as possible. I think for the small amount of cost difference it seemed better to be more than covered.

If you use the GAP13 code you will get a 10% reduction which should bring the cost down for you
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      02-26-2013, 12:13 PM   #7
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You can normally buy the policy now but defer its start to start of year 2, that way you don't waste the cover.

I also would go return to invoice rather than replacement, after 3 years you may not want the same car again or you may not want the car the GAP insurers may locate for you. If you have the money to either use for a car or clear credit then you can buy whatever replacement YOU fancy.
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      02-26-2013, 12:29 PM   #8
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rjberry: Thanks for that code! Think I'm going with ala.co.uk now! I agree, pay extra 20 and get the better cover for peace of mind.

davyk31: You have a very valid point about not keeping the car in 2-3 years.

I just spoke to an ala.co.uk representative online and all is clear now with this GAP business. RTI GAP pays the insurance difference to the amount on the invoice and Vehicle replacement GAP pays the insurance difference to the amount of getting a like for like new car.

I still have a few days before I collect my car so I'm going to think hard about which GAP type to get.

Cheers fellas.
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      02-26-2013, 02:34 PM   #9
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Quote:
Originally Posted by Johnny5iv3 View Post
Is this enough to get a replacement vehicle??

For argument sake, lets say my car is 33k (including interest paid with finance) on a 3 year PCP (BMW Select) payment plan having put down 5k deposit.

Residual Value of car after 3 years is 15k so I have 13k to pay on finance after paying 5k deposit.

Lets say car is written off just after year 2 and I still have 4.5k to pay on the finance and the car is valued at 20k. So my insurance company will give me 20k - 4.5k to pay off finance = 15.5k. 15k is then need to pay the residual value of the car and that leaves me with 500 left plus another 15k from GAP insurance. And with 15.5k this will not get me another 30k car or am I missing something?
Once the finance is paid off you don't need to pay the residual value as the agreement is at an end. You get 15.5k plus 15k GAP.
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      02-26-2013, 03:37 PM   #10
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Quote:
Originally Posted by rjberry
I went with the Vehicle Replacement+ from ala with as much cover as they would allow just to cover as much eventuality as possible. I think for the small amount of cost difference it seemed better to be more than covered.

If you use the GAP13 code you will get a 10% reduction which should bring the cost down for you
+1 same here
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      02-27-2013, 04:28 AM   #11
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Quote:
Originally Posted by rjberry
I went with the Vehicle Replacement+ from ala with as much cover as they would allow just to cover as much eventuality as possible. I think for the small amount of cost difference it seemed better to be more than covered.

If you use the GAP13 code you will get a 10% reduction which should bring the cost down for you
Exactly what I did. If you use Quidco, you can also get cashback on it :-)
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      02-27-2013, 04:41 AM   #12
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Bought the GAP insurance last night from ala.co.uk (Thanks to rjberry for his 10% code ).

I went for return to invoice 4 year GAP with a max claim of 20k, knowing that I'll probably want a new car in 2-3 years time so rather have the cash instead. I also figured out I was never going to be able to claim more than 20k so didn't bother paying more for 25k max claim amount. I think 15k would have been enough but once the car gets over the 3rd year, the numbers get awefully close to 15k and may even go slightly over so 20k is probably right for a 4 year cover.

Last edited by Johnny5iv3; 02-27-2013 at 04:48 AM.
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      02-27-2013, 05:31 AM   #13
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Quote:
Originally Posted by Johnny5iv3 View Post
Bought the GAP insurance last night from ala.co.uk (Thanks to rjberry for his 10% code )
Always happy to help
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      02-27-2013, 02:35 PM   #14
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Pick up my car this Friday and thinking about taking out GAP cover from ala.co.uk. Just have the "small print" etched in my head - is it going to pay out or manage to get out of it somehow?? Anyone actually had to process a claim with them?
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      02-27-2013, 03:09 PM   #15
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Quote:
Originally Posted by davyk31 View Post
You can normally buy the policy now but defer its start to start of year 2, that way you don't waste the cover.

I also would go return to invoice rather than replacement, after 3 years you may not want the same car again or you may not want the car the GAP insurers may locate for you. If you have the money to either use for a car or clear credit then you can buy whatever replacement YOU fancy.
Please clarify, Do you need to take out the GAP Ins when you the car or can you wait until the second year.
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      02-27-2013, 03:50 PM   #16
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Quote:
Originally Posted by zorroone View Post
Please clarify, Do you need to take out the GAP Ins when you the car or can you wait until the second year.
With www.ala.co.uk you have to buy it within 180 days of purchase
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      02-27-2013, 06:33 PM   #17
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I went with the Vehicle replacement GAP insurance with ala as I figured with the 10% discount on my invoice and prices always rising on new cars it would pay out far more than the back to invoice cover if I had to claim.
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      02-28-2013, 04:19 AM   #18
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Quote:
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I went with the Vehicle replacement GAP insurance with ala as I figured with the 10% discount on my invoice and prices always rising on new cars it would pay out far more than the back to invoice cover if I had to claim.
That's very true, but it means you will have to buy the exact car or equivalent model for your next car where as the return to invoice will give you a lump of cash so you can buy what ever car you fancy. Each to their own I guess.
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      02-28-2013, 04:21 AM   #19
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Quote:
Originally Posted by sunscreemer View Post
Pick up my car this Friday and thinking about taking out GAP cover from ala.co.uk. Just have the "small print" etched in my head - is it going to pay out or manage to get out of it somehow?? Anyone actually had to process a claim with them?
As far as the small print goes; basically if your fully comp insurance payout for your total loss car, then GAP insurance WILL pay and make up the shortfall whether it's Return to Invoice GAP or Vehicle Replacement.
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      02-28-2013, 05:40 AM   #20
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Quote:
Originally Posted by Johnny5iv3 View Post
As far as the small print goes; basically if your fully comp insurance payout for your total loss car, then GAP insurance WILL pay and make up the shortfall whether it's Return to Invoice GAP or Vehicle Replacement.
Thanks Johnny. It would appear that for 225 for 4 years ala GAP really is quite a no brainer then.
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      02-28-2013, 06:06 AM   #21
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Originally Posted by sunscreemer View Post
Thanks Johnny. It would appear that for 225 for 4 years ala GAP really is quite a no brainer then.
Don't forget the "GAP13" 10% discount code.
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      02-28-2013, 06:32 AM   #22
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Yeah, that's what brings it down from 250. BMW were closer to 800 I think and they didn't try to beat / match the figure I mentioned from ala.co.uk.
Here's hoping for a smooth handover tomorrow!
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