[NISFAN]

Originally Posted by warberry

The point of GAP, as far as the provider is concerned, is to make a profit out of you. If you can afford to bear the additional cost involved in replacing a car, why help them make that profit ?

You only have to look at the scale of misselling of PPI to see that general (i.e. non-life) insurance has become a bloated sector of a morally bankrupt financial services industry (and I'm a lawyer working in that industry, so it's not like I'm some nutter ranting from the outside).

Sometimes you do get a bargain on these kinds of general insurance, but it's rare, because their admin overheads and required profit margin are too high. The only time I've ever felt like I "got one over on them" was when I bought an expensive and complex Bosch condenser dryer (4 active kids: nightmare !) and took out a Domestic & General 5 year extended cover on it: it was £69 and, at 4 loads a day, I saw the breaking of that machine as a challenge we could definitely rise to.....

Hate to break it to you....but the point of BMW AG, is to make a profit out of you

[morellomax]

Originally Posted by NISFAN

Hate to break it to you....but the point of BMW AG, is to make a profit out of you

I don't have a problem with the profit motive. It can be very healthy. I have a problem with insurers and their middlemen projecting the message that everyone "needs" GAP insurance, like they're acting in our interests by making it available.

[morellomax]

p.s. I love this Churchill quote (no, other Churchill), which comes from a very different age and to me sums up the original noble intentions behind insurance:

“If I had my way I would write the word ‘Insure’ upon every door of every cottage and upon the blotting book of every public man, because I am convinced that with sacrifices which are inconceivably small, families and estates can be protected against catastrophes which would otherwise smash them up for ever. It is our duty to arrest the ghastly waste, not merely of human happiness, but of national health and strength, which follows when, through the death of the breadwinner, the frail boat in which the family are embarked, founders, and woman and children and estates are left to struggle in the dark waters of a friendless world.”

[rjberry]

When I collected my car I had the GAP and tyre insurance pitch but declined both.

I was quoted £399 for back to invoice GAP 3 year cover. Fortunately I had shopped around before and so I bought the GAP from ala with 4 year vehicle replacement cover for £247.50. I had found a 10% discount code (GAP12 for anyone interested) which brought the GAP down to a very reasonable price.

The tyre cover I got from car2cover for £319 for 4 years cover. Better than the £385 for 3 year cover from the dealership.

I'm very much in the overkill boat for insurance. I know I may never get a puncture or write my car off but even so, there's always that nagging doubt that says better safe than sorry

[NISFAN]

Originally Posted by warberry

I don't have a problem with the profit motive. It can be very healthy. I have a problem with insurers and their middlemen projecting the message that everyone "needs" GAP insurance, like they're acting in our interests by making it available.

Hmmmm out of ALL the insurances you get, I feel that GAP and Winter sports insurance are the two that I find essential, so kinda glad they do offer it

[NISFAN]

Originally Posted by rjberry

When I collected my car I had the GAP and tyre insurance pitch but declined both.

I was quoted £399 for back to invoice GAP 3 year cover. Fortunately I had shopped around before and so I bought the GAP from ala with 4 year vehicle replacement cover for £247.50. I had found a 10% discount code (GAP12 for anyone interested) which brought the GAP down to a very reasonable price.

The tyre cover I got from car2cover for £319 for 4 years cover. Better than the £385 for 3 year cover from the dealership.

I'm very much in the overkill boat for insurance. I know I may never get a puncture or write my car off but even so, there's always that nagging doubt that says better safe than sorry

Cheers for the GAP info, will be checking them out in a month or two

I pay for my own tyres on the very rare occasion I get a puncture. Problem with tyre insurance is you know there are people slashing worn tyres in order to get new ones for free. Everyone ends up paying. Why they don't have a clause to say they will only pay pro rata for wear I don't know.

In your case RJ, GAP is a must...if you were to write that lovely car off, insurance wouldn't take all the optional goodies into account, so a big loss if it were to happen. I can just imagine you saying that you want another £800 for HUD, lol

With GAP RTI you just hand them the invoice and gets your cheque, happy days.

[RobUK]

Insurance (other than that which is legally required) is effectively a gamble.

I bought my E81 new and in the two and a half years I owned it I had three punctures which I estimate cost me over £450. When I bought the car I decided not to get tyre insurance which would have cost me about £250. I gambled I wouldn't need it and lost out by £200 or so. For that reason I've taken out tyre insurance on my F30.

Similarly, I bought an IS300 back in 2003 and bought GAP insurance which cost me well over £400. I never used it - although I came close. I was hit up the back when I was stationary by a woman doing 50mph. The car, worth around £15k at the time, should have been written off but wasn't (long story), in which case I'd have got a brand new car (I ended up selling it for about a £3K loss). Again, that's why I took out GAP on my new car, but for someone who's never been in these situations, the risk is probably perceived as not that great.

[335dMSport+]

Gap for sure. It sounds like an idea to take an internet quote in with me and let them match or better it otherwise the company mentioned in this thread seem to be the way to go.

Thanks for the advice people.

[rjberry]

Originally Posted by NISFAN

In your case RJ, GAP is a must...if you were to write that lovely car off, insurance wouldn't take all the optional goodies into account, so a big loss if it were to happen. I can just imagine you saying that you want another £800 for HUD, lol

With GAP RTI you just hand them the invoice and gets your cheque, happy days.

That's why I went for the RTI cover. If the worst did happen then I want to know I can get back exactly what I had. For less than £250 I'm covered for the worst. Ok, I may not sleep any differently with it but at least I'm covered. Happy days