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      11-22-2012, 07:53 AM   #1
MarkW83
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GAP Insurance

Hi guys,

After some advice on GAP Insurance if anyone has experience!

I've never bothered with it before, but if the car was to be written off it would be a bit of a financial nightmare, so I'm thinking of getting it this time. The online places (rather than BMW themselves) seem the best value, as to be expected, though I may see if BMW will match or get close to their prices.

The car is just shy of 45,000; and I'm well aware that probably 10k will be wiped off that as soon as I drive it out of the showroom. With the car being on a 4-year PCP, the shortfall from an insurance pay-out for its market value at the time - vs invoice and/or finance settlement - could be substantial.

For return to invoice, I've had a quote so for of 289 for the full 4 years. 2 years is 186.

I'm thinking of getting the 2 years cover; reasoning being that a large proportion of the value will be wiped off in year one as soon as it's "not new", and after 2 years (halfway through the term), I will have paid a lot of the finance off, so any shortfall will hopefully be minimal, rather than catastrophic as it would be in year 1 certainly, and also perhaps in year 2.

Does all that sound like a good plan, or would I be better getting it for 3 or 4 years instead?

Any help appreciated
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      11-22-2012, 07:55 AM   #2
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That was done a few weeks ago http://www.f30post.com/forums/showthread.php?t=763300
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      11-22-2012, 08:00 AM   #3
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Thanks, had a read through and it does look worthwhile; but should I be getting it for 4 years, or will 2 still be a good benefit?
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      11-22-2012, 08:08 AM   #4
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I'm no expert in this area but I'd have thought at least 3 years would be a good idea?
You are trying to protect from the shortfall and the greatest loss would be in the first 3 years I guess.
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      11-22-2012, 08:58 AM   #5
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Dealer suggested to me that 3 years is a sensible period. That said, the cost of an extra (fourth) year probably isn't that much more, so it's cost vs. peace of mind.
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      11-22-2012, 09:00 AM   #6
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Thanks; I think I'll go for 3 years. Got a quote for 199 from ALA which seems reasonable, return to invoice or pay finance off, whichever is greater. I think it was an additional 60 for the 4th year, but I don't usually keep my cars longer than 3 years anyway, and it will have lost the largest chunk of its value - and I'll have paid off a lot of the finance - in 3 years, so I think 3 is the way to go? Will see if the dealer can match the ALA quote...
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      11-22-2012, 09:16 AM   #7
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Quote:
Originally Posted by MarkW83 View Post
Will see if the dealer can match the ALA quote...
My dealer matched the car2cover quote I got without any quibbles (and it was about half what BMW wanted), so would hope your dealer will oblige.
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      11-22-2012, 09:24 AM   #8
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Nice one, thanks Rob!
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      11-22-2012, 11:32 AM   #9
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Quote:
Originally Posted by MarkW83 View Post
Thanks; I think I'll go for 3 years. Got a quote for 199 from ALA which seems reasonable, return to invoice or pay finance off, whichever is greater. I think it was an additional 60 for the 4th year, but I don't usually keep my cars longer than 3 years anyway, and it will have lost the largest chunk of its value - and I'll have paid off a lot of the finance - in 3 years, so I think 3 is the way to go? Will see if the dealer can match the ALA quote...
I have still got a year left on my last ALA cover, which they are transferring to my BMW, so the 4th year is not a waste
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