[Novakbmw]

Hi sadly this is the case . 2 .5 months old. I can’t find any threads where someone has been dealing with the insurer bmw FS and also the gap provider.

Anyone want to share their experience . It’s quite stressful and any tips so information the 3 parties goes smoothly

[Panchoa]

Wow. Sorry to hear that. What happened??

[Wills2]

I had a total loss on a BMW with BMWFS on it, no stress just called the insurance they came back with a figure which I was happy with (after the inspection etc...) they settle BMWFS and pay you the difference, easy. (the insurer paid out more than the invoice figure so GAP wasn't a consideration)

The incident is usually the stressful part, hope you're OK as being in a bad crash is nasty.

[Novakbmw]

Thank you appreciate it, won’t go into details as it’s just makes me feel so depressed.

Just hope all runs smoothly

[MashinBenzin]

Sorry to hear of your accident and subsequent hassle.

No particular tips, but you might want to put up a little more detail of the problem you are trying to overcome. A few on here seem to work in insurance and a lot on here are good at raising a noise to get what we want. You might find a new approach to the problem from someone.

[MashinBenzin]

Originally Posted by Novakbmw

Thank you appreciate it, won't go into details as it's just makes me feel so depressed.

Just hope all runs smoothly

Ah sorry, to hear that. Make sure you are talking to someone, doesn't have to be a bunch of blokes on a bmw forum (although they are surprisingly helpful in times of stress). But do share your thoughts with someone, it helps a huge amount even in really tough times. Sermon over and good luck

[Novakbmw]

Thank you I guess also the reason I don’t want to go into detail yet as I am waiting for the value from the insurer which will be paid to bmw FS . Secondly the gap insurer will do their assessment. There will be definite negative equity . When I know more I will ask for advice , it maybe general advice but obviously do not want to say anything until all parties have done assessment, s8mply because it’s a public forum .

I do know the insurer is not keen to hang about now and will look to pay finance ASAP .. I have been looking at autotrader prices . I’m guessing an insurer doesn’t factor in factory options added onto car ... will see what they come back with.

Bmw FS said they will want remaining amount within 28 days.

Then have to find a replacement car.

Really glad I took gap , did take it a year after car was bought though

[Kal101]

Surely the point of GAP is to ensure no negative equity ??

[RobUK]

OP - Really sorry to hear your news and hope you get a successful outcome. On the plus side there is a wealth of experience among members of this forum which can be a great help.

[The0pportunist]

Originally Posted by Novakbmw

Thank you I guess also the reason I don’t want to go into detail yet as I am waiting for the value from the insurer which will be paid to bmw FS . Secondly the gap insurer will do their assessment. There will be definite negative equity . When I know more I will ask for advice , it maybe general advice but obviously do not want to say anything until all parties have done assessment, s8mply because it’s a public forum .

I do know the insurer is not keen to hang about now and will look to pay finance ASAP .. I have been looking at autotrader prices . I’m guessing an insurer doesn’t factor in factory options added onto car ... will see what they come back with.

Bmw FS said they will want remaining amount within 28 days.

Then have to find a replacement car.

Really glad I took gap , did take it a year after car was bought though

Losing a car you love is like losing a family member. Sorry for your loss.

I might be wrong but I thought Gap insurance needs to be added within 90 days of purchasing the car?

[Goneinsixtyseconds]

Originally Posted by The0pportunist

Losing a car you love is like losing a family member. Sorry for your loss.

I might be wrong but I thought Gap insurance needs to be added within 90 days of purchasing the car?

Gap is usually available up to the first anniversary of it being registered. Mainly because most insurers have a policy to replace with a brand new car for the first 12 months and therefore you don't need it.

[Malone]

Originally Posted by Kal101

Surely the point of GAP is to ensure no negative equity ??

This. I thought the most basic GAP available is paying enough to clear outstanding finance.
Depends what GAP you took out, but you shouldn't be in negative equity anywhere, but you may not see your deposit amount back if you took the above GAP

We had our MINI written off last year. Insurers don't take any options into account and just pay a Glasses value. Return To Invoice GAP made up the difference (auc car) and we were never out of pocket - other than having to then pay more to find an equivalent spec auc car!

It's a shite situation to be in, but importantly, hope everyone is ok if it was an accident.

[MashinBenzin]

Originally Posted by The0pportunist

Losing a car you love is like losing a family member. Sorry for your loss.

No. To bring back a family member, I'd hand back both cars, my house, every possession and every penny, just to have a second chance at building a life with them in it. And be confident that I'd be motivated enough to make it work.

To bring back a car, I'd order another manufactured piece of metal, plastic, cow and glass.

[xenon]

Originally Posted by The0pportunist

Losing a car you love is like losing a family member.

are you fucking real?

or never suffered the heartbreak of losing a family member?

what a fucking stupid comment

[The0pportunist]

Originally Posted by MashinBenzin

No. To bring back a family member, I'd hand back both cars, my house, every possession and every penny, just to have a second chance at building a life with them in it. And be confident that I'd be motivated enough to make it work.

To bring back a car, I'd order another manufactured piece of metal, plastic, cow and glass.

Originally Posted by xenon

are you fucking real?

or never suffered the heartbreak of losing a family member?

what a fucking stupid comment

I could have worded it better - I stand corrected.

[xenon]

Originally Posted by The0pportunist

I could have worded it better - I stand corrected.

Thank you. Had you said losing a cherished car is like losing an arm I would have agreed

[MashinBenzin]

Originally Posted by The0pportunist

I could have worded it better - I stand corrected.

Thanks, off the cuff comment I know

[Pobsey]

When my car was written off the time line was:
Crashed into on the Saturday
Called insurance co on the Sunday
Insurance co inspected it on the Monday
Tuesday at 10am call to confirm car is written off
Spoke to Gap co on Tuesday afternoon
Ins payout agreed on Wednesday (was less than owed to BMWFS)
Thursday called BMWFS to pay the outstanding £4.98
Bacs payment landed at BMWFS the following Monday
Gap payed out the balance back to invoice within 7 working days.

Ordered new car (factory build) on the Wednesday after the crash, car turned up within 4 weeks of the crash.

Insurance company received the money from the third party insurer 8months after the crash, which caused an issue as my renewal was due 6months after the crash so had to pay an increased premium only to get it refunded once the claim was closed and all money recovered.

[ZedsRedBaby]

Originally Posted by Wills2

the insurer paid out more than the invoice figure so GAP wasn't a consideration

I'm curious to know how that happened. Presumably you got a discount on the car, but I thought the insurers would then say that whatever you paid is the market value?

[Wills2]

Originally Posted by ZedsRedBaby

I'm curious to know how that happened. Presumably you got a discount on the car, but I thought the insurers would then say that whatever you paid is the market value?

Not with that insurer (Direct line) when I questioned what they were going to do as the prices had risen they said they had to put me back in the position I was in before the crash and the price was irrelevant up or down they would pay me out based upon the current retail price of a similar M3. (which makes sense really)

It was a demo e92 M3 bought at the height of the unpleasantness in Dec 2008 for a bargain price, the 11 month old used examples were all retailing for more in July 2009, an unusual situation I guess in that prices had risen.

[ZedsRedBaby]

Originally Posted by Wills2

Not with that insurer (Direct line) when I questioned what they were going to do as the prices had risen they said they had to put me back in the position I was in before the crash and the price was irrelevant up or down they would pay me out based upon the current retail price of a similar M3. (which makes sense really)

It was a demo e92 M3 bought at the height of the unpleasantness in Dec 2008 for a bargain price, the 11 month old used examples were all retailing for more in July 2009, an unusual situation I guess in that prices had risen.

Interesting, thanks

[Novakbmw]

Some advice needed Please.

The insurer will come back On Monday I believe with an offer. The car is a total write off so the insurer asked if I have any interest to retain the vehicle, I said no because it’s not repairable cost efficiently or road worthy. so will proceed to come to a value now.

I insured the car for an amount the bmw salesman advised which had an element of new car discount but the finance quote was discounted much in value more because of more discount app,ied.

Is it industry standard for the insurer to offer the value to be without factory options or is it worth telling the insurer the options on the car so they take that into consideration reference the offer ?

The insurer told me they will look to process the payment to bmw FS ASAP as an interim payment whether I agree with the value or not with an option to dispute it later .... I did mention the gap provider was interested party too..

Any advice would be appreciated. i did look at initial autotrader prices a few days ago ...