[Dogmatic6]

Hi all,

I’m trying to figure out why you would purchase GAP insurance during the first 12 months of ownership?

My insurer Admiral will replace with a brand new car if needed in the first 12 months.

BMW tried to sell GAP to me and stated I would need to buy within the first couple of months of ownership? I checked and you can purchase GAP insurance from multiple insurers after the initial 12 month cover your insurer provides.

Am I missing something?

Cheers

[RustyBitz]

Originally Posted by Dogmatic6

Hi all,

I’m trying to figure out why you would purchase GAP insurance during the first 12 months of ownership?

My insurer Admiral will replace with a brand new car if needed in the first 12 months.

BMW tried to sell GAP to me and stated I would need to buy within the first couple of months of ownership? I checked and you can purchase GAP insurance from multiple insurers after the initial 12 month cover your insurer provides.

Am I missing something?

Cheers

I'm the same as you with admiral, the pain in the arse comes after 12 months and your in a 47 month PCP deal.

You need to take PCP within 90 days of collection (I think) to get replacement vehicle plus with ALA. I'm happy to be corrected though.

Mine cost £352.53 for four years cover with replacement vehicle plus. I have had one claim 8 years ago where my car was written off and gap came to the rescue.

[Dogmatic6]

Originally Posted by RustyBitz

I'm the same as you with admiral, the pain in the arse comes after 12 months and your in a 47 month PCP deal.

You need to take PCP within 90 days of collection (I think) to get replacement vehicle plus with ALA. I'm happy to be corrected though.

Mine cost £352.53 for four years cover with replacement vehicle plus. I have had one claim 8 years ago where my car was written off and gap came to the rescue.

Hi, thanks for the reply!

I checked ALA and they let you take out the GAP policy 365 days after collection.....if your car insurance covered you for the first 12 months!

I will definitely purchase GAP but only towards the end of my first 12 months so will be looking for 3yrs GAP.

I think there is also a discount code for ALA through moneysavingexpert forum.

[dazzapb]

Originally Posted by Dogmatic6

Hi, thanks for the reply!

I checked ALA and they let you take out the GAP policy 365 days after collection.....if your car insurance covered you for the first 12 months!

I will definitely purchase GAP but only towards the end of my first 12 months so will be looking for 3yrs GAP.

I think there is also a discount code for ALA through moneysavingexpert forum.

Originally Posted by Dogmatic6

Hi, thanks for the reply!

I checked ALA and they let you take out the GAP policy 365 days after collection.....if your car insurance covered you for the first 12 months!

I will definitely purchase GAP but only towards the end of my first 12 months so will be looking for 3yrs GAP.

I think there is also a discount code for ALA through moneysavingexpert forum.

I have taken out a policy out with admiral for 880 or so.

Well spotted there mate on ALA. Only thing is that it's back to invoice for cars up to 365 days old not vehicle replacement GAP which might or might not be an issue works out to be around 260 for 50k cover.

As you noted if you use MSE25 I can get 4 year replacement. on invoice price of 59K for 350.

Might just swallow the 90 quid and get it done just incase!

[x3mcomp]

Originally Posted by Dogmatic6

Hi all,

I’m trying to figure out why you would purchase GAP insurance during the first 12 months of ownership?

My insurer Admiral will replace with a brand new car if needed in the first 12 months.

BMW tried to sell GAP to me and stated I would need to buy within the first couple of months of ownership? I checked and you can purchase GAP insurance from multiple insurers after the initial 12 month cover your insurer provides.

Am I missing something?

Cheers

I could be wrong but I think with ALA you can only get the Vehicle Replacement Plus cover within the first 90 days and anytime after that up to 365 days you can get the Invoice cover. So I guess it really depends on the level of cover you want. As others have said it's around £350 for 4 years with ALA.

[Dogmatic6]

Originally Posted by x3mcomp

I could be wrong but I think with ALA you can only get the Vehicle Replacement Plus cover within the first 90 days and anytime after that up to 365 days you can get the Invoice cover. So I guess it really depends on the level of cover you want. As others have said it's around £350 for 4 years with ALA.

Hi,

Yes that’s what I seemed to have missed. Vehicle replacement vs invoice cover.
Will have a think about that!

Thanks

[worsy]

Check your insurance policy as many won't pay full value unless car is owned by the policy holder (as in not on PCP/HP).

[Dogmatic6]

Originally Posted by worsy

Check your insurance policy as many won't pay full value unless car is owned by the policy holder (as in not on PCP/HP).

That’s a good point! Wording of my policy below. It only mentions registered keeper.

New car replacement: If your vehicle is 12 months old or less, you are the first registered keeper and it is written off or stolen and unrecovered we will replace it with one of the same make, model and specification if available in the UK or pay the market value at the time of the loss.

[dazzapb]

For admiral I quoted the invoice price too re: value. If that's the price I'm paying then that's what it's worth

[isleaiw1]

Originally Posted by worsy

Check your insurance policy as many won't pay full value unless car is owned by the policy holder (as in not on PCP/HP).

If you buy on PCP or HP you are the owner but its a conditional sale ie if you dont keep up payments they can repossess. However, its your name on the log book - you are the registered keeper.

Different with a lease....

[worsy]

Originally Posted by isleaiw1

If you buy on PCP or HP you are the owner but its a conditional sale ie if you dont keep up payments they can repossess. However, its your name on the log book - you are the registered keeper.

Different with a lease....

Agreed, however I have had insurance in the past that explicitly excluded pcp purchases. It was with NFU and I just checked their current wording which now allows it.

[gatorfast]

GAP insurance is meant to cover the difference between an insurance payment for a totaled vehicle and what is owed on a loan (i.e. it insures against negative equity). The first 12 months is probably the most important time for this type of insurance as your vehicle is worth considerably less the second you drive it off of the dealer lot.

[daltonvaas]

I'm thinking of adding this now, does anyone have a GAP company to recommend? I remember there was a thread where one company came up a lot but I can't find it anymore.....

[RustyBitz]

Originally Posted by daltonvaas

I'm thinking of adding this now, does anyone have a GAP company to recommend? I remember there was a thread where one company came up a lot but I can't find it anymore.....

ALA

[x3mcomp]

Originally Posted by RustyBitz

ALA

+1

Code MSE25 gets you 25% off to bring it down to £350.

[Dogmatic6]

Originally Posted by x3mcomp

+1

Code MSE25 gets you 25% off to bring it down to £350.

Yes ALA with the 25% code seems to be a great deal.

I will probably go ahead and purchase now instead of waiting 12 months. I guess initially I just didn’t see the value in taking GAP for the first 12 months when my car insurance would replace with a brand new car.

I didn’t appreciate the difference between vehicle replacement vs back to invoice cover.

ALA only provide back to invoice cover if I wait 12 months before taking a policy out with them.

[Jimmyjones654]

Sorry to jump in but what are you guys going for GAP or RTI and are you putting the actual value eg the amount you paid or the list price ?

[x3mcomp]

Originally Posted by Jimmyjones654

Sorry to jump in but what are you guys going for GAP or RTI and are you putting the actual value eg the amount you paid or the list price ?

I've gone for Vehicle Replacement Plus with ALA. You have to take off delivery, registration any discounts as they are not covered.

[X3M40i_Nev]

Originally Posted by x3mcomp

I've gone for Vehicle Replacement Plus with ALA. You have to take off delivery, registration any discounts as they are not covered.

+1 on ALA and VRP 👍

[Rukburd]

Hi all

Picked up my x4 mc yesterday. I received the hard sell from the dealer about GAP insurance, I did do a fair amount of research prior about if GAP was needed if your fully comp with Admiral. As suggested here, I think it’s not needed for the first 12 months. I did call Admiral CS and BMWFS, admiral was just reading out the policy but couldn’t provide a yes or no answer, bmwfs was more helpful. All they would require is to give Admiral authoritarian to the finance account if the worst was to happen.

The people getting the 350ish quotes with ala, are you inputting the OTR price or the invoice price? I cannot get close to that figure at all.

Rich

[x3mcomp]

Originally Posted by Rukburd

Hi all

Picked up my x4 mc yesterday. I received the hard sell from the dealer about GAP insurance, I did do a fair amount of research prior about if GAP was needed if your fully comp with Admiral. As suggested here, I think it’s not needed for the first 12 months. I did call Admiral CS and BMWFS, admiral was just reading out the policy but couldn’t provide a yes or no answer, bmwfs was more helpful. All they would require is to give Admiral authoritarian to the finance account if the worst was to happen.

The people getting the 350ish quotes with ala, are you inputting the OTR price or the invoice price? I cannot get close to that figure at all.

Rich

You need to put the price you actually paid, the invoice price. Take off any discounts and bits they don't cover and then use the 25% code I've posted before.

ALA if you are reading this I will happily accept a sponsorship

[Shadowdemon1]

ALA probably has the biggest exposure to X3/4/M depreciation in the UK gap market :O