840i M Sport Lease Deal

[Funk]

I'll be getting mine driven down - the faff and cost of getting up to Manchester on public transport just isn't worth it and as mentioned it'll be coming off my allowance if I drive it down. Not that that's catastrophic but 250 miles is 250 miles...

[Actus Reus]

rix said:

Whereabouts are you? I'm just south of Stortford, will keep an eye out for yours!

I'm in Sawbo - you must be very close! What colour is yours gonna be?
I also can be seen about in a blue VX220 turbo.

[cossy400]

Actus Reus said:

rix said:

Whereabouts are you? I'm just south of Stortford, will keep an eye out for yours!

I'm in Sawbo - you must be very close! What colour is yours gonna be?
I also can be seen about in a blue VX220 turbo.

Ill keep an eye out when im at the mother in laws in Sawbo.

[rix]

Actus Reus said:

I'm in Sawbo - you must be very close! What colour is yours gonna be?
I also can be seen about in a blue VX220 turbo.

Little Hallingbury - it will be a sonic blue!

[Actus Reus]

Ha - we’ll have matching cars then! I’m down by the river in Sawbo. Will almost have matching plates too. When’s yours due to arrive? I’m Friday 27th March.

[rix]

Ha! I haven't got a date yet, maybe worryingly, it's scheduled for 'march' so obviously hoping it is this side of the ved increase! Will have to get them together - mine is apparently coming from Williams so yes they could end up with similar plates!

[C Lee Farquar]

I now have my number plate and am starting to sort out the insurance.

I saw on earlier posts that someone was putting a lower figure than £70k in for value, is this worth the risk (assuming there is one)?

I'm on a 3 + 23, am I right in thinking this makes GAP insurance fairly pointless.

I don't mind assuming a reasonable amount of risk to reduce my costs and the car is non essential.

[ayman82]

C Lee Farquar said:

I now have my number plate and am starting to sort out the insurance.

I saw on earlier posts that someone was putting a lower figure than £70k in for value, is this worth the risk (assuming there is one)?

I'm on a 3 + 23, am I right in thinking this makes GAP insurance fairly pointless.

I don't mind assuming a reasonable amount of risk to reduce my costs and the car is non essential.

Is this a 69 or a 20 plate?

[C Lee Farquar]

20, coming 2nd March

[rudester]

C Lee Farquar said:

I now have my number plate and am starting to sort out the insurance.

I saw on earlier posts that someone was putting a lower figure than £70k in for value, is this worth the risk (assuming there is one)?

I'm on a 3 + 23, am I right in thinking this makes GAP insurance fairly pointless.

I don't mind assuming a reasonable amount of risk to reduce my costs and the car is non essential.

Check your insurance. Mine will provide a new car if it's written off in the 1st 12 months. You might want it to cover the 2nd year.

[Funk]

rudester said:

C Lee Farquar said:

I now have my number plate and am starting to sort out the insurance.

I saw on earlier posts that someone was putting a lower figure than £70k in for value, is this worth the risk (assuming there is one)?

I'm on a 3 + 23, am I right in thinking this makes GAP insurance fairly pointless.

I don't mind assuming a reasonable amount of risk to reduce my costs and the car is non essential.

Check your insurance. Mine will provide a new car if it's written off in the 1st 12 months. You might want it to cover the 2nd year.

I think if you have the car listed as 'Leased - Private' they will pay out rather than replace - that's the case with my insurance anyway.

I think for the money GAP insurance is a bit of a no-brainer. I'd also suggest that undervaluing the car to try and lower insurance isn't a great idea; they're not daft...

[ayman82]

BMW Insurance is coming out at approx £892 for 8k, plus total loss gap ALA price match of £118.07 (I'm assuming), that's not bad!

AXA is £812, but not sure if it has DoC. I also need to check with my current insurers, as I'm 8 months in towards getting 7 year NCD.

What are other people's ages/prices coming up at? I'm 28.

[mackie1]

It was probably me questioning the same thing re the value of the car. They're after the true value of the car and the invoice price to the lease company will be hugely less than 70k, probably ~50 in actual fact.

[ayman82]

I've put £55k as the value of the car, as that's how much you can buy one new for.

[Funk]

mackie1 said:

It was probably me questioning the same thing re the value of the car. They're after the true value of the car and the invoice price to the lease company will be hugely less than 70k, probably ~50 in actual fact.

I'm not being a dick but trying to work on what the lease company *might* have paid for the car seems risky - if your insurers take your value, low-ball it and the leasing co. ask for a higher value then you could be stuck holding the baby.

GAP might save you in that instance as its purpose is to make up any shortfall between the cost of settling up with the finance co. and what your insurers will pay out.

Put it this way; to save £100-200 on insurance it seems an awfully large gamble to take if, for example, the lease co want £55k and your insurers offer £45k as you insured it for £50k...?

Perhaps this might be a question for the 'Insurance' forums...

ayman82 said:

BMW Insurance is coming out at approx £892 for 8k, plus total loss gap ALA price match of £118.07 (I'm assuming), that's not bad!

AXA is £812, but not sure if it has DoC. I also need to check with my current insurers, as I'm 8 months in towards getting 7 year NCD.

What are other people's ages/prices coming up at? I'm 28.

Out of interest how much does the quote change by if you insure the car for its list price?

I'm nearly 41, 10yrs NCD, 10k miles/year with business use and my insurance quote for the car (with £70k value) is £549/yr with Quotemehappy.com - although the compulsory excess is chunky at £700. I'm assuming GAP with ALA will be a couple of hundred for 2 years as it was for my current car.

Edited by Funk on Tuesday 18th February 11:58

[mackie1]

I wasn't advocating anything, I only mentioned it as it made more of a difference that I expected and also because seems like the list price is the wrong value to quote in this situation as it's essentially meaningless.

I'd only put a lower value in if I could get it confirmed in writing though.

[C Lee Farquar]

mackie1 said:

I wasn't advocating anything, I only mentioned it as it made more of a difference that I expected and also because seems like the list price is the wrong value to quote in this situation as it's essentially meaningless.

I'd only put a lower value in if I could get it confirmed in writing though.

I think this is the problem. It seems BMW have been dumping some cheap ones, but if they reduce capacity or demand increases then the price may be up near £70k again. No one will confirm that you have have a cheap one at any time over the next two years at your convenience.

[ayman82]

Funk said:

Out of interest how much does the quote change by if you insure the car for its list price?

I'm nearly 41, 10yrs NCD, 10k miles/year with business use and my insurance quote for the car (with £70k value) is £549/yr with Quotemehappy.com - although the compulsory excess is chunky at £700. I'm assuming GAP with ALA will be a couple of hundred for 2 years as it was for my current car.

Edited by Funk on Tuesday 18th February 11:58

It's approx. £1400 with list price, and £900 with £56k, excess at £450 via AXA, if anyone get a new one for £55k via autotrader, not even trade, why would you put the list price?

If it wasn't a brand new car, would you put the value of other cars on autotrader as the estimated value, or another number? I'd put the autotrader value.

The text from Compare the Market states:

'We may have provided you with an estimate of the car's market value.

If this hasn't appeared or you wish to enter an alternative evaluation, simply type in the box.

Please note in the event of a claim the insurer with generally pay the market value of the car.

Car values may vary, due to a variety of factors such as modifications, mileage and the car's condition.'

I would say the current market value of the car is £55k, as I can get a number of cars for £55k via dealers or Autotrader.

[ayman82]

I will be getting GAP however, so I assume they will agree market value and any shortfall will be arranged between GAP provider and Insurer.

[anonymous-user]

ayman82 said:

BMW Insurance is coming out at approx £892 for 8k, plus total loss gap ALA price match of £118.07 (I'm assuming), that's not bad!

AXA is £812, but not sure if it has DoC. I also need to check with my current insurers, as I'm 8 months in towards getting 7 year NCD.

What are other people's ages/prices coming up at? I'm 28.

I wouldn't be putting £55k as the value.

My insurance is coming out at around £500, 31 with 2 or 3 years NCD on this car, 7 years on my Vantage and i think 2 or 3 on a SLK, so the £500 is probably reflective of mirrored NCD and Multi-car discount. (value at £72k as that is what is one my invoice).

I don't think i will bother with GAP insurance, i will put the right value on my insurance quote and it would be up to them and the lease company!