GAP insurance worth it on a 2012 e92 M3?
Discussion
If you're buying with finance, it's a no brainer (albeit, find a third party provider rather than going with dealer rip-off prices).
If you're buying cash, then it's up to you. A couple of hundred quid to cover depreciation for the next three years seems sensible to me, but unless you end up claiming it's just money down the pan (as with any insurance product).
ETA: I would.
If you're buying cash, then it's up to you. A couple of hundred quid to cover depreciation for the next three years seems sensible to me, but unless you end up claiming it's just money down the pan (as with any insurance product).
ETA: I would.
Thanks for the advice - bearing in mind the current OBD port theft issues etc. I will probably take out the cover -
ALA do seem to be the best priced - I'm just a little confused about - what the state the cost of the vehicle - on the website it states invoice price of the car and then the help suggests what you 'paid' for the car which are two different things - i.e. the cash price is going to be less than the total payable if the car is financed... so what figure should I give???
cheers
G.
ALA do seem to be the best priced - I'm just a little confused about - what the state the cost of the vehicle - on the website it states invoice price of the car and then the help suggests what you 'paid' for the car which are two different things - i.e. the cash price is going to be less than the total payable if the car is financed... so what figure should I give???
cheers
G.
whoops - I think I get it now it does mention in the small print that they will either pay back to the Invoice price or clear the finance - although I'm still wondering what to put in as the price I paid - because i will not have paid it until the end of the agreement!!!! if you get my meaning!
gizard said:
whoops - I think I get it now it does mention in the small print that they will either pay back to the Invoice price or clear the finance - although I'm still wondering what to put in as the price I paid - because i will not have paid it until the end of the agreement!!!! if you get my meaning!
Depends if its a 'Return To Invoice' policy or a 'Return to Finance' policy.The former will give you back the difference between what you are paid out and what the Sales Invoice showed the car as (regardless of how much or little finance you have outstanding)... this is the one to take
The latter will only give you the difference between what you are paid out and any outstanding finance amount.
gizard said:
Just going through the T&C's of the ALA policy and it states that they will not payout if the following is true:
'The amount of any Excess on your comprehensive policy exceeding £250.00'
this is ridiculess as my excess is 650 + 400 compulsory and 250 volontary....
I'm not really surprised they won't cover your voluntary excess.'The amount of any Excess on your comprehensive policy exceeding £250.00'
this is ridiculess as my excess is 650 + 400 compulsory and 250 volontary....
But it's probably small beer in the grand scheme of things isn't it? The benefit of the policy is in covering the gap between payout and invoice/finance balance. If you ever found yourself in that position, I suspect £400 would be neither here nor there.
ETA: I think I might have misunderstood your email, in which case I think you in turn have misunderstood their T&Cs. Looking at exclusion #9 here: http://www.ala.co.uk/pdfs/BTIP.pdf They're just saying they won't cover your extra excess. They're not saying that if you have a larger excess that they won't pay out at all.
Edited by Gruber on Friday 17th August 13:02
Ahh - yes you are right - I misunderstood - it means any amount exceeding £250 will not be paid i.e. if the excess is 600 they will pay the first 250 I will pay the 350, ergo if the car was 50k on the invoice the normal insurance pays out 45k I pay 350, they will pay 4650!
dear me I must try not to multi task at the moment!
cheers
dear me I must try not to multi task at the moment!
cheers
Just out of interest, how much is the policy costing you?
There is a policy done at bmw dealers one a Total Loss protection, and the other which is a BMW policy called Shortfall insurance that returns to invoice.
The BMW policy is a superb level of cover, covers up to £500 excess, if your insurance covers new for old in the 1st year the balance is transferrable to your replacement vehicle etc.
It may be worth a trip to your local bmw dealer or check out
https://bmwprotect.co.uk/ and i think you can do it on line.
May be a touch more expensive but the cover is tremendous!
Greg
There is a policy done at bmw dealers one a Total Loss protection, and the other which is a BMW policy called Shortfall insurance that returns to invoice.
The BMW policy is a superb level of cover, covers up to £500 excess, if your insurance covers new for old in the 1st year the balance is transferrable to your replacement vehicle etc.
It may be worth a trip to your local bmw dealer or check out
https://bmwprotect.co.uk/ and i think you can do it on line.
May be a touch more expensive but the cover is tremendous!
Greg
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