BMW shortfall scheme instead of a tracker

[Steve748]

Has anyone taken up the BMW shortfall http://www.bmw.co.uk/bmwuk/fs/business/shortfall scheme that would pay the difference between what you paid for the car and the value placed on it if it was written off or stolen? The salesman told me about it when I told him fitting a tracker would only reduce the premium by £25 and his cost of £350 + annual payment of £125 or whatever it was seemed a bit of a non-starter.
I did read somewhere that there is a small portable tracker that you can leave in the car and switch on when you left the car.
Just wondered if any body had a claim or used the tracker system?

[Mattt]

It's just GAP Insurance, which is generally a good product (although not at main dealer full rates).

[PJR]

This kind of thing really needs to be an option on regular insurance policies surely??
As for discounted insurance with a Tracker device.. Of the 2 cars i've had a Tracker fitted to in the past, both times I was messed about by Insurance companies, and never got a discount at all. And even if you do manage to get one, I doubt it would amount to much.

P,

[Steve748]

Thanks Matt, I did a quick look and one of the Gap insurance companies, Direct Gap ins, quoted £205 on a purchase of £27k over 3 years and the BMW dealer told me IIRC it was £199 for 1yr £299 for 2yr and £399 for 3yr

[MattOz]

I used a company called click4gap and bought a return to invoice policy. It was considerably less expensive than the BMW option.

Matt

[Steve748]

£219 with http://www.click4gap.co.uk/sec.asp for £27k over 3 years for return to invoice still cheaper than BMWI might have a look at www.moneysavingexpert.com and see what he says about them

Edited by Steve748 on Sunday 21st December 17:36

[BRIKED]

Steve748 said:

£219 with http://www.click4gap.co.uk/sec.asp for £27k over 3 years for return to invoice still cheaper than BMWI might have a look at www.moneysavingexpert.com and see what he says about them

Edited by Steve748 on Sunday 21st December 17:36

As I posted in a previous thread about GAP Insurance, I've now purchased two GAP Insurance policies from Surf and Protect Ltd - see www.surfandprotect.com.

Something I found extremely useful when I was getting my second policy from them recently was that, if you have new-for-old cover on your motor insurance policy during the first 12 months after the vehicle was first registered (I believe most insurance companies now do this providing that you've owned the vehicle from new), Surf and Protect will allow you to defer the start date of their policies to be the day after your New-For-Old cover expires, wherease all other providers I checked with, insisted that their policies started when you bought the policy or was even back-dated to when you bought the vehicle... so this ability to defer the start date was a far better option, rather than running the GAP Insurance at the same time as the New-For-Old cover under my motor insurance.

Something else that also did it for me was in comparing the underwriter's, Click4Gap, the company you mention have their policies underwritten by a company called Red Sands, who I believe are based in Gibraltar (Who are they??) whereas the policies I bought are underwritten by AXA, who I think probably most people have heard of.

[Frothey]

the other thing to check is what type of gap cover you've got - normally either a £10k or £20k gap. with some of the depreciation around at the moment, you might be £10k out of pocket.....

[Bedford Rascal]

Red Sands are owned by (or some sort of subsidiary of) Hollard Insurance (a large South African insurer that have been around for 25 years or so).

I'd chose AXA too, mind you (not that I have heard anything bad about Hollard).

These policies are all pretty cheap for what they offer, and there's little sense saving a few quid, IMO.

...Mind you, The AIG was a massive and thoroughly strong insurer a little while back...

[wideload]

I baught my car a year ago and was wondering wheather i could take out one of these policys now?

[black1]

waste of money !

[Save Ferris]

black1 said:

waste of money !

Why do you say that?

[cat220]

I have the BMW GAP insurance although never had to pay for it, as it was part of the deal when buying the car.

[Steve748]

I ended up getting the BMW gap insurance for £275 for 3 years and that will make up the difference to replace the car for like for like, might still get a tracker, I have read somewhere there are some small ones that you hide in the car and work off batteries, anyone any ideas?

[Zod]

I had both on my first M3. The Tracker did bugger all when the car was stolen. The shortfall insurance paid the difference between my insurance payout and the cost of the car, which was about £4k.

[jamoor]

Save Ferris said:

black1 said:

waste of money !

Why do you say that?

I really don't see the point, the chances of a car being a write off or stolen are so minimal.

If I have a 2 year old mondeo that gets stolen, I will be paid the exact same amount it costs to get another 2 year old mondeo in the same condition and mileage, what's to lose?

[Mr Whippy]

jamoor said:

Save Ferris said:

black1 said:

waste of money !

Why do you say that?

I really don't see the point, the chances of a car being a write off or stolen are so minimal.

If I have a 2 year old mondeo that gets stolen, I will be paid the exact same amount it costs to get another 2 year old mondeo in the same condition and mileage, what's to lose?

It's a good point.

I guess the issue is with a contract hire type of car maybe, where you have to give back THE specific car at the end, or pay the final agree'd price. If you can't give the car back, then you pay the final price, which may well leave a 'gap'

Not sure though...

Hmm