G A P insurance.???

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Nine468
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G A P insurance.???

Fri Nov 22, 2019 4:00 pm

Hi folks.
Just wondering if GAP insurance is worth it or not.

Has anybody on here bought it, used it, actually claimed on it, etc..

Just about to purchase a F15 40d, for aprox £32K ish and was wondering about getting GAP cover on it, as itl most probably depreciate ,, a bit ...

PS ill not be getting GAP from BMW..... But a third party company...

Thanks.
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Re: G A P insurance.???

Fri Nov 22, 2019 5:18 pm

Wouldn't buy a high value car without it, as you can be seriously out of pocket, it it's a total loss, but like you have never bought from the dealer, fortunately not had to claim on it.

Just put the reg no into webuyanycar or similar and compare that with the purchase price to get an idea of the drive away depreciation, personally for the low cost of gap, I have always of it as worthwhile, especially if the unfortunate happens two or three years down the track.
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Re: G A P insurance.???

Fri Nov 22, 2019 6:33 pm

I bought the BMW version for better protection when claiming.

Read the small print with the third party suppliers and see where they are actually headquartered. If outside the UK then they don’t come under any of the UK Financial watchdogs and if you have any problems you have to go to the country where the firm is registered to get any comeback. There was a warning about this a couple of years ago. They are cheaper but higher risk of something going wrong at a time when you least need hassle.

I have had it on all new cars. Never had to use it, but with a lease/PCP it’s going to protect you if you have a write-off. Triggering airbags will write a car off, especially if the seatbelt pre-tensioner go. They allegedly ‘stretch’ the body shell and weaken it at that point. Lord forbid it ever happens, but.. :o
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Re: G A P insurance.???

Fri Nov 22, 2019 8:11 pm

I generally use a broker, they are UK company who are FCA authorised and regulated, when I bought my x5, they where substantially cheaper than BMW and with in my view better cover, presumably mainly due to the lack of salesman commission.
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Re: G A P insurance.???

Sat Nov 23, 2019 7:02 pm

My sn bought / PCP a 17 plate ( new in 2017 ) and had it 18 months, then one evening he pulled out on someone and the wrote it off.
He had GAP insurance via BMW less than £600. The insurance paid out £30k and the the GAP insurance paid out 15,000, BMW took £30k ( finance balance) and Gap insurance paid the rest of original invoice price.
He put 15 K deposit on a new Macan and now has that instead of a BMW
He says Best £600 he EVER SPENT.
BMW may be deeper but seem less payout and no arguments. It does it says on the tin
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Re: G A P insurance.???

Sat Nov 23, 2019 7:04 pm

Sorry can't seem to edit my post, it was a 17 plate 435 Xdrive £45k
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Re: G A P insurance.???

Sun Nov 24, 2019 5:27 am

I would always get GAP Insurance... and I would buy from BMW at the time of buying the car as it is a much cleaner and no arguments transaction.

I have an X5M which as you can imagine has depreciated pretty significantly in the last 12 months. Without GAP, if there was an incident (X5's are back at the top of the list for theft) then I would get right back to my Invoice Value which would make me feel much happier should it ever happen... mine is a very high spec, so would find it very hard in the second hand market to find the same level of spec again at the value my insurance decides to pay out!


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Re: G A P insurance.???

Sun Nov 24, 2019 7:21 am

I think most people agree GAP insurance is worthwhile, especially given the initial depreciation of modern cars, and to some degree the initial cost of the GAP is not significant, compared to the potential loss.
I think mine was around £650 for 4 years cover, but is not just back to invoice cost but covers cost of replacement vehicle, so in my case it would be to put me in a position with the insurance payout and gap to purchase a new x5 of the same or nearest better equivalent specification as was originally purchased, (or cash equivalent) this effectively inflation proofs any potential loss.

It's really comes down to individual choice (after your own research) to decide if you want to buy it and where you buy it from. But I wouldn't be without it on a expensive car.

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