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2010 2011 BMW 5 Series Forum F10 Gap Insurance Providers? |
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02-25-2014, 11:12 AM | #1 |
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Gap Insurance Providers?
Hi guys, has anyone gone for Gap insurance not provided by BMW? I heard you can get as good coverage from £150 from other companies and are there any that you would recommend?
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02-25-2014, 11:25 AM | #2 |
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ALA seem to be highly rated, felow forum members have gone through them.
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02-26-2014, 01:56 AM | #4 |
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ALA for me too - offered the best policy for me at the best price. BMW Finance's offer is daft money.
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02-26-2014, 02:25 AM | #5 |
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I transferred a policy that I had on my previous car (two years left).
Think it is with GAPInsuranceUK.net (they're a sponsor over on the RRSport forum). Think I paid £180 for 4 years, up to £30k cover. As xenon says, there are a far better deals out there compared to main dealers. |
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02-26-2014, 02:46 AM | #6 |
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BMW £343 for 3 years at £25000.
Ala £199 for 3 years at £25000. Has anyone here claimed with ala?
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02-26-2014, 03:39 AM | #7 |
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Excuse my ignorance....am I not correct that in the event of a total loss in the first year of a new car, the car is replaced new and to exact spec? Therefore the risk is from year 1-3 when the finance maybe higher than the purchase price of a new one?
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02-26-2014, 03:50 AM | #8 |
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Some insurance companies operate a new for old policy on fully comprehensive, but have riders such as the availability of a replacement vehicle within a certain period.
GAP insurance providers also offer a deferred start if required, so you can buy a policy on a new car today, with cover starting in one year's time when your cover from your normal policy stops providing a replacement. I don't think the BMW version offers that facility. |
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02-26-2014, 05:36 AM | #10 |
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I laughed when the finance guy at BMW told me the price for the GAP insurance. He took offence, but I was so amazed at their pricing.
He then said "well we could move on the price", to which I responded that if he did it for £150 I'd write a cheque there and then........he didn't even respond and walked off - twat! |
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02-26-2014, 07:12 AM | #11 |
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I was offered it at £343 from BMW.
Is it any good compared to ALA?
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02-26-2014, 07:47 AM | #12 |
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I have always taken Gap insurance on my last 4 cars. All were BMW cars and each time I took Gap insurance from an independent provider.
Whether the 1st year is covered or not by your insurance company is worth checking. I got mine to send this to me in writing. I then took the Gap for 4 years, but effectively with a deferred start date - so get the same deal but for 5 years. I have never (thankfully !) had the opportunity to use the Gap insurance; so cannot really comment on the provider. A good check is to see if the underwriter is a UK based bank or company. Last time I checked (Sep 2013), BMW were using RBS as their underwriters; and my independent Gap insurers were using the same underwriter - so in a way, your risk with being an independent is as good (or as bad) as BMW's. I too have off a few finance guys at BMW - when I tell them the prices I am getting compared to what they are selling; they usually walk off ! Companies I have used are Click2Protect, Ala and DirectGap...
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02-26-2014, 08:32 AM | #13 |
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Are ALA uk based? Any thought on them chaps? I'm still sat the fence - BMW or ALA?
Are ALA a safebet?
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02-26-2014, 09:54 AM | #14 |
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02-26-2014, 09:59 AM | #15 | |
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ALA has been voted by Which as a good Gap insurance company - a good sign. They are underwritten by Lloyds (which is UK based). Check out the FAQ page of ALA and around middle of the page, there is a question "Is my GAP insurance policy protected if the insurer goes bust?"
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02-26-2014, 01:29 PM | #17 |
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So this is the one to go for:
http://www.ala.co.uk/vehicle-replacement-insurance.html
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02-26-2014, 03:01 PM | #18 | |
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02-26-2014, 03:56 PM | #20 |
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Good point, I want back what I paid for it.
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02-26-2014, 04:08 PM | #21 | ||
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Quote:
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02-26-2014, 05:30 PM | #22 |
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I'm wrong, forgive me!
I was under the impression that VRI would just pay for the difference between an exact replacement for your car, so if the car was a year old they'd just pay the difference between the insurers offer and the price of a 1 year old car. |
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