Do I buy Gap Insurance for my 4 day old E60 (UK)
05-03-2006, 01:49 PM
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My Ride: On Order, due in May - 2007MY 530D SE, Silver Grey, Black Dakota, Auto, Brushed aluminium shadowline,sports seats / wheel, hi fi speakers, mats, space saver wheel and a few more bits
I was at the limit for my 530 D SE on the Monthlly personal lease (should really have gone for a 520 D but 40 in 2 Months). My local dealer insists I should fork out ?499 for 3 years of Gap insurance. ie, if i write car off in 2 years, insurance company says ?20K, outstanding lease - 26K. Supposed to protect me from this ubdesirable situation. Do you all take up this kind of thing (those of you on personal lease) or do you just chance it. I could do without it as I have struggled to fund the few extras I ordered.
Should I take it out
Should I take it out
05-03-2006, 01:55 PM
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My Ride: 2008 Porsche 911 Carrera S Convertible. Midnight Blue, 6 Speed.Retired - 2007 997 Carrera S, Midnight Blue, Grey leather, premium audioRetired - 2007 550i, Monaco Blue over Beige, Navigation, Logic 7, Cold Weather Pack, Comfort Access, Sport Package
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Might be worth finding out whether you can get coverage directly from your insurer and if so what the cost might be. You would be unlucky to need to claim on gap insurance but stuff happens and it's one of those things that's probably worth it when you needed. I may be wrong here but I had understood that US leases from BMWFS generally included gap insurance, it may be worth double checking the position in the UK to make sure that you're not already covered. Could be something the dealer is trying on (a la paint protection and similar crap)... Good luck either way, at the end of the day you're likely to regret not having it more than having it if you ever do need to claim on it!
05-03-2006, 02:05 PM
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My Ride: UK 530i 2004 Auto
I bought gap insurance but from the RAC it was much cheaper than the BMW policy, I also bought the RAC tyre insurance which has already paid out for a new tyre saving me ?140. I bought the RAC policies through a company called car-fiance.net see links below.
http://www.car-finance.net/gap/gap_matrix.asp
http://www.car-finance.net/gap/tyre_key.asp
http://www.car-finance.net/gap/gap_matrix.asp
http://www.car-finance.net/gap/tyre_key.asp
05-03-2006, 02:09 PM
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My Ride: 530d Touring
Model Year: 2007
Originally Posted by engtechst' post='277683' date='May 3 2006, 11:05 PM
I bought gap insurance but from the RAC it was much cheaper than the BMW policy, I also bought the RAC tyre insurance which has already paid out for a new tyre saving me ?140. I bought the RAC policies through a company called car-fiance.net see links below.
http://www.car-finance.net/gap/gap_matrix.asp
http://www.car-finance.net/gap/tyre_key.asp
http://www.car-finance.net/gap/gap_matrix.asp
http://www.car-finance.net/gap/tyre_key.asp
Agreed, I pay ?4 a month on top of my monthly payments for Return to Invoice Gap cover. If I opt out after 6 months it has cost me ?24, no way would I pay it up front, and no way would I pay ?499 either!!
But I also wouldn't not have it either.
05-03-2006, 02:13 PM
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My Ride: On Order, due in May - 2007MY 530D SE, Silver Grey, Black Dakota, Auto, Brushed aluminium shadowline,sports seats / wheel, hi fi speakers, mats, space saver wheel and a few more bits
Originally Posted by swajames' post='277677' date='May 3 2006, 10:55 PM
Might be worth finding out whether you can get coverage directly from your insurer and if so what the cost might be. You would be unlucky to need to claim on gap insurance but stuff happens and it's one of those things that's probably worth it when you needed. I may be wrong here but I had understood that US leases from BMWFS generally included gap insurance, it may be worth double checking the position in the UK to make sure that you're not already covered. Could be something the dealer is trying on (a la paint protection and similar crap)... Good luck either way, at the end of the day you're likely to regret not having it more than having it if you ever do need to claim on it!
Think ?500 over 3 years is probably OK in the scheme of things (?36K car)
05-03-2006, 02:14 PM
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My Ride: On Order, due in May - 2007MY 530D SE, Silver Grey, Black Dakota, Auto, Brushed aluminium shadowline,sports seats / wheel, hi fi speakers, mats, space saver wheel and a few more bits
Originally Posted by gIzzE' post='277689' date='May 3 2006, 11:09 PM
Agreed, I pay ?4 a month on top of my monthly payments for Return to Invoice Gap cover. If I opt out after 6 months it has cost me ?24, no way would I pay it up front, and no way would I pay ?499 either!!
But I also wouldn't not have it either.
But I also wouldn't not have it either.
05-03-2006, 02:20 PM
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My Ride: 530d Touring
Model Year: 2007
Originally Posted by 07530d' post='277691' date='May 3 2006, 11:14 PM
Is that through the dealer or your insurance company??
Through Lombard who I financed the car with, I used them as they were 5.4% apr.
Just do a search for Gap insurance on google and call a couple in the morning.
An insurer should pay return to invoice in the first year anyway, so you have plenty of time to find a good deal.
05-03-2006, 02:33 PM
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My Ride: On Order, due in May - 2007MY 530D SE, Silver Grey, Black Dakota, Auto, Brushed aluminium shadowline,sports seats / wheel, hi fi speakers, mats, space saver wheel and a few more bits
Originally Posted by gIzzE' post='277693' date='May 3 2006, 11:20 PM
Through Lombard who I financed the car with, I used them as they were 5.4% apr.
Just do a search for Gap insurance on google and call a couple in the morning.
An insurer should pay return to invoice in the first year anyway, so you have plenty of time to find a good deal.
Just do a search for Gap insurance on google and call a couple in the morning.
An insurer should pay return to invoice in the first year anyway, so you have plenty of time to find a good deal.
My dealer wanted an answer by tomorrow. I am still trying to find the money for my visa paid deposit that covered leather, auto, alum shadow trim - like an M5, hi fi speakers etc
05-03-2006, 04:07 PM
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My Ride: 09 - 520d M Sport - Steptronic - Carbon Black - Black Dakota Leather Sports Seats electric- Auto Climate - Piano Black Bamboo - Antracite Headlining - Business Media Kit - Sat Nav - Bluetooth - CD Changer - Auxillary Port and USB - M Sport Multifunction Steering - Lowered M Suspension - 18" Alloys with RFT - M Badged - M Bumpers and Bodykit - Park Distance Control - Advanced Voice Rec - Auto Dim Mirror - Privacy Glass - 5 Year Service Inclusive
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Originally Posted by 07530d' post='277675' date='May 3 2006, 10:49 PM
I was at the limit for my 530 D SE on the Monthlly personal lease (should really have gone for a 520 D but 40 in 2 Months). My local dealer insists I should fork out ?499 for 3 years of Gap insurance. ie, if i write car off in 2 years, insurance company says ?20K, outstanding lease - 26K. Supposed to protect me from this ubdesirable situation. Do you all take up this kind of thing (those of you on personal lease) or do you just chance it. I could do without it as I have struggled to fund the few extras I ordered.
Should I take it out
Should I take it out
Gap Insurance thats a new one on me. Sounds like another way for insurance co;s to roger you. I certainly hvent taken it out
05-03-2006, 11:49 PM
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My Ride: 520d GT, Blue, Beige Dakota Leather, Pro Sat Nav, Interior Lights Pack, Adaptive Lights, Advanced Aircon
I know that Direct Line car insurance will 'return to invoice' cost within the first 12 months of buying a new car. After that I think it is worth shopping around. I took out some shortfall insurance -- wanted to protect my investment as i put a large deposit down. If you're leasing and are not taking as large a risk then its a balance between peace of mind and can I afford it.
Good luck.
Good luck.