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Why Take Out BMW GAP insurance?

If your BMW is written off through accident, fire, theft or flood, the amount of money that your Motor Insurer pays out will be what they think your BMW was worth at the time of loss. This is commonly referred to as the "Market Value" of your vehicle. This figure will almost certainly be less than the amount that you paid for the vehicle in the first place. But what many people don't realise is that it might also be less than the amount still outstanding on finance at the time of loss and it's very likely to be less than the cost of replacing the vehicle with an equivalent to the vehicle you originally purchased which, if your original vehicle was brand new, will likely have increased to a higher figure by the time of claim.

Clearly, this means that if your vehicle is written off, the financial burden on you could well be substantial. GAP insurance is intended to relieve you of that financial burden.

Am I Eligible For BMW GAP insurance?

You can buy GAP insurance for a vehicle that:

  • Is less than five (5) years old.
  • You took ownership/delivery of within the last 365 days (or have not yet taken delivery of).
  • You purchased (or are purchasing) from a Motor Dealer or, Private Seller.
  • Is used for social, domestic, pleasure, commuting and some business uses (see exclusions)
  • Was bought for (or if leased, has a p11D value of) no more than £150,000
  • Was bought cash outright, personal loan (secured or not), or was financed by way of a HP, PCP, Conditional Finance or Lease Agreement.

You can NOT buy GAP insurance for a vehicle that:

  • Is more than five (5) years old.
  • You took ownership/delivery of more than 365 days ago.
  • Was bought for (or if leased has a p11D value of) more than £150,000
  • Is used for/in any sort of competitions or rallies, hire and/or reward, driving tuition, racing, pace making, speed testing or reliability trials, or as a taxi.
  • Is not listed in Glass’s Guide,
  • Is a kit car, or invalid carriage
  • Is used solely for delivery or courier purposes
  • Is a commercial vehicle of more than 3500kg gross weight.
  • Is an American, Australian or Canadian vehicle (unless built for the UK market)

BMW GAP insurance Statistics

17.00%

(Of the total value of the vehicles we cover)

12.44%

(Of the total quantity of the vehicles we cover)

18.03%

(Of the total sum of money we've paid out in GAP insurance claims to date)

£17,500.00

(Our largest BMW GAP insurance claim payout to date. Which is £10,959.00 lower than our £28,459.00 largest claim payout overall)

£7,699.15

(Our average BMW GAP insurance claim payout. Which is £1,729.02 higher than our £5,970.13 average claim payout overall)

What does BMW GAP insurance do?

To consider what GAP insurance does, it helps to better understand the situation without GAP insurance in place. Let's look at that:

Without BMW GAP insurance

If your BMW is written off...

Financed Vehicle

...the payout from your motor insurer could well be less than the amount outstanding on finance at the time of claim. If it is, you'd have to pay any shortfall out of your own pocket before you could even think about financing a new vehicle.

Leased Vehicle

...the finance house will calculate a settlement figure which is normally a combination of what they believe the vehicle to have been worth at the time of loss plus the sum of rentals that you've not yet paid for the remaining duration of the lease. Your motor insurer's payout could well be less than the amount of this settlement figure and although some houses allow you to walk away from any shortfall, others require you to pay some of it and others still might well require you to pay all of the shortfall.

Just like with a financed vehicle, if you're liable for any shortfall, you'd have to fund that out of your own pocket before you could even think about leasing another vehicle.

Cash Purchase

...your motor insurance payout is almost certainly going to be less than the price you bought your vehicle for originally (afterall almost all vehicles depreciate in value over time). Without GAP insurance in place, you'll only have the amount paid out by your Motor Insurer with which to replace your vehicle. If you want to buy a more expensive vehicle, you'll have to fund the difference out of your own pocket.

It's a popular misconception that GAP insurance isn't required to cover a BMW that you paid cash for. However we believe that it's more important for a cash-buyer to have GAP insurance in place than perhaps any other.

With BMW GAP insurance

What happens in the event you have BMW GAP insurance in place and your BMW is written off, is dependant on the type of GAP insurance policy that you have. Here at GAPinsurance.co.uk, we offer three different types of GAP insurance, as follows:

BMW
Contract Hire GAP insurance

Leased Vehicle

...Contract Hire GAP insurance will aim to pay the difference between your Motor Insurance payout and the settlement figure of your Contract Hire agreement. Leaving you free to walk away from the previous agreement and start afresh with another.

In addition, for a small additional premium, you can also choose to cover up to £3,000 of the initial rental you paid as part of your Contract Hire agreement, meaning that you'd be reimbursed some or all of your initial rental for you to use against the cost of setting up a new Contract Hire agreement on a replacement vehicle.

Note that any money paid to you once the lease agreement has been cleared is paid directly to you with no-strings. E.g. you can use the funds towards any vehicle from any supplier of your choice.

BMW
Invoice GAP insurance

Cash Purchase or Financed

...Invoice GAP insurance will aim to pay the difference between your Motor Insurance payout and THE GREATER OF either:

  • The amount (if any) outstanding on finance at the time of claim EXCLUDING any Negative Equity brought forward from a previous vehicle (unless the optional "Negative Equity Cover" was purchased), OR
  • The ORIGINAL PURCHASE PRICE that you paid for your vehicle first time around.

Note that any money paid to you (once any secured finance agreement has been cleared - if applicable), is paid directly to you with no-strings. E.g. you can use the funds towards the cost of buying any vehicle from any dealership of your choice.

BMW
Replacement GAP insurance

Cash Purchase or Financed

...Replacement GAP insurance will aim to pay the difference between your Motor Insurance payout and THE GREATER OF either:

  • The amount (if any) outstanding on finance at the time of claim EXCLUDING any Negative Equity brought forward from a previous vehicle (unless the optional "Negative Equity Cover" was purchased), OR
  • The ORIGINAL PURCHASE PRICE that you paid for your vehicle first time around, OR
  • The cost of REPLACING YOUR VEHICLE with one of the same Make, Model, Age, Specification and Mileage (or nearest equivalent) as your original vehicle was when you first bought it - even if the replacement vehicle cost is MORE than you bought the vehicle for first time around.

Note that any money paid to you (once any secured finance agreement has been cleared - if applicable), is paid directly to you with no-strings. E.g. you can use the funds towards the cost of buying any vehicle from any dealership of your choice.

BMW GAP insurance Claims

Below are a selection of BMW GAP insurance claims that we've paid.

BMW X5

BMW Invoice GAP insurance

BMW X5
Vehicle Purchased
GAP Claim
GAP Payout
11/2014
6/2017
£8,239
Original Invoice Price
£29,995
Length of ownership:
31 Months
Rate Of Depreciation:
An average of £265.78 per month
Total Depreciation:
27.47% of its original Invoice Price.
Policy Cost:
£133.05 (just 1.61% of the amount the policy paid out.)

BMW 4 SERIES

BMW Invoice GAP insurance

BMW 4 SERIES
Vehicle Purchased
GAP Claim
GAP Payout
6/2016
5/2017
£10,875
Original Invoice Price
£36,305
Length of ownership:
11 Months
Rate Of Depreciation:
An average of £988.64 per month
Total Depreciation:
29.95% of its original Invoice Price.
Policy Cost:
£174.60 (just 1.61% of the amount the policy paid out.)

BMW 1 series

BMW Invoice GAP insurance

BMW 1 series
Vehicle Purchased
GAP Claim
GAP Payout
3/2017
4/2017
£3,706
Original Invoice Price
£34,210
Length of ownership:
1 Months
Rate Of Depreciation:
An average of £3,705.85 per month
Total Depreciation:
10.83% of its original Invoice Price.
Policy Cost:
£181.53 (just 4.90% of the amount the policy paid out.)

BMW 3 Series

BMW Replacement GAP insurance

BMW 3 Series
Vehicle Purchased
GAP Claim
GAP Payout
7/2015
4/2017
£5,890
Original Invoice Price
£26,270
Length of ownership:
21 Months
Rate Of Depreciation:
An average of £280.48 per month
Total Depreciation:
22.42% of its original Invoice Price.
Policy Cost:
£205.03 (just 3.48% of the amount the policy paid out.)

BMW 2 SERIES

BMW Replacement GAP insurance

BMW 2 SERIES
Vehicle Purchased
GAP Claim
GAP Payout
12/2015
3/2017
£8,845
Original Invoice Price
£28,000
Length of ownership:
15 Months
Rate Of Depreciation:
An average of £589.67 per month
Total Depreciation:
31.59% of its original Invoice Price.
Policy Cost:
£174.21 (just 1.97% of the amount the policy paid out.)

BMW X5

BMW Replacement GAP insurance

BMW X5
Vehicle Purchased
GAP Claim
GAP Payout
6/2016
2/2017
£10,525
Original Invoice Price
£27,789
Length of ownership:
8 Months
Rate Of Depreciation:
An average of £1,315.63 per month
Total Depreciation:
37.87% of its original Invoice Price.
Policy Cost:
£286.12 (just 2.72% of the amount the policy paid out.)

* - The Replacement GAP insurance rates of depreciation figures shown above reflect not only the depreciation of the original vehicle, but also the potential for the cost of the replacement vehicle to have been greater than the original purchase price paid.

Had a BMW GAP insurance Quote Yet?

If you're worried that in the event of write off through accident, fire, theft or flood, your motor insurance policy payout might leave you with a financial burden you could do without – don't be! Our BMW GAP insurance can help to get you back on the road without hitting you in the pocket.

Should the worst happen, a BMW owner with one of our GAP insurance policies can be sure they will not be left with an expensive hole in their finances.

GAPinsurance.co.uk can provide you with the perfect deal to cover your needs - we have a track record in providing specialist GAP insurance cover for BMW cars.

With links to a family firm providing more than six decades of trusted motor insurance services for clients across the country, GAPinsurance.co.uk boasts more than 50 years’ experience among their senior partners alone – meaning you can be guaranteed expert advice when you call on our services.

Call 01943 850999 or click here to contact us now or get a quote online, to see how we can help keep you on the road.

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