[fastflyer]

So I didn't bother with BMW Gap as I thought it was too pricey, I found another Gap insurance company who are much cheaper but I'm a little confused as to what they're offering.

I'm on HP, and the insurance company say they will pay the difference between what my car insurance company pay out and either what I still owe in the finance agreement or the invoice price of the car (whichever is highest).

So, for my car the invoice price was £34,000, I write the car off and it's worth £27,000, and I still owe £24000 on the car...they will give me £7000?

So all in all I'd then pocket £10,000? The £7k being the difference between invoice price and value on the day of write off. And the £3k from my car insurance giving me £27k but £24k of that goes to BMW Finance.

Is that right?

[nordberg]

What company and which policy? The all vary greatly.

Your best bet would be to do a search on this forum as it's been discussed ad nauseam in great detail....

[....,,,,..,,..]

As per above some very good GAP threads.

Basically, you want to cost price (without discount) of what it would take to replace your car and all its extras.

Without discounts, as next year BMW might only offer 5% discount.....

[nordberg]

Originally Posted by Brigand

As per above some very good GAP threads.

Basically, you want to cost price (without discount) of what it would take to replace your car and all its extras.

Without discounts, as next year BMW might only offer 5% discount.....

^^^...this. Also, when looking at Vehicle Replacement Policies, just confirm the mechanics of the specific policy. A lot of vendors will replace the car for you rather than pay you the settlement to let you find your own replacement.... A key factor when deciding who to go with. I recommend Frank Pickles who are very clear on this matter... Ala and a few others are less clear...

[fastflyer]

The company are called Gap Insurance 123. The policy was basically as I described above if I got it right.

I'll have a trawl through the forums tonight.

[....,,,,..,,..]

I also went Frank Pickles and got extra discount off the nice girlie on the phone (she liked Geordies).

[fastflyer]

Say my car is worth £10k in 4 years....I could just crash it and Mr Frank Pickles gives me a nice £20k for a brand new BMW.

I feel like I'm missing the point, or the catch here.

[Gorsh]

Originally Posted by fastflyer

Say my car is worth £10k in 4 years....I could just crash it and Mr Frank Pickles gives me a nice £20k for a brand new BMW.

I feel like I'm missing the point, or the catch here.

No catch - I hope!

I too went with Frank Pickles - full replacement cost policy. That way the payout is guaranteed to be enough for a new same spec car even with no discount - and the other main point is you don't have to buy the same car, the money is paid for you to spend on any car (and pocket the change if there is any).

[dopper99]

You really need Vehicle Replacement rather than Return to Invoice.

Rather than me explain for the umpteenth time, have a read of this and look at the example....

https://car2cover.co.uk/gap-insuranc...gap-insurance/

[Kal101]

I went to gap 123 as well iti chose vehicle replacement policy. Not too much of Scots difference but they pay for a replacement car

Reckoned this was a better option as say you lost your car in a couple of years they pay the newer ie higher price