[335i nthehouse]

Why choose a gap policy if your insurance company has a new car replacement for first 12 months?

I was convinced I needed GAP, bought it and now I think I don't really need it until year 2?

Also - return to invoice or replacement ?

[isleaiw1]

Originally Posted by 335i nthehouse

Why choose a gap policy if your insurance company has a new car replacement for first 12 months?

I was convinced I needed GAP, bought it and now I think I don't really need it until year 2?

Also - return to invoice or replacement ?

I havent bought one yet, as my policy does have 12 month new for old cover. However, I think you have to buy a policy withing 180 days of buying car if you are going to - even if you dont need it for another 6 months...

RTI is ok if you got an average deal and reckon you could go out and buy again at same price next time, replacement car means you get the same car even if it costs insurance company more than yours did originally....

I will buy RTI as its enough for me, if I cant get the same again brand new I will either buy secondhand or something different!

[335i nthehouse]

Good points - checked and the 180 d thing is definite cut off, that's stopped me cancelling for a year and I'd have had trouble then, thanks!!

Looking at prices 4 vs 3 year not much different and I don't trust myself not to miss the 6 month mark!

Plus ALA ( who everyone on here seem to recommend) do 25% off using code MSE25 from the MSE website - I only got the 5 % ALA have on their website and I called up and they straight away refunded difference. I don't even know if the 25% will be available next year so just bit bullet

(I know I can cancel and retake out but it saved me the hassle, they were very quick on phone too)

I found the price difference between vehicle replacement or RTI marginal so just went for bigger cover

[isleaiw1]

Originally Posted by 335i nthehouse

Good points - checked and the 180 d thing is definite cut off, that's stopped me cancelling for a year and I'd have had trouble then, thanks!!

Looking at prices 4 vs 3 year not much different and I don't trust myself not to miss the 6 month mark!

Plus ALA ( who everyone on here seem to recommend) do 25% off using code MSE25 from the MSE website - I only got the 5 % ALA have on their website and I called up and they straight away refunded difference. I don't even know if the 25% will be available next year so just bit bullet

(I know I can cancel and retake out but it saved me the hassle, they were very quick on phone too)

I found the price difference between vehicle replacement or RTI marginal so just went for bigger cover

Thanks for that, mind if I ask what cover you got and how much net of discount?

BMW asked for £1750 for cover for my car... i assume it is to do with the frankly ludicrous list price!

[crazybones]

Originally Posted by 335i nthehouse

Why choose a gap policy if your insurance company has a new car replacement for first 12 months?

Hi. In answer to your first question, that's fine if you are claiming on your own policy. If you are hit by a third party, as happened to me, then you're claiming on the third party's insurance which will only pay out current market value.

In my case, ALA paid out c.£10K on my 9 month old F30 330D to make up the difference between the amount paid by the third party insurer and a new car.

[MashinBenzin]

Originally Posted by isleaiw1

Thanks for that, mind if I ask what cover you got and how much net of discount?

BMW asked for £1750 for cover for my car... i assume it is to do with the frankly ludicrous list price!

Yep, that's ludicrous! I think I paid £339 for 4 year replacement gap on the £77k list disco. That was using mse25 as above. Worst quote I had was £589 iirc.

[isleaiw1]

Originally Posted by RichMB

Yep, that's ludicrous! I think I paid £339 for 4 year replacement gap on the £77k list disco. That was using mse25 as above. Worst quote I had was £589 iirc.

Thanks - yep, I laughed, as did he when I said I would take it for 300 quid...

[454697819]

Originally Posted by 335i nthehouse

Why choose a gap policy if your insurance company has a new car replacement for first 12 months?

I was convinced I needed GAP, bought it and now I think I don't really need it until year 2?

Also - return to invoice or replacement ?

I bought my policy within the 180d window but they postponed cover for 1 year, so I ended up being covered for three years after my policy wouldn’t replace the car.

I went with frank pickles hth

[335i nthehouse]

Originally Posted by isleaiw1

Thanks for that, mind if I ask what cover you got and how much net of discount?

BMW asked for £1750 for cover for my car... i assume it is to do with the frankly ludicrous list price!

I took four years replacement car cover which worked out around £350 with the discount

Max cover in their calculator was 35k gap

[isleaiw1]

Originally Posted by 335i nthehouse

I took four years replacement car cover which worked out around £350 with the discount

Max cover in their calculator was 35k gap

Thanks - might go for the same if I can defer start date by a year....

[isleaiw1]

Originally Posted by crazybones

Hi. In answer to your first question, that's fine if you are claiming on your own policy. If you are hit by a third party, as happened to me, then you're claiming on the third party's insurance which will only pay out current market value.

In my case, ALA paid out c.£10K on my 9 month old F30 330D to make up the difference between the amount paid by the third party insurer and a new car.

I find this a bit odd - if myinsurance would provide new for old then I would expect myinsurance company to negotiate soi am put in the position I would have been - or cover the difference on my own policy...

[crazybones]

Originally Posted by isleaiw1

I find this a bit odd - if myinsurance would provide new for old then I would expect myinsurance company to negotiate soi am put in the position I would have been - or cover the difference on my own policy...

You may well be able to make a claim on your own policy for the higher amount and your insurance company would claim on the third party insurers for the actual (lower) value of the vehicle, but that would be a claim on your policy. You would also only have that option for the first 12 months as mentioned by the OP.

[AlanQS]

I was told by Frank Pickles that whilst a lot of insurance companies still give a new for old in the first 12 months, for some reason, finance companies are kicking up about it because they see the insured person as receiving betterment from this deal and therefore insurance companies aren't always doing new for old when under 12 months and since a huge percentage of cars are bought with pcp it's happening more and more often. Also, the GAP providers who still do 2nd and 3rd year are charging virtually the same as for 3 years becuase they are getting caught out about this.

There's something I find a bit off about this but maybe I wasn't listening carefully enough and I just took the 3 year cover and replacement value rather than return to invoice and with Pickles, it's a cash payout. They don't try to buy you the same spec car.