Gap Insurance

[A5GUR]

Does anybody know if BMW offer this and how much it is? Am i right in thinking it will cover you for the difference between what my insurance will pay out and what i paid for the car?

[Faisal]

There's 2 types:

1) Cover the difference between insurance payout and outstanding finance.
2) Cover the difference between insurance payout and invoice price.

Check these links out:

http://www.car-finance.net/gap/premier.asp
http://www.click4gap.co.uk/purchase/index.asp

[peppernick]

AFAIK, the short fall insurance only applies to new cars and it lasts for only 3 years.

[A5GUR]

Faisal, do you know much about these companies? My car is about 2 months old, do you reckon id be eligible?

[A5GUR]

BTW, thanks for the info!

[Chaos]

The shortfall applies to dealer-supplied used cars too, I got offered it last year on my 325 and they're already twisting my arm on the new one. ;)

[paulm3]

from bmw, think its about £5-600 for a 2 year term (minimum) and they do it u to 4 years for about £1000. i just went for the 2 year as i prob wont have the car that long anyways..lol

[Mits]

Yikes thats expensive....I got mine for 3yrs on my M3 from the dealer for £360 last year.

Covers me up to invoice price, well worth it.

[Faisal]

It doesnt have to be a new car, AFAIK. Those links above give competitive quotes - you could use them to haggle your dealer down (they always start at some absurd amount !).

I think a few of the guys over at www.bm3w.co.uk have used one of the above companies.