My RRS is now in PDI and should be ready for next Saturday.

Finalising the paperwork today the garage told me about BMW Shortfall Insurance. Yes its BMW but it covers other brands since my local garage conglomerate sells so many other cars.

The details are that the insurance will cover any difference between the value that will be paid by the motor insurance company should the car be stolen/damaged and then written off. The cost of the car new will be indexed each year and the difference between this value and the write off value will be paid.
The maximum cover term is 4 years. So should the worse happen I will be able to walk back into the dealer and pay for a new replacement.
The cost:
2 years £747.72
3 years £1009.42
4 years £1308.51

Have any of you guys heard of this type of insurance and do you think it is worth the cost?

Cheers
Rob


PS. The details

http://www.bmw.co.uk/bmwuk/fs/business/sho...__,00.html Rob
*Gone - HSE TDV8 Rimini Red + Tasmod sill plates

Robbi,

Just bought my brand new RRS S/C a week or so ago and for a 2year Land Rover GAP insurance (upto 20k shortfall) cost me £400 from the LR dealership (Guy Salmon, Knutsford) so would say that you've been quoted way over the odds. Will try and dig out the policy details and let you know the phone numbers but i'd expect a call to any dealership will reveal the same.

Cheers,

iCE.

Ditto here.
Those figures seem way too high to me.
But maybe it's a Channel Island thing ??

Paul RRS TDV8 - Stornoway Grey, Irory Leather with Dark Zebrano, Privacy Glass, Tow Pack.
1967 Cobra 427 S/C
1951 Vincent Comet
2001 Harley Davidson Fat Boy

3 years Gap insurance £750.00 through Guy Salmon Thames Ditton. 2005 Zambezi TDV6 - Gone but not forgotten
2009 Alaska TDV8 - Gone and much missed.



WINNER - 2009 �Idler Of The Year� Award
Runner Up - 2009 �Just Doing What It�s Designed To Do� Award


DO NOT CLICK HERE!

Mine was also no where near that cost from Stratstone Solihull Land Rover.
If i remember right, it was £449.50 for three years.

Also a quick question on this, are these transferable to other cars? or at least to the next owner? Now that i might be selling mine, seems a waste that i paid for this, and won't see a penny back.

Kam,
I don't believe they are, but don't take my word for it.

Paul RRS TDV8 - Stornoway Grey, Irory Leather with Dark Zebrano, Privacy Glass, Tow Pack.
1967 Cobra 427 S/C
1951 Vincent Comet
2001 Harley Davidson Fat Boy

Thanks Guys.

Isn't GAP Insurance covering the shortfall between write off value and any finance outstanding on the car. Different to New for Old shortfall insurance. I would expect GAP to cost less since any finance will reduce over time hence any potential payout.

You seem to think its worth the cover.

Rob Rob
*Gone - HSE TDV8 Rimini Red + Tasmod sill plates

I think GAP insurance is:
Difference between insurance pay out and what you paid for the actual car.
So say if mine was to get nicked now.

Insurance come back with price of £40k (assuming insurance would be that decent!)

I would beable to buy a new TDV6 HSE for £44.5k so the shortfall insurance would pay me the difference, being £4.5k in this example.

Thats how i understood it anyway.. correct me someone if im wrong.

Just to clarify the insurance I have is old for new over 3 years. Basically if I smash my car up within 3 years (nearly did it after 16 days) I would get the market value money from my insurance company plus a top up from the policy to buy a brand new car. 2005 Zambezi TDV6 - Gone but not forgotten
2009 Alaska TDV8 - Gone and much missed.



WINNER - 2009 �Idler Of The Year� Award
Runner Up - 2009 �Just Doing What It�s Designed To Do� Award


DO NOT CLICK HERE!

Dealers make a lot of profit out of selling GAP insurance, which would tend to suggest it is either over priced, or unnecessary, or both. This is particularly the case where the depreciation on a RRS is less than "rock off a cliff" level (assuming you don't have a 4.4 petrol).

If you really want this product, suggest you ask your existing insurance company for a quote for a new for old policy (ie one that replaces a written off car up to 2 years old with a new car of the same spec etc). Bet you will find that the premium is a lot less than the prices you are talking about here.

That's the type of insurance I have had on all my cars and is not more expensive.Normally if the car is less than 2 years old they replace the car. RRS TDV6 HSE BUCKINGHAM BLUE BLACK LEATHER INTERIOR RHODIUM TASMOD SILLS PARROT 3000 EVOLUTION WHITE SIDE REPEATERS RRPORT.CO.UK BROLLY & STICKER
HOW GOOD IS THIS CAR!!!!
8 YEARS AND STILL GETTING LOOKS

There are two, possibly three types of gap cover and several different levels of cover.

1)There is back to finance which covers the money you owe.Not worth having.
2)Then back to retail, which should give you up to £25,000 cover. This should be more than enough to put you back in a new car.
3)Then there is the one you describe.
I think you are being ripped off!

Have at look at these two sites and give them a call before you decide. I highly recommend doing it, I wrote my S type off 2 years ago. Gap policy paid out £15K and put me back on road in a new CLK 320.

www.car-finance.net or www.click4gap.co.uk seem to be good value. TDV6 - gone
TDV8 - gone
Audi Q5 3.0 Tdi Sline wef 6/11/10

SORT IT OUT WITH YOUR OWN INSURANCE COMPANY - IT WILL BE A LOT CHEAPER  
" WITH MORE EXTRAS THAN A HOLLYWOOD EPIC "

Thanks Guys.

Just realised I am being conned when I got in touch with my insurance broker. My current comp. policy covers me for 12 months (or to be exact for a car no greater than 12 months old).

I could get 24 months with another insurer with a hike in my policy cost.

Thanks Josh, found those websites, just waiting to see whether they cover Channel Islands or just mainland UK.

Cheers
Rob Rob
*Gone - HSE TDV8 Rimini Red + Tasmod sill plates

THis has been discussed before:

Se here:

http://www.rrsport.co.uk/forum/viewtopic.p...hlight=gap L319 D4 HSE

1998 110 TUM HS FFR Hard Top XD WOLF

1982 Series 3 SWB