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      05-07-2017, 01:00 PM   #1
M77
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Gap Insurance

Are there any companies you guys would recommend for Gap insurance on the M4? Some of the ones I am finding don't insure cars over £50k.

BMW are asking £1019 which i've declined for now and the only one I've found online (which is a Back to Invoice policy for price I am paying) is ala.co.uk, their premium is about £300. A lot more reasonable. Does that cost sound about right on a 60k car and BMW just charge massively over the odds?
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      05-07-2017, 01:31 PM   #2
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Frank Pickles. Paid £250-ish for full replacement of new car (without discount) or equivalent car at the time.
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      05-07-2017, 01:34 PM   #3
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I think most on f30post go for Frank Pickles.

I think a few have claimed too and they paid out with no issues.

I'm with car2cover which seem fine, but there was a bit of bad press with these last year due some of the underwriters they use going under. I think my policy was fine so didn't pursue it.

Get a quote off frank pickles.
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      05-07-2017, 01:40 PM   #4
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I wouldn't touch BMW gap with a barge pole. Complete rip off.

You need to go for a Vehicle Replacement and NOT Return to Invoice. Explained here
https://car2cover.co.uk/gap-insuranc...gap-insurance/

Return to Inovice tops up to what you paid for the car (probably a figure with discount) whereas Vehicle Replacement will top up to the full list price of your car.
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      05-07-2017, 01:46 PM   #5
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Quote:
Originally Posted by dopper99 View Post
I wouldn't touch BMW gap with a barge pole. Complete rip off.

You need to go for a Vehicle Replacement and NOT Return to Invoice. Explained here
https://car2cover.co.uk/gap-insuranc...gap-insurance/

Return to Inovice tops up to what you paid for the car (probably a figure with discount) whereas Vehicle Replacement will top up to the full list price of your car.
Appreciate that thanks. Looks solid enough a £304 over 4 years. BMW advised me a return to invoice but replacement looks better as you suggested.
I'm due £400 back from BMW as a refund on my current Gap policy on my 2 series. I didn't do my research that time round so lesson learnt!
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      05-07-2017, 02:21 PM   #6
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Quote:
Originally Posted by M77 View Post
Are there any companies you guys would recommend for Gap insurance on the M4? Some of the ones I am finding don't insure cars over £50k.

BMW are asking £1019 which i've declined for now and the only one I've found online (which is a Back to Invoice policy for price I am paying) is ala.co.uk, their premium is about £300. A lot more reasonable. Does that cost sound about right on a 60k car and BMW just charge massively over the odds?
I use GapInsurance.co.uk cost me £258 for three years cover @ 50K for this M3 CP.
cheap as chips.
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      05-07-2017, 03:07 PM   #7
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I used ALA for 50k ish for 248 with 10% discount . Return to invoice that is...
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      05-07-2017, 03:35 PM   #8
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Quote:
Originally Posted by M77 View Post
Appreciate that thanks. Looks solid enough a £304 over 4 years. BMW advised me a return to invoice but replacement looks better as you suggested.
I'm due £400 back from BMW as a refund on my current Gap policy on my 2 series. I didn't do my research that time round so lesson learnt!
I got stitched up with BMW gap and paid around £800 one time, when I didn't know any better.

Talking to the car2cover guys some time ago, they said one problem with BMW gap is that you are forced to buy another BMW replacement car, not sure how true that is.
Whereas with 3rd party gap cover you just get a cheque through the post and you can buy what you want.
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      05-07-2017, 06:34 PM   #9
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Quote:
Originally Posted by JOHNBMWM5 View Post
I use GapInsurance.co.uk cost me £258 for three years cover @ 50K for this M3 CP.
cheap as chips.
Same here - that's Frank Pickles.
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      05-08-2017, 03:27 AM   #10
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Originally Posted by F82Dude View Post
Same here - that's Frank Pickles.
Yep
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      05-08-2017, 05:01 AM   #11
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Same here - that's Frank Pickles.
im with frank pickles too for the M4 and x5. seems like the best deal available. they take the time to explain everything properly as well which is a bonus.
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      05-08-2017, 05:08 AM   #12
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Originally Posted by Jimbooo View Post
im with frank pickles too for the M4 and x5. seems like the best deal available. they take the time to explain everything properly as well which is a bonus.
I have used them on all my cars Jim, and the wife's car got written off three weeks before the 3 years were up and we got back to invoice.
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      05-08-2017, 10:27 AM   #13
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Quote:
Originally Posted by dopper99 View Post
I think most on f30post go for Frank Pickles.

I think a few have claimed too and they paid out with no issues.

I'm with car2cover which seem fine, but there was a bit of bad press with these last year due some of the underwriters they use going under. I think my policy was fine so didn't pursue it.

Get a quote off frank pickles.
My son's car was written off due to no fault of his. No one injured either. He had gap with car2cover. They didn't pay out however the FSCS. Covered the payment minus 10%. It could have been much worse. I think what is important is that you check who the underwriter is + double check the FSCS will step in if the firm goes bust.
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      05-08-2017, 04:55 PM   #14
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Quote:
Originally Posted by spidermack View Post
My son's car was written off due to no fault of his. No one injured either. He had gap with car2cover. They didn't pay out however the FSCS. Covered the payment minus 10%. It could have been much worse. I think what is important is that you check who the underwriter is + double check the FSCS will step in if the firm goes bust.
If you don't mind me asking what was the reason for not paying out? Car2Cover seems like they're still active that's the reason I ask
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      05-08-2017, 06:05 PM   #15
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If you don't mind me asking what was the reason for not paying out? Car2Cover seems like they're still active that's the reason I ask
It depended on your policy or rather the underwriter for the policy. I have an identical policy as my sons. It's now OK however for a short while I wasn't covered also. What happened I believe is that one of the companies associated with our policy went bust. I think it could have been car2cover or the underwriter maybe it was both either way folks with certain policies were advised of this problem. They also advised that they were looking to try to get a new company to take on all the policy's. It was only certain ones with a specific policy no that fell into the "you ain't got cover but we are trying to find someone to take on your policy"
At the same point my sons car was hit by a land rover. His new car was kaput. No cover was in place. Thankfully the insurance company was backed by Financial Services Compensation Scheme (FSCS), under compensation scheme rules. So my son did manage to get most of his GAP money back. FSCS paid 90% of his GAP

Here is the last email that I got - You will see from the last one that they did manage to get a new underwriter to take on the policy's. Hence why I think if you are buying GAP make sure the insurance company and underwriter are covered by the FSCS.

Anyhow here is the last email -
9/12/2016 -
Re : Good news regarding your Gap or Tyre Insurance underwritten by Enterprise Insurance Company PLC – update number 4

As you know from our last three email updates and a letter sent to you by Grant Thornton, Enterprise Insurance Company Limited ceased trading in October of this year. Since then, policies have remained active and claims have been paid under the Financial Services Compensation Scheme.

This update confirms that with effect from 14th December 2016 your contract of insurance with Enterprise Insurance Company, will be terminated by the firm’s liquidator.

The good news is, Amtrust International are providing a replacement policy for the period you have remaining – at no cost to you. Under this arrangement, the original terms and conditions of your insurance will remain unchanged. The replacement policy has been issued automatically. If you wish to accept it - you do not need to take any action. Your original policy terms and conditions, claims process and contact details remain unchanged.

You have a right to cancel your replacement policy by 30th December 2016. For those insurances carrying a pro-rata refund upon cancellation, you will be entitled to a refund as per your original policy terms and conditions. When choosing this option, do bear in mind the purchase of cover elsewhere in the market is not possible - as Gap Insurance can only be purchased within 180 days of taking possession of your vehicle – and Tyre Insurance is only available within 30 days.

The insurers agent and claims handling organisation, Motorway Direct Plc will be writing to you to confirm this within the next few days. This is extremely good news for policyholders and is an excellent example of the insurance industry and Financial Services Compensation Scheme working together to protect the financial interests of insurance policy holders.

You do not need to do anything to continue your cover. Your original certificate of insurance and policy number remains unchanged – as do you your insurance Terms and Conditions, claims telephone numbers and other contact details.

We thank you for

Yours sincerely,



Tom Barley
Director
Click2protect UK Limited
www.car2cover.co.uk
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      05-08-2017, 06:17 PM   #16
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I dont think everyone was affected by this underwriter issue with car2cover.

I'm with them and never got any emails regarding the issue. Further backed up that the policy numbers that were affected began with a certain letters (IRC) which mine didnt.

I think they were unlucky that one of the underwriters they were using went bust. I dare say this could happen to any GAP company, including Frank Pickles!!
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      05-08-2017, 06:32 PM   #17
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Quote:
Originally Posted by dopper99 View Post
I dont think everyone was affected by this underwriter issue with car2cover.

I'm with them and never got any emails regarding the issue. Further backed up that the policy numbers that were affected began with a certain letters (IRC) which mine didnt.

I think they were unlucky that one of the underwriters they were using went bust. I dare say this could happen to any GAP company, including Frank Pickles!!
Yeah thats it. Only some policy's. My wheel & tyre + scratch / dent were OK. I assume some GAP were also. I'm looking into GAP for my new M4 and think Frank Pickles policy's look good. You even transfer pro rata onto another vehicle + they will cover extras fitted by the dealer before delivery + the underwriter etc looks good. More info here which I received from them today

https://www.gapinsurance.co.uk/repla...-insurance.asp


Our policies are underwritten by UK General Insurance on behalf of Great Lakes Insurance SE.

Who are Great Lakes Insurance SE?

•They started out as Great Lakes Reinsurance (UK) SE, in London in 1987 and are a wholly owned subsidiary of the group: “Munich Re” which was established in 1880.
•Great Lakes had a gross written premium income of £2 billion in 2014.
•Munich Re had a gross written premium of €50.4 billion in 2015.
•Great Lakes have offices all around the world
•Great Lakes is rated as A+ (Superior) by A.M.Best and AA- (Very Strong) by S&P (Standard and Poors - An organisation who rates big financial institutions based on financial standing, for example in the stock market and the amount of money in their accounts).
•In early 2017 Great Lakes moved their HQ from London to Munich. Their London office is now operating as one of their branches.

More information about Great Lakes & Munich Re can be found on their website - http://www.munichre.com/en/reinsuran...-us/index.html
Both ourselves and the underwriter are fully authorised and regulated by the Financial Conduct Authority (FCA) and also covered by the Financial Services Compensation Scheme.

This is us on the Financial Services Register: https://register.fca.org.uk/ShPo_Fir...000000MfTZzAAN
You can see our Defaqto Star Rating here: https://www.defaqto.com/star-ratings...gap-insurance/ (Once there you'll need to search for "Gapinsurance.co.uk")
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      05-09-2017, 03:27 AM   #18
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I transferred my Frank Pickles policy's too the M3 CP from my 535D M Sport.
No problem and increased the insured amount.
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      05-10-2017, 01:46 PM   #19
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Quote:
Originally Posted by Jimbooo View Post
im with frank pickles too for the M4 and x5. seems like the best deal available. they take the time to explain everything properly as well which is a bonus.
I have used them on all my cars Jim, and the wife's car got written off three weeks before the 3 years were up and we got back to invoice.
I hope your wife was ok unscathed etc. The human element aside. What a result
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      05-14-2017, 02:25 AM   #20
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Quote:
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I hope your wife was ok unscathed etc. The human element aside. What a result
Wife was ok Jim thanks.
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      04-23-2019, 11:02 AM   #21
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Just taken delivery of my F82 and Frank Pickles tell me they can no longer underwrite GAP on M cars They kindly shared some potential alternatives but any recommendations would be welcome.

Too bad, been using Frank on my BMWs for a while now for all the good reasons shared here...
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      04-23-2019, 11:47 AM   #22
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Just taken delivery of my F82 and Frank Pickles tell me they can no longer underwrite GAP on M cars They kindly shared some potential alternatives but any recommendations would be welcome.

Too bad, been using Frank on my BMWs for a while now for all the good reasons shared here...
Bit of a thread resurrection here!

I've always used Car2Cover (on my 8th policy with them) and they are great. Yes one of their underwriters went bust but they sold the business and it was reinstated.

New policies are with MB&G Insurance and I've just made a claim for my written off M3. Not yet finalised payout yet but all indications are positive.

Car2Cover have insured my M5 at well over £50k.
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