Buying gap insurance from a franchised BMW dealer could cost you a small fortune when compared to online gap providers.
A recent survey of policy costs at franchised BMW Dealers revealed a shocking tale of exorbitant pricing. Many are charging an average of £420 for a basic policy, with some BMW dealers charging as much as £821 for vehicle replacement gap insurance cover.
The benefits of gap cover are even more relevant when purchasing a prestige vehicle such as a BMW, as the probability of theft is always a factor.
It goes without saying that no one would think of buying a BMW without a fully comprehensive car insurance policy! Not to mention the fact that this would be against the law, a regular motor policy will only provide cover up to the value of your vehicle, as determined by your motor insurer!
Invariably, if your vehicle is involved in a major accident, or is stolen and subsequently written off, you will only receive the current market value for your vehicle at the time of the claim. For example, a BMW 320 D SE costing £29570 new in 2008, now has a book value of £16200. That’s a potential loss of £13370.
If you are lucky enough to own a BMW you should seriously consider a gap insurance policy if you want to protect your financial investement. The question is where should you purchase your policy?
Unlike motor insurance, there is no need to use a broker or spend hours comparing insurance quotes as there are now several very reputable online providers such as www.Click4Gap.co.uk and ALA.co.uk. Both are specialists in this type of insurance and offer cover for all but the most expensive of BMW’s.
Typically, a vehicle replacement gap insurance policy will cost you £279 from ALA.co.uk and will provide gap cover up to £25,000, which should be enough to bridge the gap between the insurance company valuation and the original purchase price of your BMW. To be frank, for £279, you would be mad not to consider this type of insurance!