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      02-25-2012, 06:28 AM   #1
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BMW tyre insurance & Gap Insurance.

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Hi. I was not offered any of these products from BMW but am aware that these can be taken. Does anyone have any experience of these? I understand that Gap insurance can be purchased much cheaper online. Any recommendations? Can anyone share their experience of BMW tyre insurance? Thanks.
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      02-25-2012, 10:20 AM   #2
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Hi. I was not offered any of these products from BMW but am aware that these can be taken. Does anyone have any experience of these? I understand that Gap insurance can be purchased much cheaper online. Any recommendations? Can anyone share their experience of BMW tyre insurance? Thanks.
I didn't bother with tyre and alloy, all this insurance that you can get, the one time you use it the claim ends up being a lot less than all the money your shelling out for insurance. On this one, i just thought i'll take the risk.

Gap insurance i got them to price match the best quote i found online which was full vehicle replacement for 185
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      02-25-2012, 11:13 AM   #3
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Quote:
Originally Posted by As1000 View Post
Hi. I was not offered any of these products from BMW but am aware that these can be taken. Does anyone have any experience of these? I understand that Gap insurance can be purchased much cheaper online. Any recommendations? Can anyone share their experience of BMW tyre insurance? Thanks.
I didn't bother with tyre and alloy, all this insurance that you can get, the one time you use it the claim ends up being a lot less than all the money your shelling out for insurance. On this one, i just thought i'll take the risk.

Gap insurance i got them to price match the best quote i found online which was full vehicle replacement for £185
Thanks. When you say full vehicle replacement, do you meant return to
Invoice?
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      02-25-2012, 11:41 AM   #4
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Thanks. When you say full vehicle replacement, do you meant return to
Invoice?
No, return to invoice pays out up to what you paid for the car.

Vehicle replacement actually gives you a replacement car. So in year 3, the car might be 5, 10% higher due to inflation. Or the dealer might not be able to give you the same discount as you got when you bought it, so vehicle replacement is considered an enhancement over RTI and is generally a more expensive product.
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      02-25-2012, 11:59 AM   #5
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Quote:
Originally Posted by As1000 View Post
Thanks. When you say full vehicle replacement, do you meant return to
Invoice?
No, return to invoice pays out up to what you paid for the car.

Vehicle replacement actually gives you a replacement car. So in year 3, the car might be 5, 10% higher due to inflation. Or the dealer might not be able to give you the same discount as you got when you bought it, so vehicle replacement is considered an enhancement over RTI and is generally a more expensive product.
Thanks. I came across a similar product when researching on the Internet. How does this work? Does this mean that the gap would pay whatever finance is remaining and pay for the new car?
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      02-25-2012, 12:40 PM   #6
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Ok so lets say you paid 20,000 for a car 3 years ago. At the time you got a really good discount of 3,000. Today, the car retails for 24,000 as we've had a few years of inflation.

You still owe 10,000. The Car's market value is 8,000. Your car gets stolen, you have no car and still owe 10k in finance.

Standard gap insurance pays you the difference between your insurance settlement (8,000) and you finance outstanding (10,000). So 2,000. That gives you 10,000. You to go into the dealer and put down 10k, and finance 14k as that special offer you got 3 years ago isn't available.

Return to invoice pays you the difference between your insurance settlement (8,000) and what you paid for the car (20,000). So you walk into the dealership with 20,000, but still need to find 4,000 to buy a new car.

Replacement Car just gives you a new car, regardless of the fact it now costs 4,000 more than when you bought it.

Therefore you have got three levels of Gap insurance, Standard, RTI and Replacement Car, standard being the basic one, replacement car being the best.

Hope that helps.
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      02-25-2012, 01:10 PM   #7
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Originally Posted by JonF1982 View Post
Ok so lets say you paid 20,000 for a car 3 years ago. At the time you got a really good discount of 3,000. Today, the car retails for 24,000 as we've had a few years of inflation.

You still owe 10,000. The Car's market value is 8,000. Your car gets stolen, you have no car and still owe 10k in finance.

Standard gap insurance pays you the difference between your insurance settlement (8,000) and you finance outstanding (10,000). So 2,000. That gives you 10,000. You to go into the dealer and put down 10k, and finance 14k as that special offer you got 3 years ago isn't available.

Return to invoice pays you the difference between your insurance settlement (8,000) and what you paid for the car (20,000). So you walk into the dealership with 20,000, but still need to find 4,000 to buy a new car.

Replacement Car just gives you a new car, regardless of the fact it now costs 4,000 more than when you bought it.

Therefore you have got three levels of Gap insurance, Standard, RTI and Replacement Car, standard being the basic one, replacement car being the best.

Hope that helps.
Thank you very much for taking your time to explain this to me. However, i am still a little confused. In your explanation you are suggesting that you are walking in with the amount to pay for the new car. Isn't the amount that you are going in with what you actually still owe from the car thats written off?
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      02-25-2012, 01:38 PM   #8
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The loan would be still outstanding, i guess you would settle that first. (Thankfully ive never actually had to do this before) So if you did that then in example 1 you walk in with nothing, 2 you walk in with 10k, and 3, you just get a new car.
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Last edited by JonF1982; 02-25-2012 at 02:17 PM.
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