Car exchange day check list - GAP Insurance? V5 exchange? Anything else?

tasticz

Hi Guys,

Decided against buying online and went and bought a car from a BMW approved dealer (car was cheaper than online companies such as Cazoo and Cinch and they also offered me 80% more for my Part Exchange than Cinch did!).

No pressurised sales like Big Motoring World and Cargiant. They handed the key over to us and left us alone which was really good. Test drove alone and really liked it!

When I collect the car, the sales person told me they will talk me through GAP insurance. He said to check online and make up my mind as it is good product to have.

BMW approved have quoted £499 for 4 years Return to Invoice insurance. They said they don't do 5 years. I have checked online at website such as 

• Directgap.co.uk which is offering 4 years for £249 and 5 years RTI insurance for £399
• ALA insurance is offering 4 years for £296 but 12% discount with PISTONHEAD forum code making it £261. No 5 years.
• Easygap.co.uk RTI 4 years £230. No 5 years.

Is there any Benefit in paying extra for BMW approved RTI insurance?

I am reading the terms for Directgap and it says "You must not accept a settlement offer from Your Motor Insurer until You have contacted Us, and We have given Our consent for You to do so."

What happens if my car insurance company doesn't agree on a price of the car provided by GAP insurer? Do the two insurers liaise with each other? I don't want to get involved in a mess. I'd just like a pay-out should the worst happen.

Is 4 years enough? or Is 5th year worth the extra £150 in your opinion? Does anyone have any experience with GAP insurance or advise which company to go with. the price difference in 4/5 years is quite steep, which is probably because there has been more claims between 4 to 5 years!


In terms of V5, when I hand over my keys, I need to get the Car Dealership Details and tear off the small slip, hand over to them and send off the V5?

They have said they'll do the road tax for me there for the new car. So I guess, I won't be given the slip but instead I can expect the V5 in post?

Is there anything else, I should be doing? 


Thanks


Edit: Car insurance will be transferred over to new car on the day.

DrEskimo

No benefit at all going direct to the dealer. I bet it's underwritten by the same company that underwrites those cheaper policies above.

NSG666

Surprised they let you go on an unaccompanied test drive in this day and age but it sounds like a pleasant experience. It also sounds like you've bought a BMW Approved Used which comes with excellent benefits on warranty, roadside recovery and MOT repairs.

From memory they still give you the tear off slip but give your whole V5 document to them and let them steer you through it being a reputable main dealer.

Just remember to have a good final check around your new car before driving off - we spotted a small stone chip in the windscreen which the dealership was very apologetic about and got it sorted. I certainly don't think they were trying to get away with it.

Oh and check which side the filler cap is on so you don't go to the wrong side of the pump and feel a prat like I do.

jimjames

If you need Gap insurance then use one of the cheaper policies but bear in mind if you have an accident or want to change cars after the policy ends then you will have a depreciated car that you need to replace and Gap insurance doesn't help that.

Penelopa.Pitstop

ALA insurance  25% off with MSE25.

NSG666 said:

Surprised they let you go on an unaccompanied test drive in this day and age but it sounds like a pleasant experience. It also sounds like you've bought a BMW Approved Used which comes with excellent benefits on warranty, roadside recovery and MOT repairs.

Unaccompanied test drives are standard now, positive side effect of Covid.

NSG666

Penelopa.Pitstop said:

ALA insurance  25% off with MSE25.

NSG666 said:

Surprised they let you go on an unaccompanied test drive in this day and age but it sounds like a pleasant experience. It also sounds like you've bought a BMW Approved Used which comes with excellent benefits on warranty, roadside recovery and MOT repairs.

Unaccompanied test drives are standard now, positive side effect of Covid.

Fair point. I was thinking only of cars being stolen and somehow, given the past 18 months, had completely overlooked the effect of Covid.

tasticz

NSG666 said:

Surprised they let you go on an unaccompanied test drive in this day and age but it sounds like a pleasant experience. It also sounds like you've bought a BMW Approved Used which comes with excellent benefits on warranty, roadside recovery and MOT repairs.

From memory they still give you the tear off slip but give your whole V5 document to them and let them steer you through it being a reputable main dealer.

Just remember to have a good final check around your new car before driving off - we spotted a small stone chip in the windscreen which the dealership was very apologetic about and got it sorted. I certainly don't think they were trying to get away with it.

Oh and check which side the filler cap is on so you don't go to the wrong side of the pump and feel a prat like I do.

Haha I think there will be an arrow on the dash showing where the fuel cap is located!

tasticz

jimjames said:

If you need Gap insurance then use one of the cheaper policies but bear in mind if you have an accident or want to change cars after the policy ends then you will have a depreciated car that you need to replace and Gap insurance doesn't help that.

Yep. understood. RTI insurance either for 4 years 5 years (undecided atm). leaning towards 5 just for that extra protection

tasticz

Penelopa.Pitstop said:

ALA insurance  25% off with MSE25.

NSG666 said:

Surprised they let you go on an unaccompanied test drive in this day and age but it sounds like a pleasant experience. It also sounds like you've bought a BMW Approved Used which comes with excellent benefits on warranty, roadside recovery and MOT repairs.

Unaccompanied test drives are standard now, positive side effect of Covid.

Big Motoring World accompanied even though its covid. I think all main dealers more or less let you test drive on your own. My mate purchased an Audi Approved and he also had similar experience to me at BMW approved. 

This code brings the ALA insurance down to £222 for 4 years (bargain!!!) but I am leaning towards the 5 years. If i go for 4 years then I will go with ALA using this code. many thanks.  

Noggin500

Theres an interesting piece about dealer gap insurance here: https://gapinsurance.co.uk/blog/2020/12/12/considering-gap-insurance-from-your-motor-dealer-stop/

tr7phil

tasticz said:

NSG666 said:

Surprised they let you go on an unaccompanied test drive in this day and age but it sounds like a pleasant experience. It also sounds like you've bought a BMW Approved Used which comes with excellent benefits on warranty, roadside recovery and MOT repairs.

From memory they still give you the tear off slip but give your whole V5 document to them and let them steer you through it being a reputable main dealer.

Just remember to have a good final check around your new car before driving off - we spotted a small stone chip in the windscreen which the dealership was very apologetic about and got it sorted. I certainly don't think they were trying to get away with it.

Oh and check which side the filler cap is on so you don't go to the wrong side of the pump and feel a prat like I do.

Haha I think there will be an arrow on the dash showing where the fuel cap is located!

My BMW 3 series doesn't but others might perhaps.  The only cars I've owned with that feature have been Fords.