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Protect your new car with BMW Gap Insurance from EasyGap.
BMW Gap Insurance (Guaranteed Asset Protection) from Easy Gap will protect you if your BMW is declared a total loss.
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What has to happen for your motor insurer to decide to declare your BMW a write-off?
Your fully comprehensive motor insurance provider is the only one who can decide to write off your BMW. There are one million and one ways to write off a vehicle.
Rather than try to list them all and still miss some out, our gap insurance policy says that your motor insurer must give you indemnity for the claim.
In plain English, this means that whatever happened to your BMW, whether it was stolen using the key or without, whoever was driving it, or who was at fault, your own insurance company must believe you have a valid claim and offer you a market value settlement.
So, why do you need a BMW Gap Insurance policy from Easy Gap if your motor insurance company pays you a settlement when your BMW is written off?
New and used cars lose value over time. Even your shiny new BMW. This is a perfectly normal aspect of motoring and one that we all accept and, in some cases, benefit from. By this, we mean that if you are preparing to buy a four-year-old BMW 3 series with 30,000 miles on the clock, you would not expect to pay the recommended retail price ( RRP ) for a brand new car. This is because the vehicle has aged and travelled 30,000 miles.
This drop in how much your BMW is worth is called deprecation. While it is a natural part and cost of motoring, it only becomes an issue if you come to part exchange or your vehicle is written off. In both scenarios, you will be offered a value for your BMW.
This may not be such a major problem if you are part-exchanging your BMW, but it can cause huge issues if you write it off.
Motoring experts estimate that the average car with average usage can lose up to 50% and, in some cases, more of its value in just three years. While the BMW range as a whole may not depreciate this quickly, even a more modest 40% drop in value can mean that the amount you are offered is considerably less than the original invoice price you paid or as a market value settlement. ( The market value is the amount that your insurance provider believes you would need to spend to buy another vehicle the same as yours was on the day it was written off.)
If you purchased your BMW using cash, relying solely on your market value settlement may mean you have to add savings to replace your car.
If you have paid for your BMW using a finance package, you may lose any deposit you paid. Worse still, your settlement may not be enough to clear any outstanding finances, leaving you having to pay for a vehicle you can no longer use.
A BMW Gap insurance policy from Easy Gap pays the shortfall left behind after your motor insurance company's settlement.
Which BMW Gap insurance from Easy Gap is best for you?
Which gap insurance is the right one for you will depend on several factors, the most important of which is what you would like to happen when and if your BMW is declared a write-off. Our systems are designed to remove levels of gap insurance you could not benefit from and showcase levels of gap insurance to consider.
Contract Hire Gap Insurance - Lease Hire Gap Insurance
This level of BMW Gap insurance from Easy Gap will pay the difference between your insurance company's settlement and the balance outstanding on your lease hire or contract hire agreement.
This means that, provided you do not have any late payment charges or arrears, your gap insurance will pay the shortfall. Your Gap Insurance policy will also contribute towards your motor insurance company's excess.
In addition, you can protect your initial rental with an extra nominal payment. Thus, you can walk away from your old BMW finance agreement and will be refunded your initial rental ( deposit ) as shown on your invoice up to a maximum of £3000.
Combined Return to Invoice Gap Insurance
This level of BMW gap insurance from Easy Gap pays the difference between your market value settlement and the higher of
- The amount is outstanding on your finance agreement. *
- The original invoice price you paid.
*Your finance agreement must be linked to your BMW, for example, a Personal Contract Purchase ( PCP ) or Hire Purchase ( HP ). As such, this element of your policy would exclude bank loans or personal loans, as they are not tied to the purchase of your car.
Example Gap insurance claims to illustrate how invoice gap insurance would work.
BMW 840i 22 registration Purchased for £74725 in October 2022
The car now has 10,000 miles on the clock.
Glass's Guide valuation is £46180*
Potential Gap insurance claim based on a return to invoice basis of £28545
BMW X5 71 registration Purchased for £70405 in September 2021
The car now has 33,000 miles on the clock.
Glass's Guide valuation is £44800*
Potential Gap insurance claim based on a return to invoice basis of £41860
BMW X6 21 registration Purchased in May 2021 for £75945
The car now has 32000 miles on the clock.
Glass's Guide valuation is £52550*
Potential Gap insurance claim based on a return to invoice basis of £23395
BMW 420d 69 registration Purchased in December 2019 for £39305
The car now has 54000 miles on the clock.
Glass's Guide valuation is £19650*
Potential Gap insurance claim based on a return to invoice basis of £19655
BMW X7 22 registration Purchased in July 202 for £105675
The car now has 28000 miles on the clock.
Glass's Guide valuation is £86770*
Potential Gap insurance claim based on a return to invoice basis of £18905
* Valuations taken from Glass's Guide Dealer Retail are correct as of the 27th of September 2024.
What type of vehicles can a BMW Gap insurance policy from Easy Gap not cover?
Every insurance policy will have eligibility criteria, from Gap insurance to tyres and alloy wheels. These terms and conditions are important as these documents define what will and will not be covered when you make a gap insurance claim. Equally, they show how any gap insurance claim would be calculated.
To be eligible for a BMW Gap insurance policy from us, your BMW must
- Be less than eight 8year old on the day your gap Insurance starts
- Have less than 80,000 miles on the clock on the day of policy inception.
- Not be a commercial vehicle ( HGV ) *
- You should not have any negative equity, which you have moved forward from an old finance agreement to the finance of your new car.
- Not be used for any form of competition, rally, pace-making
- Not be used as a Blue Light or military vehicle.
* A LCV may be eligible, provided they are not used for any hire and reward.
Easy Gap Contract / Lease Hire Gap Insurance Terms Easy Gap Contract Hire Gap Insurance IPID
Easy Gap RTI ( invoice gap )Terms Easy Gap RTI ( invoice Gap ) IPID
An introduction to the history of BMW.
Bayerische Motoren Werke AG, commonly called BMW, is a German multinational company that started trading in 1916. It manufactures engines for aircraft.
BMW's first significant aircraft engine was the 1918 BMW IIIa inline-six liquid-cooled engine, which was favoured for performance at high altitudes.
BMW's 003 aircraft engine was then used in early 1944 and successfully powered the first operational jet fighter aircraft, the Messerschmitt Me 262. The BMW 003 aviation turbojet was also considered the primary starting point for a pioneering turboshaft powerplant for German armoured fighting vehicles in 1944-45, as the GT 101.
After the end of World War II in Europe, BMW was prohibited from producing aircraft engines. As a result, the company shifted to motorcycle and automobile production. The first post-war BMW motorcycle, the R24, was released in 1948, and the first post-war BMW car, the 501, was released in 1951.
Since then, BMW has become known for its high-performance and luxury vehicles. The company has a rich history of producing models, such as the 3, 5, 7 and 8 Series, as well as the Z3 and Z4, M3 and M5 sports cars.
A BMW owner now has more choice than ever as they has now moved towards electric models such as the i3, ix3, i8 and, more recently, the all-new electric BMW cars such as the i5, i4 and i7.
BMW is a leading global manufacturer of premium motorcycles and some of the world's finest cars. It continues to innovate in automotive design, technology, and sustainability.
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