Gap Insurance for your BMW at Shortfall.co.uk
At Shortfall.co.uk we can offer a number of different forms of insurance the can help protect you and your BMW. Gap Insurance, otherwise known as Shortfall Insurance is designed to protect you from the financial effects of depreciation should your BMW be declared a total loss.
In the event of your BMW being declared a total loss (i.e in an accident or stolen and not recovered, for example) your own motor insurance company would only ever give you the value of the vehicle at that stage in time. Due to depreciation, we expect the average vehicle to lose approximately 50% over a three year term, some more and some less of course. If you have paid £30,000 for your BMW and just 3 years later, it's declared a total loss, you would be surprised when your motor insurance company only offer you £15,000. This is where Gap Insurance can assist.
There are three main types of Gap Insurance, all designed to perform slightly differently. The first type is a specialist type designed specifically for a contract hire or lease hire agreement, where you have no direct option of keeping the vehicle, as part of that same agreement. This policy is designed to bridge the gap between your motor insurance settlement figure and the amount outstanding on the lease/contract hire agreement.
The second type tends to be the type most commonly offered within dealerships, Return to Invoice GAP. This form of Shortfall Insurance is designed to bridge the gap between your motor insurance settlement at the point of total loss and the original invoice price you have paid. If for example, you have paid £30,000 and three years later, the vehicle is a total loss and your motor insurance company offer you just £15,000, this form of Gap Insurance will pay the other £15,000 to return you to the invoice price.
The third type is slightly more comprehensive, rather than just returning you to the invoice price you have paid, instead, if the cost to replace your vehicle with another same BMW, same model, specification, age and mileage as when you first purchased it, is now more expensive, we will top you up to the replacement cost instead. Combined Vehicle Replacement Gap Insurance is designed to protect you, not only from depreciation in the event of a total loss, but also any appreciation/inflation to the replacement cost of the vehicle.
We cover Diamond Cut and Laser Cut Alloy Wheels
At Shortfall.co.uk we can offer an Alloy Wheel Insurance policy for your BMW, providing you have purchased the vehicle within the last 30 days and fit the eligibility criteria listed below. BMW amongst a number of manufacturers will issue certain models with Diamond Cut or Laser Cut wheels as standard, this is due to the appeal of the highly polished finish. Most insurers may exclude this type of wheel, however, at Shortfall.co.uk we can offer cover.
Scuffing or kerbing the wheel is something which is highly likely to happen, even to the most careful of drivers. This policy is designed to cover the unexpected cost of having the wheel repaired should you incur any accidental or malicious damage.
1. 3 Claims Per 12 Month Period
2. No Excess to Pay
3. £150 Maximum Repair Benefit Per Claim
4. Mobile Repair (E.g Home or Work) If Achievable
5. Diamond Cut, Laser Cut, Standard & Painted Wheels Covered
6. Upto 22" Inch Wheels are Covered.
Can you buy Alloy Wheel Insurance for your BMW?
When buying Alloy Wheel protection from Shortfall.co.uk you have to fit a select number of criteria in order to be eligible for a policy. Please see below a list of criteria you have to fit in order to purchase a policy.
1. Your vehicle is a Car
2. You have to have purchased your vehicle within the last 30 days
3. You have purchased your vehicle from a VAT Registered Garage or Main Dealership
4. You use your vehicle for Social, Domestic & Pleasure Inc Commuting
5. Your car is less than 8 years old and has less than 80,000 miles on the clock
6. Your car is not one of the excluded manufacturers.
We cover up to 30cm in diameter and incidents over 2 body panels
If you have just purchased a BMW or if you are currently in the process of doing so, the chances are that you will be offered the likes of Scratch & Dent Insurance or Alloy Wheel Insurance to protect you against the unexpected cost of having minor damage repaired. Of course you would like to keep the vehicle in the same condition as when you first purchased it, however, small scuffs to the bumper and trolley dings etc are highly likely to happen.
A Scratch & Dent Insurance policy for your BMW is designed to cover that unexpected cost and give you that peace of mind, that should something minor happen, you are not left out of pocket. This policy is a minor damage policy and does have certain size limitations to what can and can't be covered.This policy is not a replacement for a body shop repair, any damage that does not fit the size criteria of the policy would have to be repaired at a body shop and therefore could not be covered by this policy.
A scratch or a scuff is limited to a maximum size diameter of 30cm, 3mm in depth and across no more than 2 body panels. A dent is half the size in diameter, 15cm, again 3mm in depth and across no more than 2 body panels.
1. £3,000 Maximum Claims Benefit
2. No Maximum No. of Claims
3. £25 Call Out Charge Per Claim
4. Mobile Repair (E.g Home or Work)
5. 30cm Scratch/Scuff Diameter