Gap Insurance on a lease -- Should I get it?

rocky · 12-04-2014, 11:27 AM

Anybody have any experience with Gap Insurance when leasing? Im about to pick up new M5 and anticipate this topic will come up when Im signing the papers? Does BMW charge extra for this ? thanks

thebishman · 12-04-2014, 11:33 AM

Quote:

Originally Posted by rocky

Anybody have any experience with Gap Insurance when leasing? Im about to pick up new M5 and anticipate this topic will come up when Im signing the papers? Does BMW charge extra for this ? thanks

Check with your insurance company first but some iirc provide gap insurance automatically when you lease, and the other option is that perhaps gap is written into the payment thru' BFS or whichever lessor you're going with.
Bish

M5essex · 12-04-2014, 11:45 AM

here in the UK, you would have to buy it separately. most insurers replace the car and the full purchase price if lost or written off in the first 12 months.

but yes, technically, you are responsible for the shortfall between what your insurers will pay and what's outstanding on the finance /lease.

WCH · 12-04-2014, 01:53 PM

BMW Finance leases include Gap insurance.

pank11 · 12-04-2014, 05:18 PM

My lease includes Gap insurance, I really didn't have a choice.

rocky · 12-04-2014, 05:59 PM

thanks guys

NlckyBlack · 12-08-2014, 07:15 PM

should be included in the lease payment

Ryno 27 · 12-09-2014, 06:56 AM

Must vary from state to state. Here in IL, it's something elected (for additional cost) when signing the lease/finance agreement.

Ray knight · 12-09-2014, 09:32 AM

If you roll in negative equity or don't put up a chunk of cash down then its really a good idea to have gap.

Ryno 27 · 12-09-2014, 08:43 PM

I say "pass" just as with the tire rim warranty too.

12-04-2014, 11:27 AM	#1
rocky Private First Class 53 Rep 165 Posts Drives: 2015 M5 Join Date: Sep 2014 Location: Southern California iTrader: (0)	Gap Insurance on a lease -- Should I get it? Anybody have any experience with Gap Insurance when leasing? Im about to pick up new M5 and anticipate this topic will come up when Im signing the papers? Does BMW charge extra for this ? thanks
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12-04-2014, 11:45 AM	#3
M5essex Lieutenant Colonel 643 Rep 1,699 Posts Drives: RR sport SVR, Vent S, 650s spi Join Date: Jan 2014 Location: Essex UK iTrader: (0)	here in the UK, you would have to buy it separately. most insurers replace the car and the full purchase price if lost or written off in the first 12 months. but yes, technically, you are responsible for the shortfall between what your insurers will pay and what's outstanding on the finance /lease. __________________ Current - 2016 McLaren 650s Spider, Aurora Blue Current - 2016 Range Rover Sport SVR- Black Current- 2018 Aventador S. Nereid blue Gone - 2016 F80 CP, 2015 991 Turbo S, 2016 LCI M135i. 2015 F10 CP M5. 2015 X5, 2012 E92 CP M3. 2009 E92 335i
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12-04-2014, 01:53 PM	#4
WCH Lieutenant Colonel 404 Rep 1,919 Posts Drives: '20 M8C convertible Join Date: Nov 2006 Location: Boston iTrader: (8) Garage List 2025 Porsche Macan ... [0.00] 2024 Audi RS6 [0.00] 2020 BMW M8C [0.00]	BMW Finance leases include Gap insurance.
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12-04-2014, 05:18 PM	#5
pank11 Enlisted Member 15 Rep 38 Posts Drives: 14 M5 Alpine White CP Join Date: Oct 2014 Location: Maryland iTrader: (0)	My lease includes Gap insurance, I really didn't have a choice.
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12-04-2014, 05:59 PM	#6
rocky Private First Class 53 Rep 165 Posts Drives: 2015 M5 Join Date: Sep 2014 Location: Southern California iTrader: (0)	thanks guys
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12-08-2014, 07:15 PM	#7
NlckyBlack Captain 71 Rep 785 Posts Drives: Too many cars Join Date: Sep 2009 Location: Bergen County, NJ iTrader: (0)	should be included in the lease payment __________________ 15 E63s 15 991tt 17 GC SRT
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12-09-2014, 06:56 AM	#8
Ryno 27 Captain 280 Rep 676 Posts Drives: M5 Competition, X5 M50i Join Date: Aug 2013 Location: Chicago, IL iTrader: (0)	Must vary from state to state. Here in IL, it's something elected (for additional cost) when signing the lease/finance agreement.
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12-09-2014, 09:32 AM	#9
Ray knight Lieutenant 245 Rep 512 Posts Drives: LBB F85 X5M Join Date: Aug 2014 Location: NE Ohio iTrader: (1)	If you roll in negative equity or don't put up a chunk of cash down then its really a good idea to have gap.
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12-09-2014, 08:43 PM	#10
Ryno 27 Captain 280 Rep 676 Posts Drives: M5 Competition, X5 M50i Join Date: Aug 2013 Location: Chicago, IL iTrader: (0)	I say "pass" just as with the tire rim warranty too.
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