Gap Insurance
Think your insurance policy will cover you fully if your car is written off in an accident?
Don't bank on it. It's more likely they'll pay out for the value of the car at the time of the loss, not the purchase price that you paid for the vehicle. Due to negative equity in vehicles driven out of showrooms, a shortfall arises. However, Gap Insurance will cover you for the difference should the unthinkable happen to your car.
Return to value Gap Insurance provides cover for cars up 7 years old. If the car is pinched, written off in an accident, or totally trashed through an act of mindless vandalism, Gap Insurance will pay the difference. Therefore you get back the full value of the car, not what is considered to be the depreciated loss value of the vehicle.
Got you thinking? Enquire about Gap Insurance through your regular provider or better still, look for Car Gap Insurance online.
Do I really need Car Gap Insurance?
There's no law that says you have to take out Gap Insurance. Hopefully you'll have trouble-free motoring in your car and Gap Insurance won't be required. What if though? Just suppose your car is written off after six months of ownership? Realistically that's the period when heavy depreciation sets in. You'll be in negative equity and be annoyed at yourself for not considering Gap Insurance when you had the chance.
Is it worth the risk? Probably not! Take out Gap Insurance and make sure you are covered; you never know what the future has in store.
Does the Gap Insurance cover all makes and models?
Policies can vary but the vast majority of standard cars are eligible for Gap Insurance. Obviously if you drive an Aston Martin, a Ferrari or some other high performance vehicle there might be certain exceptions.
In general, as long as your car is less than seven years old, has covered less than 80,000 miles and it doesn't exceed a maximum purchase price of £75,000, Gap Insurance will be available.
There are a number of companies who specialise in Gap Insurance and their services are available on the internet. Ring up and get a quote for Car Gap Insurance, it could save you a fortune in the future.
Questions and Answers
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GAP or Guaranteed Asset Protection insurance is increasingly becoming a popular choice in the country. GAP insurance covers what the regular car insurance company may not pay if the car is a total write-off. There are different types of GAP insurance policies, which need to be understood clearly, so that you choose the one best suited to you.
The definitive guide to what the different types of gap insurance are and the levels of cover provided. Follow this guide and save over 75% on dealer prices with a better level of cover.
GAP Insurance is an optional supplementary insurance which 'tops up' the payout from your fully comprehensive car insurance policy in the event of a write-off and is available in the UK for both those who have purchased a car by means of cash and those who have purchased a car on finance - including Contract Hire & leasing agreements.
Gap Insurance is often offered by your motor dealer, when you buy a motor vehicle. However, there still seems to be some confusion as to exactly 'what is gap insurance'. In this article, we try to give tou the basics of Guaranteed Asset Protection, and how it can help you.
This is a question I am asked on a daily basis. Firstly this is a very specialised gap insurance policy to cover vehicles that have been purchased using a financing arrangement. When buying any insurance policy the first thing to consider is does this policy meet all my needs adequately?
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