You may have come to this website because you are curious about Gap Insurance. Maybe you have been recommended it by someone, or offered it by your motor dealer and do not really understand what it is. Maybe you have heard about it in dribs and drabs and would like someone to explain it to you fully.
So what is it?
Gap Insurance is Guaranteed Asset protection that is designed to protect your financially if you were ever in the unfortunate position of having a vehicle written off or stolen. Shopping online for your gap insurance can actually save you 85% in comparison to prices that are offered by dealerships, with no dilution of cover. You even have more flexibility on the length and type of cover you can choose, essentially leaving you in the driving seat.
How does it work?
The best way to understand Gap Insurance is to look at an example. Lets look at a Fiat Punto, that you have bought for £9,900 according to What Car, if you were unfortunately involved in an accident or your car happened to be stolen after two years, believe it or not your car would have dropped in value to £4,800. Now you may believe that you are covered because you have regular motor insurance, unfortunately and unbeknownst to many people, this is in fact not the case. Usually your motor insurer will only cover whatever your car is worth on the day, which of course has decreased to £4,800. So if this is the only insurance you have, as you can see you will unfortunately and unbelievably be thousands of pounds out of pocket.
So what does Gap Insurance do?
Gap Insurance then ensures that if the unthinkable does happen, depending on which type you choose, that you are completely covered. Different types of Gap insurance offer different things depending on what you and your vehicle need. Essentially, Gap insurance will fill in the gap from whatever your motor insurance has awarded you on the day your vehicle is written off and either whatever you still owe to your finance company, whatever it costs to get you back to the invoice price you paid for your vehicle, or whatever it costs for the exact same standard of vehicle you drove away from the showroom in.
If you never have the opportunity to buy your car then Contract Hire/Finance Gap Insurance is for you. This will literally pay the difference between the valuation your motor insurer awards and the outstanding amount you still owe to your finance company. Find out more or get a quote today Finance Gap?
Return to Invoice Gap Insurance will pay the difference between the amount your motor insurer pays and the amount you originally paid for your car, ensuring you are not out of pocket. Find out more or get a quote today Return to Invoice Gap?
If you would like to be insured so that if the unthinkable did happen, you would be reimbursed with the amount needed to buy the exact same standard of vehicle that you drove away from the showroom in, age, mileage etc, then Vehicle Replacement Gap Insurance is for you. Find out more or get a quote today Vehicle Replacement Gap?