What is GAP Insurance and why you need it.
The biggest motoring expense is the depreciation of your vehicle and not just the fuel and servicing.
If you're unfortunate enough to have your car stolen or the vehicle is written off, your motor insurer will pay the market value of your car at time of loss, rarely do they pay the amount lost in depreciation.
This is where our Gap Insurance policies can help you; it is available for cars and light commercial vehicles up to 8 years old with a maximum mileage of 80,000 miles at inception.
We offer two types of policies:
Financial Shortfall - This pays the shortfall between motor insurance payout and any outstanding finance. You can see the benefits and an example in Financial Shortfall.
Return to Invoice - This type of cover pays the shortfall between motor insurance and the invoice price. You can see the benefits and an example in Return to Invoice.
Gap Insurance gives you good peace of mind when one third of all crime in the UK is car crime; a vehicle is stolen every minute with a third never being recovered. A sad fact is that over 500,000 vehicle become a total loss each year and did you know that:
- Motor Insurance settles the depreciated value, not the amount you originally paid.
- From the second you start driving your car it's depreciating.
- Insurance Companies depreciate cars by up to 60% over a three year period.
- A car is stolen every minute of the day in the UK.
- Over 500,000 vehicles become a total loss each year.
- You pay the deprecation, not your motor insurer.
Call us today to discuss which Gap Insurance would benefit you.
The road to better motor insurance