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Is GAP Insurance Worth It, What Is GAP Insurance & How Does It Work?
Over 57 cars per hour – every hour – 24 hours a day – 7 days a week are written off in the UK ! Don’t under insure one of your prized possessions by ignoring GAP Insurance.
Gap Insurance is available for new and used cars but you have a limited time available to consider and buy a policy. If you have ‘New for Old’ cover, you may even defer the start date of the GAP Insurance policy by up to 12 months – FREE! Always check the features and exclusions within the GAP policy terms as these vary considerably from one provider to another – even when it is the same underwriting insurer! Always read the terms!!
Cars,Vans, Motorcycles and Motorhomes are probably the second largest purchase we will make. Why then would we choose to under insure it with a fully comprehensive motor insurance that will only pay us it’s depreciated market value in the event of a total loss?
Our car, van, motorhome or motorcycle is an object of desire and is easily stolen. If that happens your motor insurer will only pay you enough to buy another vehicle of the same age and mileage at the time of write off, which could be substantially less than what you originally paid.
The same scenario occurs in the event of a write off due to a road traffic accident. It doesn’t need to be your fault – it happens!!
Often, GAP Insurance is associated only with finance agreements and some cash buyers therefore believe that GAP cover would not be suitable for them. Wrong! The right type of GAP Insurance can be extremely beneficial for cash buyers too – just take a look at this example;
- Mr Smith buys a new BMW and pays £32,000 cash for his new car.
- 3 years later, he car is declared a total loss by his fully comprehensive insurer
- His fully comprehensive insurer tells Mr Smith that the current ‘Market Value’ for his BMW is now only £14,400…….
Without GAP Insurance Mr Smith will now have to try and replace his BMW with another one using the £14,400 funds received from his motor insurer.
Fortunately, Mr Smith purchased a 3 year Return To Invoice GAP Insurance for just £199 so Mr Smith receives £14,400 from his motor insurer and a top up payment of £17,600 from his GAP Insurance policy – so now he has £32,000 to spend on a new car!!
If your car is declared a total loss by your Motor Insurer, they may not pay you enough to settle your outstanding finance on the vehicle (if you arranged financed), and they certainly will not pay you what you originally paid.
Your dealer will have almost certainly offered you some type of GAP Insurance when you purchased your car (new or used) – however most dealers sell these supplementary insurances at high premiums as they build large profit margins into the deal. Do not be fooled into believing that because the dealer’s policy is more expensive it must be a better policy. On the contrary, dealers are not insurance specialists and therefore have little interest in the terms of the policy – some dealer policies have some major exclusions that an insurance specialist would not accept.
Car2cover.co.uk have worked with a major Administrator to provide the best policy features at the most competitive prices – see our GAP Insurance reviews to read what our customers say about the insurances we offer and our customer service standards or for quotations and further information on how GAP Insurance works please CLICK HERE or alternative call us for free, friendly assistance on 0843 2898 318.
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