Gap Insurance specialists 0843 2898 318 | www.car2cover.co.uk
New for Old Cover
Generally, most types of Gap Insurance cover the depreciation of your car or vehicle over a period of time.
For people who have purchased a brand new car, they may already be covered on a ‘new for old’ basis with their Fully Comprehensive Insurer for the first 12 months, so why overlap the GAP Insurance with the new for old cover?
Firstly, if you have new for old cover – you must ensure that this will cover you fully for the first 12 months. Once you defer the start date on your Gap Policy you cannot make a claim during the first 12 months under any circumstances, so always check with your main fully comprehensive insurer that you will be covered for all eventualities on a new for old basis.
If you are happy that you are fully covered for the first year, you may opt to defer the start date of the gap Policy by 12 months so that the policy starts on the vehicles first birthday. Some companies will allow you to defer your gap policy for free – so for example you buy a 4 year Gap policy and defer it for 12 months, the Gap policy starts 1 year later and runs for 4 years and therefore the car will be 5 years old at the end of the cover. Other companies will offer a slightly discounted price but reduce the period of cover you receive – for example you pay slightly less than a standard 4 year policy, but the Gap policy assumes the fully comprehensive insurer covers the first year and the Gap Insurer covers years 2, 3 and 4 – therefore only providing 3 years worth of GAP cover despite charging nearly the same as a 4 year policy!
For a FREE, no obligation Deferred Gap Insurance quotation please contact us on 0843 2898 318 or click here to visit our Gap Insurance website.
Always check your policy terms & conditions.