GAP Insurance For Your Car
Car GAP Insurance Cover
In the event of your car being involved in an accident and declared a total loss or write off, or you car being stolen, very few customers receive from their motor insurers the amount they originally paid for the car, or the finance outstanding and this may mean you having to buy a lower spec vehicle or you may struggle to replace your vehicle at all.
The moment you drive a new car off the forecourt, it’s value starts to reduce. Different cars depreciate at different rates, whichever make and model you choose, especially in the first few years.
A Guaranteed Asset Protection (better known as GAP) insurance policy will pay you the difference between what your car insurance company pay you for the car being a total loss (based on current market value) and what the purchase price or outstanding finance is (whichever is the greater), giving you peace of mind that you can repay any loans on the car, or being able to replace your car with a ‘like for like’ model.
Examples Of Our Current GAP Insurance Prices.
Based on Mr X buying a new car valued at £24,000. He’s looking at quotes based on insuring the car for a 3, 4 or 5 year period.
Our GAP Insurance policy for this value vehicle will automatically provide up to £20,000 worth of GAP benefit.
- A 3 Year Policy: £230.
- A 4 Year Policy: £260. (Our Most Popular Policy)
- A 5 Year Policy: £295.
*N.B. Above prices are accurate at March 2017. Please call to check.
Mr X decides to take the popular 4 year policy for £260. In year 3 he’s involved in an accident which results in the vehicle being a ‘total loss’. His insurance company pay him the current market value which is £16,000. He purchased the car 3 years ago for £24,000 so his GAP Insurance policy pays him the difference of £8,000, allowing Mr X to buy a new ‘like for like’ vehicle.
To Arrange A Free GAP Insurance Quote Please Just Call Our Office On 01288 353999 and We Will Be Able To Quickly Give You An Exact Price For The Required Term Over The Phone.
Are You Eligible for our GAP Insurance Policy?
- Cover available for cars, motorcycles and small vans up to 3.5 tonnes.
- Vehicle must have been purchased within last 180 days from a VAT Registered Dealership or Internet Broker.
- Vehicle’s value must be below £150,000.
- The vehicle must be listed in the Glass’s Guide, must be less than 8 years old, and done less than 80,000 miles.
We can also insure larger vans over 3.5 tonne which are on finance and we also have a GAP scheme for taxi’s.
GAP Insurance – Features & Benefits
- From 2 to 5 Year Terms Available
- Maximum Benefit up to £25,000
- Includes Cover For Your Excess Up To £250
- Settled on RTI (Return To Invoice) or Outstanding Finance Balance From Day 1
- Transferrable To A Replacement Vehicle
- Policy Can Be Cancelled On A ‘Pro Rata’ Basis If You Sell Vehicle (Less Small Cancellation Fee)
- 90 Days Cover In European Union (subject to main policy being unaffected)
- Can Cover Commercial Vehicles On Finance Up To 44 tonnes & £100,000 Value
What Is Excluded Under A GAP Insurance Policy?
Cover will vary between different types of GAP policies, and different providers, so make sure you always read the policy summary carefully. Some common exclusions are:
- dealer fitted accessories or options (as they may not have any value at time of loss)
- warranty costs
- paintwork protection applications
- insurance premiums
- road fund licence or road tax
- other additional amounts included in the invoice
Get Your Free GAP Insurance Quote Today
Call Us On 01288 353999 To Discuss Your Requirements.