Gap Insurance
Think your insurance policy will cover you fully if your car is written off in an accident
?Dont bank on it. Its more likely theyll pay out for the value of the car at the time of the loss, not the purchase price that you paid for the vehicle. Due to negative equity in vehicles driven out of showrooms, a shortfall arises. However, Gap Insurance will cover you for the difference should the unthinkable happen to your car.
Return to value Gap Insurance provides cover for cars up 7 years old. If the car is pinched, written off in an accident, or totally trashed through an act of mindless vandalism, Gap Insurance will pay the difference. Therefore you get back the full value of the car, not what is considered to be the depreciated loss value of the vehicle.
Got you thinking? Enquire about Gap Insurance through your regular provider or better still, look for Car Gap Insurance online.
Do I really need Car Gap Insurance?
Theres no law that says you have to take out Gap Insurance. Hopefully youll have trouble-free motoring in your car and Gap Insurance wont be required. What if though? Just suppose your car is written off after six months of ownership? Realistically thats the period when heavy depreciation sets in. Youll be in negative equity and be annoyed at yourself for not considering Gap Insurance when you had the chance.
Is it worth the risk? Probably not! Take out Gap Insurance and make sure you are covered; you never know what the future has in store.
Does the Gap Insurance cover all makes and models?
Policies can vary but the vast majority of standard cars are eligible for Gap Insurance. Obviously if you drive an Aston Martin, a Ferrari or some other high performance vehicle there might be certain exceptions.
In general, as long as your car is less than seven years old, has covered less than 80,000 miles and it doesnt exceed a maximum purchase price of 75,000, Gap Insurance will be available.
There are a number of companies who specialise in Gap Insurance and their services are available on the internet. Ring up and get a quote for Car Gap Insurance, it could save you a fortune in the future.
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