5 Reasons To Buy GAP Insurance
1. You might want to buy a brand new car.
If your vehicle is declared a total loss in an accident and you want to replace it with a brand new vehicle then you may want to consider purchasing GAP Insurance. For instance if you buy a car for £25,000 and 2 years later the vehicle is written off your insurer may pay out £15,000 as a settlement offer, which is what the vehicle is worth at the time of the accident. If you would prefer to be paid out the original value of the vehicle in order to get a like for like replacement vehicle then GAP Insurance is the policy for you!
2. You are paying for your car on a finance agreement.
GAP Insurance may come in useful if you have taken up the option to pay for your car on a finance agreement. In the event of your vehicle being written off you will still be required to settle the outstanding amount owed to the finance company despite the insurers paying out what the car is worth at the time. Purchasing GAP Insurance will ensure that you no longer have to continue paying back a loan for a car you can no longer use.
3. You can buy a GAP Policy up to 5 years.
You can purchase GAP Insurance policy for cover up to 5 years and you are only required to pay for the policy the once.
4. The first £500 comprehensive insurance excess is covered.
Not only will the GAP insurers pay out the difference between today’s retail market value of your vehicle and whatever value the vehicle insurer places on the vehicle, they will also cover the first £500 of your comprehensive insurance excess.
5. GAP Insurance premiums are not that expensive.
People may expect GAP Insurance to be expensive especially if they have been overcharged by a dealer in the past. However, for what GAP Insurance provides the policies offered through our brokerage are competitively priced for comprehensive GAP Insurance cover. For example, if you have a vehicle valued at £25,000 and you want cover up to 3 years then the total premium for the whole duration will amount to £212.11 including Insurance Premium Tax.
Contact John Whippy Insurance Brokers on 01323 410433 for free quotation today!