All you need to know about Gap Insurance!

Tuesday, December 17th, 2013

It is an exciting time buying a new vehicle; you get to choose exactly what you want and what a choice you have. The colour of the vehicle, you can even choose the colour of the interior, should you go for climate control or air conditioning, do you want standard alloy wheels or upgrade to bigger wheels and low profile tyres.

You also have the option of additional extras as most dealers will offer products such as service packages protecting your interior and paint work, alloy wheel insurance, and gap insurance. There are also so many options on paying for your vehicle it can get quite confusing on working out the actual cost. You can buy your vehicle through an outright purchase, finance lease, hire purchase, or contract hire. Many dealers will use these various forms of payment to disguise the additional cost of extras you may choose and bamboozle you with the figures so you could end up paying a higher premium for services you can obtain elsewhere.

The main product that dealers also offer that we get enquiries for is Gap Insurance. We hear that many dealers are offering this at prices ranging from £350 through to £800. Main dealer’s prices seem to vary from each manufacturer with the more prestige manufacturers charging the higher premiums.

We have set price scales dependent on the invoice value of your vehicle and our premiums start from as little as £200. So whether you own a Ford or a Mercedes the premium you pay will be based on the value of your car and not the badge on the front.

So what is Gap Insurance and what does it cover?

  • The Policy is a Total Loss GAP Product.
  • The Policy is designed to cover your vehicle in the event of a Total Loss up to a maximum benefit as specified on the Certificate of Insurance.
  • The policy will pay you the difference between the net invoice price of your insured vehicle at the start date of the policy and your motor insurance settlement.

Features of Gap Insurance include:

  • Flexible policy periods including 1, 2, 3, 4, and 5 year policies
  • The vehicle values accepted range from £0 through to £150,000
  • We can offer this product for cars
  • We can cater for commercial vehicles from 3.5t – 7.5t
  • We even offer cover for Taxi’s
  • Gap includes up to £250 excess towards your motor insurance policy

So before you sign on the dotted line at the dealers make sure you contact us for a highly competitive quotation, with flexible terms meaning you are buying the right product to suit your specific requirements.