We all love our cars. That’s why we spend so much on buying, running and maintaining them. We spend so much, despite the fact that they could be written off at almost any point. Your car could be in a serious accident through no fault of your own. Equally, it could be stolen despite your best efforts to prevent this happening.
Value
If something happens to your car, and your insurers write it off, you could be in for a financial shock. You will only get back what the insurers currently value your car at. This means that the amount you receive could be much less than you paid for your car. This is due to depreciation. The value of most cars drops considerably in the years after you buy them.
As a result, a car you bought for £20,000 could easily be worth only £13,000 when your insurers write it off. If you want to spend the same amount on a new car, you’d need to find £7,000 of your own money to make up the difference. All for no fault of your own.
Protection
Here is where GAP Insurance steps in. GAP makes sure that you get back what you paid for your car if anything happens to write it off. GAP (Guaranteed Asset Protection) Insurance exists to fill in the difference between what your insurers value your car at, and what you paid for it. In the above example, you would receive £7,000 from your GAP policy, so that you received a total of £20,000.
Replacements
GAP Insurance can also help you if you can no longer purchase a similar vehicle with the amount of money you initially paid. RVI (Replacement Vehicle Insurance) covers the cost of buying a replacement vehicle – even if the equivalent is more expensive than your initial purchase.
When you are covered with GAP Insurance, you have peace of mind. You know that if something serious happens to your car, you won’t be left out of pocket. With GAP Insurance Today, you can get cover for as little as £32. Protecting your car isn’t just a matter of regular car insurance. GAP Insurance means making sure that you won’t lose out.