If this happens, you might find that your fully comprehensive insurance is less comprehensive than you would expect. Insurers usually only pay out what they value your car to be worth at the time of the write off, not what you initially paid. This could mean that you lose out significantly compared to what you paid for your car.
For example, you could pay about £20,000 for your new car. After a few years, your insurers might only value your car at £15,000. If you were involved in a car accident, or your car was stolen and not recovered, you might only get this amount back from your insurers, not what you originally paid. This could mean that you lose out by the amount of £5,000 through no fault of your own.
Hyundai GAP Insurance fills in the difference between what you paid for your car, and what you receive back from your insurers. In the above example, we would pay the £5,000 difference. Our KIA GAP Insurance also covers you in case you have your car on finance, by paying the remaining difference between your insurer pay out and the remaining finance.