Gap Insurance Coverage

Everyone knows that a car depreciates just by driving it off the lot, but if you have that vehicle for a period of three years the value will have decreased by seventy seven percent.  The insurance company that you give your money to for the coverage rarely provides the amount that is needed to pay off the car in these instances.  Writing off a car is not uncommon and you don’t want to find that you have to come up with money to pay off your loan.  This is where the purchase of Gap Motor Insurance can help tremendously. The insurance works by covering the difference between what the insurer wil pay out and the value of the car as it was when you took out the gap cover. It is often suprising how quickly a car is deemed to depreciate in value and because of this the amount paid out by the insurer in the case of a car write off is often considerably less than you would expect.

If you start with a loan of £18,000 and within a short period of time something occurs you may only get £7,000 from the insurance company.  You may have gotten the loan amount down to £12,000 in that time period.  So this means that you must now come up with another £5,000 to pay off this car loan.  If you don’t have it, will you be able to borrow money to pay off this loan or will you be left wondering how to pay it? 

When you have Gap car Insurance you will have the peace of mind that if anything like this scenario happens you are covered.  This price can start as low as £79.00 and may be made a part of your loan payment.  If the price of the car was more and you still only got £7,000 from the insurance company, paying the cost of Gap Motor Insurance would seem very small. 

You can find Gap Motor Insurance in many forms.  There is Finance Gap Insurance, Contract Hire Gap Insurance, Commercial Van & Truck Gap Insurance, Fleet Gap Insurance, Motorcycle Gap Insurance and Motor home Gap Insurance.  They will all bridge the gap between what has been paid from the insurance company and the remainder of the auto loan. We offer a variety of policies designed to suit your needs. We also offer a range of other motor related insurance products which you can brows by visiting our products section.