GAP Insurance
Payment Protection Insurance | GAP Insurance | Mechanical Breakdown Insurance
GAP is stand for Guaranteed Auto Protection. It's a sad fact of life that most of us will
be a victim of car crime, the statistics speak
for themselves. Last year over ¾ million
vehicles were written off. Yours could be next.
And if it was, would your insurance take care
of the full amount you still owe on your car?
Probably not.
Very often the amount paid out by your motor insurance
company is less than the amount outstanding on
the finance agreement - this is called the shortfall.
Unfortunately, this means you still have to continue
paying any remaining amount on a car you no longer
own.
However, with GAP Insurance, you can take care
of the outstanding balance due if your car is
stolen and unrecovered, or declared a write-off.
Here is an example: You purchase a car for £20,000, after two year the market value of your car is down to £14,000 and you owe £18,000 on your car loan. That would leave a GAP of £5,000 that you would be responsible for if your car was stolen or declared a total loss from an accident and you were to receive actual cash value as a settlement on the car. GAP insurance would cover the £5000 outstanding car loan. Without the GAP policy you would be responsible for your car finance lender.
QUESTION:- Can my repayments be covered
by insurance? (PAYMENT PROTECTION INSURANCE)
Yes they can. In the event you were unable to
make repayments due to redundancy, sickness, or
even an accident at work, your repayments (subject
to certain exclusions and terms) will be made
for you directly by the insurer. The majority
of our customers opt for this valuable cover.
All the finance plans we offer are available with
optional Payment Protection Insurance for your
peace of mind.
QUESTIONS:- What is GAP Insurance?
GAP Insurance is a vehicle protection plan that
fills the financial gap often left when motor
insurance pay-outs are lower than expected. GAP
Insurance is not a replacement for your motor
insurance policy, but a valuable supplement that
protects you against serious financial loss if
your car is stolen or written off. All the finance
plans we offer are available with optional GAP
Insurance for your peace of mind. |
