Mind the Gap (Insurance)… this blog is not for trains, promise.
This visual warning that you see everywhere, interestingly enough the phrase has far reaching consequences when it comes to buying a car. All you have to do is add the word ‘Insurance’ and you’ll get an idea of what we mean. Mind the GAP (Insurance).
Did you know that if you buy a car, especially a new one and it is written off, you will not receive the original price you paid for it from your insurer. Imagine the immediate loss of cash. Heart wrenching.
For the majority of us buying a new car is a big deal mainly because of the total cost or the initial outlay should you choose a finance option. It also becomes your pride and joy so you should do everything to protect it. Once you drive your vehicle off the forecourt it loses value. Coupled with the chance of your vehicle being involved in an accident or it being stolen, you need to make sure you are not left financially out of pocket. It’s estimated you can lose up to 50% of a new car’s value over the first 3 year period. That’s a hefty amount in anyone’s books.
GAP stands for – Guaranteed Asset Protection – Insurance is a product that can pay the difference in what you paid for the car against what the insurer has valued it at the time it was written off so this is the cover you require if you want to avoid any financial loss.
Here at Bestprice FS we offer GAP Insurance and we have reduced our commission and passed the saving onto you.
Other benefits include:
- More flexible cover than competitors and wider vehicle eligibility criteria
- Cover new and used cars, motorcycles and vans up to 3.5 tonnes
- Cover can be bought up to 180 days after it has been delivered
- If you change your vehicle mid term we will still cover it (subject to eligibility criteria and you notifying us of change of vehicle)
- Cover extends to Europe
- Policies available from 1 to 5 years
- Covers all drivers on your insurance policy
Covers available include:-
- Return to Invoice – pays the difference between the motor insurers settlement and the purchase price paid for your vehicle.
- Contract Hire and Lease – you will be able to settle your financial agreements for your car in full and you won’t be left paying back the extra money out of your own pocket.
- Total Loss Protection – if you have had your car for more than 185 days or your mileage is over 100,000 or it is over 10 years then this is the cover for you. It will pay 25% on top of the insurer’s settlement amount (up to a maximum of £10,000).
Mind the Gap Insurance indeed – visit the link opposite to obtain a quote https://bestpricefs.co.uk/gap-insurance-cover/