Compare Gap Insurance
Gap insurance is a product designed to bridge the “gap” between the amount you paid for your car, and the amount your insurer would pay out if your car were to be written off or stolen.
Insurers will only pay you the market value of your car if it were to be written off or stolen, meaning you could be left with no car and out of pocket. GAP insurance is often purchased upon buying a new car due to how quickly they depreciate.
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A sad financial reality is that a new car loses value the moment it is driven off a dealer’s forecourt. How much a car will depreciate within the first couple of years will depend on three main factors: Car Make, Model and the miles driven in the time.
Figures released by the AA suggested that a car that travels 10,000 miles per year could lose up to 60% of its value after just three years! To put this into figures, a car purchased for £25,000 could be worth just £10,000 after three years.
If your car were to be stolen or involved in an accident that deemed the car a write off, you could find yourself in position that you are unable to afford to replace your car with a new replacement. A more common reality with the popularity of financed vehicles is you could find yourself in a position where you are paying monthly for a car or van you no longer have.
GAP insurance normally last for three years and has a specific purpose of protecting you against this problem. GAP insurance will pay the difference between the amount received or quoted by the insurer and amount it costs to replace the car.
Vehicle Replacement Insurance
Vehicle replacement cover will pay the difference between the insurers “total loss payment” and the cost of replacing the vehicle with a new car of the same spec. This type of policy is aimed at those who want to purchase a new version of the same car originally insured, even if the price of the replacement has gone up. This type of policy is also suitable for used cars.
Return to Invoice
Return to invoice cover is suitable for cars that have been bought new. It will pay the difference between the insurance pay out offered and the original value of the vehicle purchased. If your car were to be declared a total loss, you will be covered by gap insurance. This includes any outstanding finance on the car.
Finance, Lease & Contract Hire
Finance, lease and contract hire will protect you if your vehicle were to be declared a total loss. This type of policy is suitable for Hire Purchase, PCP and lease or contract hire vehicles. This insurance type will pay out any difference between the outstanding finance figure and the motor insurers settlement.
SavingSuperStore has partnered with Quotezone, who can provide you with a quotes in minutes. You will need to fill out a few details including:
– Type of Car
– Estimated Value of Car
– Duration of cover required
– Name & Address
SavingSuperStore are an Introducer Appointed Representative of Seopa Ltd, who are authorised and regulated by the Financial Conduct Authority (FCA) under FRN: 313860. Quotezone.co.uk is a trading style of Seopa Ltd who are a limited company registered in Northern Ireland, Registered number: NI46322.
