#GAPInsurance
#totallossgap
WHAT IS GAP Insurance?
Gap Insurance (aka shortfall insurance, guaranteed asset protection, total loss gap, etc) is a financial protection for you, specifically designed to cover an aspect of depreciation on a vehicle, should it be subject to a 'total loss' incident such as theft, fire or accident
EXPLAINED
If your motor insurer writes off the vehicle, ie they do not replace or repair it, then they may only offer what is called the 'market value' of the vehicle. That is what it is worth when you make a claim, not what you may have paid for it originally.
You may owe significantly more on a finance agreement on the vehicle, you may simply have lost thousands of pounds from the original purchase price. Either way, you can be severely out of pocket without Gap Insurance.
INVOICE GAP, REPLACEMENT GAP ETC
There are different types of Gap Insurance that can protect you in this case.
Finance Gap - to cover a financial shortfall
Return to Invoice - to cover you back to the price you paid for the vehicle
Vehicle Replacement - to cover to the replacement cost of the vehicle, at the time of claim. This may be higher than the price you originally paid.
Which is best? Well with Total Loss Gap you do not need to worry. Total Loss rolls all three products into one, and gives you the best outcome at the time you make the claim.
How can Gap Insurance protect you? Learn more about Gap Insurance at http://totallossgap.co.uk/why-buy-tot...
GAP Insurance - What is it (and how does it protect you)? 2019 edmunds new car buying tips | |
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| Cars & Vehicles | Upload TimePublished on 2 Oct 2017 |
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