Over half a million cars are stolen each year, most are written off or vandalised. Add to that the large number of accidents each year and you could be the next person to suffer a vehicle write off!

Most of us think our Comprehensive Motor Insurance covers us if our vehicle is written off... THINK AGAIN!

If your vehicle is written off your motor insurer will only pay the current market value for your vehicle!

So what happens if the current market value is not enough to replace your vehicle or pay off your finance or contract hire agreement?

Simple, there is a financial GAP that you will have to pay out of your own pocket:

Why should I purchase GAP Insurance?

• UK Car Crime is a third of all crime
• A vehicle is stolen every minute, 33% of these are never recovered
• Cars depreciate by up to 77% over a 3 year period
• Motor insurance settlements are always less than the price you pay for your car
• When a write off occurs you lose out and have to raise the funds for any short fall

Write off's occur all too often, protect yourself

 

Example:

 

Original Cost of your car:	£20,000
Deposit:	£2,000
Amount of loan:	£18,000

One year later the car is stolen or is in an accident and declared a total loss.

Amount still owing to your finance company:	£12,000
The insurance company pays you only:	£7,000
Amount of loan:	£18,000

 

At a minimum this leaves you with a financial GAP of £5,000!

 

TO PROTECT THIS FINANCIAL WORRY YOU CAN CHOOSE TO BUY ONE OF THE FOLLOWING GAP INSURANCE POLICIES:

 

Finance Gap Insurance

In the event of a write off this will pay the difference between your motor insurance payout and the amount outstanding on your finance/contract hire agreement. Using the example above it would pay £5,000

 

Back To Invoice

In the event of a write off this will pay the difference between your motor insurance payout and the original price of your car. Using the example above it would pay you £13,000