Don’t Get Caught Out!  What You Need to Know About Gap Insurance

Gap Insurance can be your safeguard when it comes to treating yourself to a new car. It bridges the gap between what your insurer would pay if your car were stolen or written off, and what you originally paid for it.

Imagine spending £15,000 on a car or financing that amount. Then, a week later, your car is stolen or written off. Your insurer offers you £10,000 based on the car’s current value, but you’re still £5,000 short or potentially even in debt for a car you no longer have.

That’s where Gap Insurance steps in! It covers the shortfall between your insurer’s payout and what you’d need to replace the car or clear your finance. Given how quickly cars depreciate, it can really save the day.

Where Gap Insurance Applies

You’ve Taken Out a Big Loan to Buy Your Car – Gap Insurance can cover any outstanding finance if your car is stolen or written off, so you won’t be stuck paying for a car you can no longer drive.

Worried About Depreciation? – If your car’s value drops quickly, you may not get back what you paid for it after an incident. Gap Insurance will enable you to get back more of what the car has actually cost you.

You’re in a Long-Term Lease – For long-term rentals with mileage limits, a write-off could leave you without a car and facing hefty fees. Gap Insurance helps protect you from this scenario.

Who wouldn’t want peace of mind from this potential scary financial scenario?  Some scary stats here……….did you know that nearly 500,000 vehicles are written off every year and a vehicle is stolen every 8 seconds in the UK?

The David J Miller’s team are here to help so get in touch!