When you buy gap insurance on-line what should you look for?
With so many different policies, suppliers an features we know that it can seem difficult to know which type of gap insurance is best.
The whole idea of our website is to give you all the factual information you need so that you can make real informed choices and understand your options before you buy gap insurance.
So we know that gap insurance is an option insurance that runs alongside your own insurance and fills in the gaps made when your vehicle is written off.
So to real understand what gap insurance can do and why you should buy gap insurance or at least consider it you need to first accept two basic but not very nice facts of life.
Fact- Which ever vehicle you have bought it will lose value over time. After all a three year old ford focus is not valued at the same price as a new car. This loss in value loss called depreciation and motoring experts estimate that the average vehicle will lose up to 50 % within the first three years alone.
Fact – Your own motor insurance company will only pay you the market value of your vehicle on the day it is written off.
When you buy Gap Insurance you are protecting yourself against the financial risk ( the depreciation ) of the loss when your vehicle is written off.
Depending upon how you bought your vehicle, how you paid and even how long you expect to own the vehicle the can be many ways to protect yourself.