A very prominent publication has just completed an article about gap insurance and there seemed to be some confusion over gap insurance excess.
As far as I know and hey its my job to know none of the top ten gap insurance suppliers charge any gap insurance excess on any of their policies.
Instead the excess is a contribution towards your own motor insurance excess. This means that instead of it being an amount that is deducted from any settlement is is paid on top of any settlement.
We are all so used to everything having and excess,
- motor insurance excess
- windscreen excess
- tyre insurance excess
- home insurance excess
- pet insurance excess.
- excess baggage
At first glance you would be forgiven for thinking that there really would be an gap insurance excess, however in 99.9% of cases you would be wrong.
As always the only way to make sure is to ask or better still to read the full policy documents. In the key facts or full documents if you have the time it will explain about how any settlement is made and if there is a gap insurance excess or excess contribution.
If you are unlucky enough to find a policy with a gap insurance excess simply look elsewhere. Google gap insurance or gap insurance suppliers get some quotes and where ever possible find a policy with out one.
After all no-one likes an excess there is nothing worse and the last thing you want is to find out that you policy has an excess on the day you need to make a claim. After all to be making a claim is stressful enough. Either your vehicle has been stolen or even worse you have been involved in an accident. In either cases worrying about an excess is not something to look forward to.
There are plenty of gap insurance suppliers who can provide cover with no gap insurance excess and instead pay a contribution towards your motor excess. There are also plenty of dealerships who’s policies do not include a gap insurance excess.
There are three very easily explained reasons why the prices of on line suppliers are much lower than main dealerships and we can assure you that none of them are to do levels of service, support, back up, exterise or gap insurance excess’s.