Gap Insurance has come an awful long way in the last few years. Once the sole domain of the motor dealer, it is now widely available from specialist insurance brokers throughout the UK. With this growth of outlets you naturally get competition for your business, and this has had a two fold effect:
Better policies and features
Gap Insurance in 2012
A quick scan around the Gap Insurance on offer in 2012 has seen the emergence of ever more flexible policies from forward thinking insurers. The standard 3 year Return to Invoice car gap insurance offered by the motor dealer has been replaced by the 5 year Return to Invoice policy, that is deferrable, transferable and even cancellable with a refund of unused premium.
Insurers are taking note and allowing cover for motor insurance excess, the cost of paint protection and warranty items, as well as new policies like Vehicle Replacement Insurance to protect the future replacement cost of the vehicle.
As mentioned prevoiusly, the growth of competition in the amrket has meant that motor dealer gap insurance prices can be beaten by up to 80% by comparing to a gap insurance specialist.
The other clear advantage of looking to a Gap broker is the range of products available. Your motor dealer may only have one type, but a Gap Insurance broker may have a dozen or so to chose from. This can be a little daunting, but choosing a Gap Insurance that suits your needs is better than asking you to suit the needs of the Gap Insurance policy!
Traditional vehicles such as cars. are still well catered for, but cover is now available for ‘higher risk’ vehicles such as motorbikes and taxi’s.
Gap Insurance going forward
The insurance industry is heavily regulated and competitive. There has never been a better time to get a good deal on a Gap Insurance product suited to you!