Chances are you are reading this because your local Citroen Dealership has spoken to you about Citroen Gap Insurance and how their level of Citroen Gap Insurance can protect you.
Your Sales Executive will talk to you about Citroen Gap Insurance as part of their duty of care.
They really where telling the truth they have an legal and moral obligation to offer your the ability of protecting you a form of Citroen Gap insurance.
That does not mean that you have to buy Citroen Gap Insurance from them but they must at least offer to talk to you about it.
OK so all that said with and the average length of ownership of a new car statistically just over 5 years is the standard 3 years Citroen Gap Insurance really offering your the protection you want for as long as you want it?
The most common form of Citroen Gap insurance offered by main dealerships is a standard 3 year cover . Well we have already said that we are all keeping our cars longer so this means that you could leave you exposed when you need it most in the fourth and fifth years of your Citroen’s lifetime and your ownership.
After all if the motoring experts say that the average vehicle can loose up to 50% in the first 3 years alone the fourth and fifth year could be as costly. This means that statistically you will still own your Citroen when your Citroen gap insurance has expired.
Please let me show you what I mean.
Lets say that you have just treated yourself to a middle range Citroen C4.
The bought a mid range Citroen C4 Hatchback 1.6 HDi 90 VTR and paid in the region £17145. You also protected yourself with Citroen Gap insurance.
Now lets be completely honest the best part of £17,000 is a lot of money, but statistically you are going to keep it for just over five years and they have a good reputation so OK no problem. ( The rates of depreciation are taken from what cars depreciation calculator.
- By the end of year 1 your Citroen is estimated to be worth £8451
- By the end of year 2 your Citroen is estimated to be worth £6951
- By the end of year 3 your Citroen is estimated to be worth £5725 – Your Citroen Gap Insurance now expires
- By the end of year 4your Chevrolet is estimated to be worth £4900
- Based on these levels of deprecation by the end of year 5 we think that an estimated worth of £4100 is conservative.
Don’t forget that after 3years your standard Citroen Gap Insurance will have expired so what happens now!
So if your Citroen was written off in year four or five when your Citroen Gap Insurance policy has expired you would be completely exposed to any and all shortfall. You would think well you would hope that by know any insurance settlement would in fact be sufficient to clear any outstanding finance, well possibly? But possibly not and what if you where lucky enough to have been able to pay cash.
Just because you have decided to keep the your C4 past the traditional 3 years mark shouldn’t you be able to protect yourself beyond the standard 3 years Citroen Gap insurance.
We searched the Internet and found a gap insurance provider who could supply five years return to invoice and vehicle replacement gap insurance for less than the cost of a standard 3 year Citroen Gap insurance policy. In fact their most comprehensive cover does not cover just the invoice price but the replacement cost even if that has gone up and it was still considerably less than the magic £395.
We have to say that they are not part of Citroen and have no affiliation with Citroen Gap Insurance. Instead they where an independent broker with all the right credentials ( I know we checked). They where also underwritten by a major player in the gap insurance world who currently underwrites policies for the AA warranty, Halfords Auto centres and Kwik fit to name a few.
Either way the choice is yours so why not Google Citroen Gap Insurance get a few quotes and explore the option of longer lengths of cover.
A top tip is you are considering buying a form of Citroen Gap Insurance is to also increase the claim limit.