So you local Lexus dealership have spoken to you about gap protection.
They will of most likely offered you a form of return to invoice gap insurance at around £400. That said we have heard of some dealerships who are quoting just under the £1000 mark.
So like most people who are new to gap insurance you wanted to find out more of may be even just see if you could get a better deal. The problem with gap insurance is that there is alot of information on the internet, some good, some bad and some which can only be described as totally misguided.
My own personal favuorite is that you should only consider gap insurance if you have taken a form of finance!
Wrong it can offer ultimate protection to cash buyers alike. After all if you have been favourite to buy your Lexus with cash haven’t you got even more to loose?
After all you Lexus is a fabulous car but it will depreciate over time.
Remember your own insurance company will only ever pay you what your Lexus is worth on the day it is written off not how much you paid or even the amount outstanding on finance.
This difference can be thousands and thousands of pounds.
While Lexus is not known for high levels of depreciation it can loose up to 50% in the first three years alone. That is a lot of money. It may be nothing to you , so if the thought of writing a cheq for that amount is no problem to you gap insurance may not be for you.
If however leaving yourself exposed to this loss would be difficult you need to atleast consider gap insurance.
Buy before you buy any form of gap insurance from anywhere and at any price you need to decide what is important to you. After all you are the important one here, your money your choice.
So instead of the one type fits all gap insurance your Local Lexus dealership has offered why not pick one that protects you in a way you want it to.
For example did you buy your Lexus on Contract Hire ? OK well why not look at at contract hire gap insurance?
Do your want you policy to pay the difference between your Lexus’s valuation on the day it is written off and simply clear any outstanding finance? OK well why not look at Finance gap insurance?
Did you pay cash for your Lexus? Or do you want your policy to pay the difference between your Lexus’s valuation and the invoice price you paid? OK well why not consider Return to invoice gap insurance?
Do you want your policy to replace your Lexus on a like for like basis? OK well why not consider vehicle replacement gap insurance.
So now you know which type of gap protection is best for you and your Lexus why not get a quotation read the policy and once you have all the information make your own informed choice ?