If you are about to buy a new car your local dealership will have spoken to you about new car gap insurance.
So is there a difference between new car gap insurance and standard levels of cover?
The answer is simple no!
However as you are about to buy a new car gap insurance policy you need to do a little bit of homework first.
For example your own motor insurance company may already off you a new for old style of motor insurance within the first 12 months. This is not a new car gap insuarcne policy instead it simply means that if your car is written off within the first twelve months that instead of offering you the market value of your car your insurance company will agree to replace it on a like for like basis with another new car.
This used to be the norm and most insurance companies offered it as a standrad feature.
Unfortunately the cost implications means that less and less companies are now offering it even though the vast majority of the general public still think that they do.
That said if our own motor insurance company do offer you new for old style benefits within the first 12 months and you are happy that with any terms and conditions they may have why not think about buying a form of deferred new car gap insurance.
This means that you would simply defer the start date to coincide with your cars first birthday. Essentially you are now not paying twice for the first year. After all lets be completely frank, your insurance company may offer it as a term and condition but you are still paying in one form or another.
Other than that your new car gap insurance policy will perform exactly the same as if your car was a year old. For example if you have decided to buy a return to invoice style of cover then your policy will pay the difference between your cars valuation on the day it was written off and the original invoice price you paid.