Not all pay monthly gap insurance is the same.
When you buy a new or even new to you vehicle it is easy to stretch your finances. A couple of extra pounds here and here the mudflaps and the insurance. Gap insurance can seam like a low priority.
But not to worry because you know that you can protect yourself with gap insurance so you will do it tomorrow. Like most people in today’s climate there is always something that you promise you will do tomorrow, The problem is that tomorrow never comes and when you do realize its to late to take advantage of the higher levels of cover.
Pay Monthly gap insurance can be a real solution.
But before for jump in and buy a pay monthly gap insurance policy just check how long you are paying for. Is it for the duration of the gap insurance. Or do you just pay over 12 months.
Dose your pay monthly gap insurance charge you any interest or is it interest free. After all the whole idea of pay monthly gap insurance is to make it easy for customers to spread the cost and make big savings. Not to pay more just because you are paying monthly.
We looked around on the Internet and while there where a few companies offering pay monthly gap insurance in most cases it was difficult to find out how long the payments lasted.
So why not do what we did and call them. The sale of any insurance including gap insurance is regulated by a government body called the FSA. This means that to continue to sale and promote any gap insurance the company must and i mean legally bound, give your all the information you need so that you can make your own informed choice.
Also ask if any credit search is done on your name as credit searches can have an impact on your ability to be accepted for finance and at even what rate.
We found a company who did not charge any interest instead the payments where over 12 interest free installments. You could buy any policy over £100 and pay monthly.
There where no credit checks for any of the pay monthly gap insurance policies and you will be automatically accepted.