Buying a new car? Mind the GAP! If you are thinking about buying a brand new or used vehicle from a garage, then you really should consider GAP Insurance.
We are all aware that the minute that you drive a vehicle off the dealership forecourt, it depreciates in value – but what many of us don’t think about when buying a car - new or used, is the financial implications involved if that vehicle is then written-off.
If you have finance on a brand new vehicle and it is written-off or stolen, you may owe more in total when the interest is included, than the market value paid to you by your insurer.
GAP Insurance will make up the financial shortfall so that you can settle all outstanding monies without being out-of-pocket, leaving you in a position to purchase again.
Even if an insurance policy states that the insurer will replace a brand new vehicle if less than 12 months-old at the point it is written-off, you may still suffer financial loss.
We can provide you with a quote in just 5 minutes over the phone, so for a free, no obligation quote, speak to one of our team on 0121 422 2282.
Many garages will push hard to persuade you to take out GAP Insurance through them at the time of purchase, but in many cases this is not the most cost-effective – Stewart Miller & Peter James Insurance are often able to offer the same product at a much cheaper price – in most cases at least 50% lower than offered at the point of sale of the vehicle.