GAP Insurance
Protect yourself for the life of your loan for a one-time fee with our GAP Insurance policy. If you finance your car through a dealership, you may be offered “Guaranteed Asset Protection (GAP) insurance” among the options available when you purchase the car. At Insure Smart, we specialise in offering the best GAP insurance services that help you to cover the financial gap between your vehicle’s value and your finance agreement.
Why You Need GAP Insurance?
Getting GAP insurance may make sense, especially if your loan balance exceeds the value of your car. As many know, your new car begins to lose value the moment you drive it home, and in some cases, this happens very quickly. In the unfortunate event of a total loss due to an accident or theft, many standard insurance policies pay the actual cash value of the car at the time of the incident. This means that if you still owe more on your loan, you’ll be obligated to pay it off. This is where GAP insurance comes into play.
Gap Insurance Coverage
Gap insurance typically covers the difference between the remaining value of your vehicle loan or lease and the actual cash value of your vehicle at the time of the incident. Specifically, Gap insurance will cover this difference in the event of a total loss or theft, but it will not cover the deductible costs. Furthermore, it cannot be used to cover costs related to vehicle repairs or bodily injuries resulting from an incident.
Advantages You’ll Get
- Low interest rate offers. We offer a low interest rate that helps reduce the cost of financing a vehicle.
- Credit score. A vehicle loan helps you to rebuild your credit score, making your monthly loan payments in full and on time.
- Flexible options. You can buy or sell your car for another car without having to worry about fees at the end of your lease.
- No mileage restrictions. Furthermore, there are no mileage restrictions. So you can use the car as much as you want.
Get The Best GAP Insurance in the UK
No one wants to worry about something happening to their car. But your car could get wrecked, stolen, or vandalised. If you don’t want to risk being held liable for more than your car’s depreciated value, you may want to consider purchasing GAP insurance. Contact us at 01592 649786 today to learn more about this insurance policy. Insure Smart has experienced professionals dedicated to helping every client in the UK and Scotland. Schedule a free consultation today to get the compensation you may be owed.
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342 High Street, Kirkcaldy, KY1 1LD
FAQ
GAP insurance, or Guaranteed Asset Protection insurance, works by covering the financial shortfall between your vehicle’s market value and the amount you owe on your finance agreement in the event of theft or write-off. It provides an additional layer of financial protection beyond what your standard insurance policy covers.
A 3-year GAP policy typically refers to a GAP insurance policy that provides coverage for a period of three years from the date of purchase. This type of policy is designed to bridge the gap between your vehicle’s market value and the outstanding finance amount over a three-year period.
GAP cover works by paying out the difference between your vehicle’s market value (as determined by your standard insurance policy) and the outstanding finance amount in the event of theft or write-off. This ensures that you’re not left with a financial burden if your vehicle is deemed a total loss.
The cost of GAP insurance in the UK varies depending on factors such as the value of your vehicle, the length of coverage, and the insurance provider. Generally, premiums for GAP insurance can range from a few hundred pounds to over a thousand pounds.
Yes, having GAP insurance on a used car can be worth it, especially if you’ve financed the purchase or the vehicle’s depreciation rate is high. GAP insurance provides valuable financial protection and peace of mind, ensuring that you’re not left with a significant shortfall in the event of a total loss.
GAP insurance covers the vehicle rather than the driver. It is designed to protect the financial investment in your vehicle by covering the shortfall between its market value and the outstanding finance amount in the event of theft or write-off.
Most policies last for 1-5 years, depending on the coverage type. You can choose the duration based on your vehicle’s age and your financial arrangements.
Simply contact us for a personalised GAP insurance quote based on your vehicle’s value and your financial situation. We’ll help you find the best cover at a competitive price.
You can consider below as additional cover for your peace of mind
Above listed covers are for reference only, we would suggest to get in touch with our experts and discuss your needs so that they can guide you to exact what would help you. Call us now on 0159 649786