GAP Car Insurance
What Exactly is GAP Car Insurance and do you need it?
First of all, guaranteed asset protection (GAP),
is not a legal requirement for car insurance. It is a policy that serves
to protect the value of a product (your car) that is financed, should it
be damaged beyond repair, like an insurance write-off or a car stolen and
GAP insurance will insure you for the difference between what you would owe on a vehicle, usually a new one, and what an insurance company says it's worth.
It is highly recommended with a vehicle of a high purchase cost. This would apply to prestige cars or any classic car where there could be a high potential loss if the insurer doesn't pay out what you think the car is worth.
We all know about the depreciation of any product from the moment we purchase it from new. Cars in particular suffer from heavy depreciation. Most cars lose large sums in value as soon as you drive it off the forecourt.
Therefore GAP car insurance could be viewed as essential for peace of mind, if you are concerned about the vehicles future value if something untoward happens to it.
UK Car Insurance: Latest News
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Nearly two-thirds of companies selling holidays in Britain are adding cancellation cover, even though many people don't need it
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If you're taking your car abroad this summer, make sure that you're properly covered.
- Health insurers cut back cover for cancer
Medical insurers are cutting cancer cover, with many refusing to help those who need palliative care.
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