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Many motorists don’t consider the reality of a write-off to their vehicle. Even the finest insurers will only reimburse you for the current market value of your car. Meanwhile, the second you drive it off the forecourt a car’s value begins to depreciate.
A GAP Insurance policy tops up an insurance payout in the event of a write-off, providing you with the extra funds to purchase a replacement vehicle or to settle any outstanding finance.
GAP Insurance or guaranteed asset protection covers you against financial loss if your vehicle has been declared a total loss or a write off by your car insurer.
If your car is involved in an accident, stolen or damaged by flood or fire, and considered a total loss, your insurer will only pay the market value for your vehicle at the time of the incident.
On average, a car loses around 60% of its value in the first three years, leaving you exposed to a shortfall of thousands of pounds on any remaining finance settlement charges or a substantial loss suffered from the vehicle value depreciation.
This can be avoided with MotorEasy GAP Insurance, which bridges the GAP between the value your insurance company will give you for your vehicle and what you paid for it, or owe in finance, depending on the type of GAP Insurance you take out.