Why Do I Need Gap Car insurance?
Gap Car Insurance is just one of many divisions within the car insurance market of which many people know very little about. Despite offering a potentially crucial service, there are still concerning numbers of people who know little or nothing about the area of gap (guaranteed asset protection) insurance. In your decision regarding whether or not this is the right option for you, the first step is to establish what gap cover is and what it provides.
What is gap insurance?
The aim of gap car insurance is to cover the difference between what your car is worth and what you owe on the car should it be stolen or written off during an accident. Designed to alleviate the financial burden for those left in this unfortunate situation, gap car insurance has tangible benefits. Despite these benefits, it has been estimated that there are around 24,000,000 drivers in this country without an adequate level of insurance. This could be largely down to a miss-understanding over just who this service is directed towards.
How do I know if gap insurance is right for me?
This type of policy is most suitable for anyone who expects should the incident arise, to owe more than their vehicle is worth. There are a variety of possible factors behind this outcome, including making a low original down payment, significantly high insurance costs or a vehicle that is rapidly depreciating.
With so many car manufacturers on the market, all constantly releasing updated models, car values are decreasing more and more quickly, so without gap insurance, a worrying number of people may find themselves out of pocket if their car is involved in an accident.
Do I really need it?
Most people wrongly believe that if their car is written off, their current comprehensive car insurance will cover their payments. Unfortunately this is not the case. If your vehicle does happen to be written off, your insurance provider will only pay the current market value for your vehicle, so it is a genuinely useful and often essential policy.
With car crime levels rocketing in this country, it couldn’t be a better time to take out gap car insurance. With the population swelling and more drivers on the road, the chances of being involved in an accident are also statistically higher.
As well as being a financially responsible decision, one of the best things about gap car protection is that it offers peace of mind. The ability to go about your daily life and complete your busy schedule without the worry of financial burden should you be involved in an accident, is invaluable.
Gap Car Insurance is a comparison site offering car owners the opportunity to source the best deals for their cover