GAP Insurance

GAP Insurance

Giving you piece of mind

If your car is written off or stolen your car’s insurance policy will pay out the market value of your car.
The problem with this statement that you may have overlooked is the phrase ‘market value’.
What happens if the market value of your car is far less than the amount you paid? You could end up owing more on your car’s finance than the market value payout from your insurance claim, leaving you out of pocket.

The solution to this is GAP insurance (Guaranteed Asset Protection).

A GAP insurance policy covers the ‘gap’ between the insurance payout and the original price you paid.

We offer GAP insurance to all our car buying customers so if you want to find out more simply call F. Cross & Son 01302 840253 (calls charged at local rate) or ask for more details when you test drive a car.

Your GAP insurance policy will cover:

• The difference between the invoice price of your car and the payout from your car insurance claim

OR

• The difference between the cost of paying off your finance and the payout from your car insurance claim
• The cover period can be for up to 36 months
• The cover is non transferable – if you change your car you cannot transfer your policy
• The cover ceases when a claim is made

To be eligible for GAP insurance you must:

• Have comprehensive insurance
• Own a car with less than 100,000 miles on the clock
• Own a car that is less than 7 years from its registration date

GAP Insurance costs:

Insurance policies can be paid via monthly instalments or in a one off single payment.
The amount you pay for a GAP insurance policy will depend on the value of your car. For a personalised quote please ask a member of our sales team to contact you or call 01302 840253