Guaranteed Asset Protection, more commonly known as GAP insurance provides cover against the money you lose if your car is written off by your insurer.
If you have an accident and your insurer declares your vehicle a total loss or write-off, you will usually only receive payment for the market value of your car at that time. This means you can often find yourself impacted financially after an accident.
Many drivers with car finance in place, or who worry about losing out after an accident will look to GAP insurance to, well, fill the gap.
Depending on the type of cover you choose, in the event of a claim, GAP insurance will cover you for the gap between the original purchase price and the amount offered by your insurer.
It’s incredibly easy to get a 2, 3, or 4 year GAP insurance policy with our friends at MotorEasy.
They’ll find you the best cover automatically, and whether your vehicle was bought cash or on finance, they have you covered.
There’s access to a range of other benefits including European cover, excess cover, and more – plus they have a 5* Defaqto rating.
It takes just a few minutes to get the cover you need. Find out more about how MotorEasy can help you get GAP insurance now.
To be able to get GAP insurance, you and your vehicle will need to meet the following criteria:
We all know that the minute you drive your new vehicle away from the dealer, it can drop in value. GAP insurance is there to cover that bit between the price you pay and the price you’d get from an insurer after an accident.
On average, according to MotorEasy, a car will lose around 60% of its value in the first three years. For example, if you purchased your new car for £20,000, it could be worth a lot less after just a few years – around £8,000.
This means that you would get just £8,000 if your car was written off. This situation often leaves drivers in a difficult situation. This is probably not enough to buy a similar car new or pay off any outstanding finance on the vehicle.
With GAP insurance, that missing £12,000 (in this scenario) is covered and you’re not left short.
GAP insurance is not just for accidents, it can also be suitable if your car is stolen or damaged in a fire or flood.
For long-term peace of mind, get 2, 3, or 4 year GAP insurance with our friends at MotorEasy now.
If you're eligible for gap insurance, it’s incredibly easy to get a 2, 3, or 4 year GAP insurance policy with our friends at MotorEasy.
We also currently hold an ‘Excellent’ rating on Trustpilot with over 30,000 reveiws.
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