For many victims of a vehicle write off, Gap Insurance is a financial rescue
Recent statistics published by major institutions tell us why Gap Insurance demand is booming.
- The Office for National Statistics state “vehicle theft now accounts for 1 in every 7 crimes”,
- The Association of British Insurers declares “record levels of claims in 2017” totalling £8.1 billion,
- The BBC’s website also quotes the RAC who say “vehicle theft has increased by 30% in the last 3 years”.
These statistics represent a substantial financial risk to the UK motorist.
In a write-off, a motor insurer will only pay the market value of the vehicle at the time of loss. This means the mis-described and often misunderstood ‘Fully Comprehensive’ insurance will be little comfort to most victims. Many will be left with a debt which is greater than the insurance payout – and cash buyers will suffer thousands of pounds in value loss.
A range of vehicle Gap Insurances are available to you, to help protect against financial loss when a write off occurs. You can read more about the options here. Gap Insurance is available for new and used cars, motorcycles and light commercial vehicles. All forms of cover provide financial protection and options are available to cash buyers and vehicles on finance and leasing schemes.
The consumer is normally first introduced to these products by motor dealerships at the time of vehicle sale negotiation. Dealers view these products as an opportunity to profit from an impulse purchase and prices are therefore much higher than online brokers. Recent FCA rules require motor dealers to provide information and quotations and encourage buyers to compare cover elsewhere before buying.
Why pay more to your dealer when better cover and lower prices are available elsewhere including here?