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Is Gap Insurance Worth It?

Facts about the risk.

Image of thief breaking into car

Whether you paid cash, financed or leased a new or used vehicle or motorcycle – there is a Gap Insurance option to protect you against a very real and potentially substantial risk. Statistics produced by the Association of British Insurers tell us that over 500,000 vehicles every year are written off and that equates to 57 vehicles per hour – every hour – night and day, almost 1 every minute. So, is Gap Insurance worth it?

The risk for your fully comprehensive insurer reduces every year in line with the falling value of your vehicle – leaving you to suffer the depreciation loss when a write off occurs. That’s why Gap Insurance is so popular and important. Your vehicle is probably your second most valuable purchase and it can so easily be stolen or written off in an accident. It simply makes sense to consider the additional financial protection Gap Insurance provides. This web site offers a range of policies that are independently 5 star rated, were featured by Which? magazine and have features and benefits not available elsewhere in the market – anywhere. Compare Gap Insurance types below..

Facts about the cost.

1. When you buy from a specialist Gap Insurance broker such as car2cover.co.uk, you are cutting out the huge profit built in by the motor dealer or finance company and you pay 14% less Insurance Premium Tax.

2. The cost of an average 3 year Gap Insurance policy is almost 50% less than the cost of budget priced mobile phone insurance.

3. The average Gap Insurance policy cost is less than £1 per week, that’s 26p per day to protect against the potential for substantial losses.

4. According to statistics, in the time it has taken you to read this article – another vehicle has been written off. Let’s hope the owner was wise enough to invest £1 a week in Gap Insurance otherwise he/she has just had some financially damaging news that could have been avoided.