Quality Insurance Advice
The team here at Premier Insurance will help you find the right GAP insurance so you can financially protect yourself when you owe money on a depreciated vehicle. And as most new cars will depreciate by 20% in the first year, it’s worth getting the right cover for your needs.
For example, if an accident occurs and you’ve damaged or totalled your car, a standard policy may only pay you the current value of the vehicle at the time you make a claim; however, GAP insurance will cover the difference between what you still owe and what the car is worth.
For more information, contact the team today. We can help find a GAP insurance policy that will keep you financially secure.
We Can Find You The Best GAP Insurance Provider
Premier Insurance can help you find a GAP insurance provider that will cover you in case of an accident.
It’s best to have GAP insurance if you have:
- Financed the vehicle for 60 months or longer
- Leased the vehicle
- Made a 20 percent or less down payment
- Purchased a vehicle that will depreciate faster than the average vehicle
- Rolled over negative equity from an old loan to your current loan
GAP Insurance Could Save You Thousands
GAP insurance is the smart option for new car owners.
This is what will likely happen if you are not covered:
- You’ve purchased a new car for £10,000
- On average, it depreciates by 20% per year
- Meaning in three years, it will be worth £4,000
- If your vehicle is stolen or written-off, then your standard insurer will
- only pay the market value of £4,000
- This will leave you short of £6,000 if you owe money on the car
However, if you got GAP insurance when you first bought your car, you’d receive £10,000 (£4,000 from your insurance policy and £6,000 from the GAP cover). Thus, leaving you in a much better financial situation than you would be without GAP insurance.