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It’s frightening to think that as soon as you drive a new car off the forecourt, its value could drop by as much as 20-30%. For that reason, GAP insurance appeals to a lot of new car owners who recognise the fact that they could not afford to replace their new car a week later if they were unfortunately involved in a collision. Therefore if you are buying a new vehicle or purchasing a new car on finance, GAP insurance should not be overlooked in an attempt to cut costs.
The term GAP stands for Guaranteed Auto Protection and there are a number of different types of GAP insurance available on the market.
Return to Value (RTV) GAP Insurance
This policy is suitable for most drivers and can be purchased up to 7 years after buying a car. It is available to customers with a lease or contract hire agreement and also to owners who purchased their car outright or using a loan.
RTV pays the difference between the insurer’s settlement and the current market value of the car.
Vehicle Replacement (RVI) GAP Insurance
RVI is available to customers who purchased their new or used vehicle with cash or using a bank or motor loan. This policy pays you the difference between the insurer’s payout and the cost of a replacement vehicle, even if the retail price has increased.
Return to Invoice GAP Insurance
Available to car owners who purchased their car by cash, motor or personal loan, contract hire, PCP or lease contract. It provides you with the added protection that if you car is declared a ‘total loss’, you are protected.
ClickForGap have been specialising in GAP insurance for 20 years and are the market leader in online GAP sales. They offer a range of GAP policies to suit everyone’s needs and cover can be purchased online today.
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