Buying a car is one of the biggest purchases that we make and once we own a car it becomes one of our biggest assets. Therefore it is important that it is properly protected.
Many people are not aware that if their vehicle is written off as a total loss through an accident, fire, theft or natural disaster, most insurance companies will only pay the current market value and not the value of the vehicle when it was purchased.
For example, if a vehicle costing £10,000 was written off after a year most insurance companies would only pay the current market value which might be £8,000. This means that if you wanted to replace the vehicle you would have to find the additional £2,000 or if you had taken out a finance agreement to purchase the car you would still owe the finance company the £2,000 difference.
In both cases you would be out of pocket.
Blackshaws recognize this risk and can provide customers with the right kind of insurance to avoid such circumstances. It is called GAP Insurance and we offer two different types of cover.
Retail Price Protection GAP – this insurance would return you to the original position you were in when you first purchased your vehicle and it can be taken out for a maximum of 36 months. Retail Price Protection GAP is designed to pay you the difference between the amount paid by your motor insurer in the event of a total loss payment and the amount of your original invoice.
For full terms and conditions of Retail Price Protection GAP please click here
Financial Shortfall GAP – this alternative product is designed to protect you during the term of your finance agreement up to a maximum of 60 months. Financial Shortfall GAP is designed to pay the difference between the amount paid by your motor insurer in the event of a total loss payment and the amount you still owe on your finance agreement.
For full terms and conditions of Financial Shortfall GAP please click here
Both types of cover will pay up to maximum of £10,000.
If you would like to find out more about GAP Insurance please contact one of our Sales Executives who can discuss your needs in more detail, advise you on the right kind of policy and explain all the terms and conditions that apply.
Blackshaws is an Appointed Representative of ITC Compliance Ltd who are Authorised and Regulated by the FCA.