GAP Insurance designed to make up the shortfall

Cover that protects the full value of your car

Do you need GAP Insurance?

Why it’s important

When it comes to new cars, or even used cars under a certain age, it’s no secret that they can quickly lose value. Due to these heightened levels of depreciation, if your car is stolen or written off, you could get a nasty surprise upon receiving your insurance settlement figure. The purpose of GAP Insurance is to cover the difference between your insurance settlement and the amount you paid for the car.

Want a little more detail?

Here’s how it works

If you bought your car for £30,000 and took out GAP Insurance the same day, no matter how much your car is valued weeks, months or years later, your policy will cover the difference between the market value of your car when you make a claim and the amount you paid for it. This means that if your car is written off two years later and its market value is £20,000, your Car Insurance would pay the £20,000 and your GAP Insurance would cover the remaining £10,000. Without the GAP Insurance in place, you would be left £10,000 out of pocket.

Ready to find out more?

Let’s talk

This cover is suitable even if you bought your car on finance and flexible payment options are available for the policy itself, just get in touch with the team at Tricketts Insurance Brokers to find out more on 01706 212231 or complete the contact form below.