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Motorists should investigate Gap insurance, claims provider
04 June 2008
Car owners are being urged to look into the benefits of Guaranteed Asset Protection (Gap) insurance, according to an insurance provider.
Gap insurance covers the difference between a car's original market value and the insurance payout in the case of a write-off or theft and this payment can be used to finance the purchase of a new vehicle.
Andy Bendell, marketing director for Click4Gap.co.uk, said: "Gap insurance is a little-known product. The majority of people are introduced to it when they buy a brand new car from a dealership."
Car dealers are likely to charge a high commission for Gap insurance so motorists should shop around for a better deal, claims Click4Gap.co.uk.
"Gap insurance is for almost anybody, at any point during the car's life or ownership. It's not just for brand new cars – you can buy Gap insurance for any car up to seven years old, locking in the value of the car," said Mr Bendell.
Research by Click4Gap.co.uk revealed that over 500,000 vehicles are written off each year.
