GAP

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Whether new or used, purchasing a vehicle is a substantial investment. Unfortunately vehicles depreciate quickly in value and should you suffer a total loss with your new vehicle, such as a write off or theft, your motor insurer will indemnify you for the market value at the time of the claim*.

This leaves you with a shortfall which can run in to the thousands, making it difficult for you to purchase a new vehicle or potentially leaving you to pay finance payments for a vehicle you no longer own. GAP insurance protects the difference between your insurance settlement and the purchase price or your outstanding finance balance, allowing you to purchase a new vehicle again or to settle any remaining payments.

Key Points

  • New and used vehicles
  • Up to £25,000 benefit
  • Single vehicles or fleet
  • 12, 24, 36 month policies
  • Vehicles valued up to £80,000

This relatively inexpensive product is traditionally purchased through garages at the point of sale however at Firth & Scott we can advise you on the best type of GAP policy based upon your vehicle’s value and how you have paid for it, generally all for a lower cost than via your garage.

*The exception to this is if your vehicle has been registered in the last 12 months your insurers will replace your vehicle as new. We therefore recommend a GAP policy for a period of at least 24 months.