Bridging the GAP
Added: 29 January 2019
Guaranteed Asset Protection, more commonly known as GAP insurance, can be the difference in you saving thousands of pounds if your car is ever stolen or written off. But what is it and how does it work?
GAP insurance protects motorists against any depreciation in value of their car if it is stolen or written off within the policy duration, covering the ‘gap’ between its original cost and its current market value. You will be entitled to a replacement to the full value of your original vehicle.
Not only that, a GAP package with Chapelhouse will also put up to £250 towards your Motor Insurance Excess and cover up to £1500 worth of dealer fitted manufacturer approved accessories, provided they are detailed on the original vehicle supply invoice.
It is a great way to ease any worries over losing out financially due to the actions of other careless motorists, mindless vandalism or theft.
Insurers would ordinarily only pay out on the current market value of your car at the time of any accident or theft.
Without the GAP in place, you may find yourself facing ongoing finance payments to the tune of the original model, while being given a replacement that doesn’t quite fit the bill.
GAP isn’t exclusive to new cars. It can also be taken on used vehicles, though they won’t drop in value as quickly as a brand new one.
You must have fully comprehensive motor insurance cover on the full vehicle term to be able to have GAP cover. It is worth noting, however, that GAP insurance isn’t a necessity for your new car unlike your standard motor insurance.
Drop by or call one of our Chapelhouse dealerships for more information on GAP insurance tailored to your vehicle and finance package. Our friendly and knowledgeable Sales Executives are very happy to help.