What is GAP Insurance?
In simple terms, what is GAP Insurance?
- 21 Jan 2021
- Phoebe - Digital Marketing Assistant
GAP Insurance stands for Guaranteed Asset Protection Insurance. It’s there if your car is stolen or written off to cover the gap between what you originally paid for your car and the amount your motor insurer is willing to pay out, based on your car's current market value.
GAP Insurance is ideal if you’re spending a large amount on a car. As soon as you buy the car and drive it away from the dealership, it will start depreciating in value.
For example, if you owned a car for 3 years that you had spent £20,000 on and suddenly had it stolen, your comprehensive car insurance would pay out and average of £9,000*. Leaving a huge gap of £11,000 in your pocket… This is where your GAP Insurance would step in and pick up the shortfall.
It’s easy, quick and great value for money.
Get your GAP Insurance sorted now: https://www.best4gap.com/get-a-quote/
*Based on average depreciation rates and current market value.