Used Car Gap Insurance is Easy with GapInsurance123
What is used car gap insurance and why do your need it?
Whether you buy a new car or a used car the chances are, it will have cost you a lot of money, whether you were lucky enough to pay for it in cash or with savings or even a form of finance, it will be the second biggest purchase you make after your home.
Let's look at an example
Let's say you have just bought a one-year-old Ford Mondeo Estate 1.6 120 Edge 5dr. The new cost was just over £19,000 and as a one year old car you drove a hard bargain and paid just £10,250.
Three years later, unfortunately your Mondeo skids on black ice. It performs fantastically to protect you and your passengers, but unfortunately sustains damage and subsequently is declared a total loss.
Your insurance offers you the market value for your Mondeo, let's again use an approximate figure of £5,799 as an example.
That means that you have now lost £4,471.
Gap Insurance could have protected you against this.
- Finance - used car gap insurance would have paid the difference between your Mondeo valuation and the outstanding finance
- Return to invoice - Used car gap insurance would have paid the difference between your Mondeos valuation and the invoice price you paid. You would have been sent a second cheque for £4,471.
- Vehicle replacement used car gap insurance would have paid the difference between your Mondeo valuation and either the amount still outstanding on finance or the replacement cost of another Mondeo the same age, mileage, and specification as yours was on the day you bought it.
After all, whether your used car was stolen or you were involved in an accident the prospect of driving exactly the same car again might not be something to look forward to. We think that it is your money and that it should be your choice as to what you do with it.
Not all Used Car Gap insurance is the same
All of our bespoke used car gap insurance policies offer feature-packed cover, tailor made to offer not only guaranteed market leading prices but also complete peace of mind. Why not click or call on either 0151 647 7556 / 0800 195 4926 for an instant quotation or to explore your new car gap insurance options.