Driving School Gap Insurance
What is driving school gap insurance, what does it do and why should you consider it?
As a driving school, the whole purpose of your vehicle is to be on the road and making you money. In fact, your car is an essential tool of your trade, therefore even more valuable to you. That said, because of the high mileage that you are likely to do, your vehicle will depreciate a lot quicker than the standard family car.
Have you thought of the implications is your vehicle was written off and how it could affect you?
How Driving School Gap Insurance can help.
- You have just bought a nearly new Volkswagen polo to use as a driving school and paid £10250.
- You part exchange your old car and finance the balance of £8800.
- Two years later your Polo which now has nearly 90,000 miles on the clock is written off.
Your own insurance company are likely to pay the value of the vehicle at the point of total loss.
- Your motor insurance company offer you the market valuation for the polo, which is estimated to be in the region of £3150.
- Your finance company while being sympathetic send you a settlement letter of £5285.
This means that you now have.
- No car to use.
- No deposit for another car.
- Still owe the finance company £2135.
Driving School Gap Insurance from GapInsurance123 can help you protect yourself against this situation
- Driving School Gap Insurance - Finance gap insurance would simply pay the difference between your Polo's valuation and the amount outstanding on finance.
- Driving School Gap Insurance - Combination Return to Invoice would pay the difference between your Polo's valuation and the difference between either the amount outstanding on finance or the original invoice you paid, whichever was the higher.
- Driving School Gap Insurance - Vehicle Replacement would pay the difference between your Polo's valuation and either the amount outstanding on finance or the replacement cost of a like for like Polo the same age, mileage and condition as yours was on the day you bought it, even if the price has gone up.