What is Gap Insurance?
If your vehicle is stolen or written off after an accident it is likely your motor insurer will only pay the current market value of your vehicle.
Unfortunately, this amount could be less than what you still owe to your finance company and will be less than what you originally paid for your vehicle.
Gap insurance pays the difference from the insurance payout so you are not left out of pocket.
Isca Barum Insurance Brokers provides a range of Gap insurance covers that can cover brand new vehicles for up to five years, including:
- Purchase Price Protection Gap Insurance – In the event of a write-off, this returns you to the original invoice price for up to three years from the purchase date of your vehicle.
- Finance/Lease Gap Insurance – Clears your outstanding finance/lease charges in the event your leased vehicle is a write-off.
For example: You purchased a vehicle for £25,000 and it is written off after 18 months. Your motor insurers pay you £20,000. To replace your vehicle for a new one you need to find £5,000. Purchase Price Protection Gap cover could pay you the missing £5,000.
Cover is available for cars, light vans, motorcycles, motor-homes, and even commercial vehicles.
Additionally, we can also provide Top-Up Gap Insurance for brand new or previously owned vehicles (10 years maximum vehicle age) which will pay you an additional 25% on top of the total loss valuation provided by your motor insurer up to a maximum of £10,000.
Key features of this cover are:
- No restrictions on the value of your car or how long you have owned it.
- Avoid any disappointment and difficult negotiations with your motor insurer.
- Policy can be transferred if you change your car.
To find out more information and to receive a competitive Gap insurance quote, please contact us on either Exeter 01392 363111 or Barnstaple 01271 320320