The role of Gap Insurance in 2012

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) January 25, 2012 -- Gap Insurance , or Guaranteed Asset Protection, to give it its grand title, has been offered to millions of owners of new vehicles over the last 20 years. Despite this, many people still have very little idea of this type of insurance, indeed many have never even heard of Gap Insurance.

Why is this? Well generally people are only introduced to it by the motor dealer they buy their vehicle from. This has normally been accompanies by a hefty premium price, at which point many buyers simply switch off.

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The role of Gap Insurance in 2012

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http://easygap.co.uk

But what is Gap Insurance? Well it is a type of insurance that can be used in one circumstance only, if your vehicle is written off by your insurance company. So if your vehicle is in an accident, or is stolen, and your insurers say it is 'beyond economic repair' then they will write the vehicle off. At this point they will offer you the 'market value' of your vehicle as a settlement for the motor insurance policy you have with them.

Here is the problem you will face, they 'market value' they now offer you may well be far less than the original price you paid for the vehicle. You may even owe a finance settlement on the vehicle, and this could be in excess of your insurance settlement. This means you are faced with a bill, and have no vehicle to show for it. After all this, you still have to replace your vehicle with a new one.

This is where Gap Insurance can help. Gap Insurance can cover the difference between the market value given by your insurer and one, some or all of the following:

The outstanding Finance Settlement

The original Invoice Price you paid

The cost of replacing the vehicle with one equivalent to the one you purchased in the first place

So by combining your motor insurance policy and a gap insurance policy, you can pay off your finance, get your invoice price back and buy a new vehicle, sound good?

Like any area of finance and insurance, Gap Insurance is constantly eveolving to suit the ever changing requirements of consumers. One of the biggest problems with Gap Insurance is the cost often charged by motor dealers for the product. A typical 'Return to Invoice' type product for a 3 year period can often be £400-£500 from your motor dealer. However, there can be an alternative to this. Gap Insurance is now available from many independent online insurance brokers these days. A recent report in 'Which Magazine' in February 2012 higlighted the price differencial between dealer and online prices. It looked at half a dozen online broker and compared their prices with those from a dealer.

A VW dealer offered a three year cover for a Golf for £395, and Which found the same policy at GapInsurance123.co.uk for £97. that is quite a saving for the savvy car buyer.

Other aspects that online brokers cover are policies for longer periods, you can get Return to Invoice and Vehicle Replacement policies for 5 years online, higher 'claim limits' on the policies (up to £50,000) and a bigger variety of vehicle cover (cars, motorbikes, motorhomes, vans, taxi's etc).

Gap Insurance is now affordable and more flexible than ever before, and protecting your vehicle against depreciation has never been easier with Gap Insurance in 2012.

More information can be found online at http://easygap.co.uk

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