If you’re in need of Gap Insurance, contact us now on 01943 581 449 before you order your new vehicle or contact us through our website.
What is Gap Insurance?
If your vehicle is written off as a result of an accident, your insurance payout is based on the market value of the vehicle at the time of the accident. If you bought your vehicle on finance, that could mean you still owe more to the finance company than you receive from your insurer, leaving you with a hefty shortfall. Gap insurance meets that shortfall you, and is a very affordable cover.
How Does Gap Insurance Work?
The following is a sample scenario you might see in a Gap Insurance claim, if the vehicle was written off before the finance on it is settled:
- Motor insurance settlement following write off: £6,000
- Early settlement figure from finance company £7,200
- Shortfall £1,200
- Gap Cover would pay the shortfall of £1,200
Why buy Gap Insurance with JM Glendinning?
We’re an experienced insurance broker, established in 1972. You have more choice than ever where to buy your insurance nowadays, but we regularly find Gap Insurance for customers that saves them money compared with the cover offered by their car dealer, so we recommend you speak to us before you buy elsewhere.