What does it cover?
Vehicles quickly decrease in value, as you will know if you’ve ever bought a second-hand car or tried to sell your own. Guaranteed Asset Protection (GAP Insurance) is designed to cover the gap between what a vehicle is worth at the time of the claim and the amount you bought it for.
Do I need it?
When you claim on GAP insurance, your provider would still pay out the amount you originally paid for your vehicle rather than simply the current value. Our brokers can help you decide if this is right for you.
Focus on: written-off sports car
If your top-of-the-line sports car is written off a couple of years after you bought it, you could find yourself with a huge shortfall between the amount you spent on it and the amount you get back from your insurer. The right policy means you won’t be left out of pocket.