GAP INSURANCE

WHAT IS GAP INSURANCE?

If your vehicle is written off or stolen before you finish your finance, your car insurance may not be enough to repay what you owe AND replace your vehicle. Guaranteed Asset Protection (GAP) is designed to cover this financial gap.

WHY DO YOU NEED IT?

On average, 60% of new cars lose their value in the first 3 years. It is this depreciation that makes it unlikely for a payout from your insurer to be as much as you paid for the car.

If you have existing finance on the car, you risk having to repay more than the amount the car has been valued at by your insurer if:

  • Your deposit for your finance agreement was small
  • You're paying your finance balance off slowly
  • If your financial agreement has a big 'optional final payment

Without Gap insurance you could risk not being able to afford a new car. What's more, you could end up owing money on a car you no longer have.

Call us on 01263 588160 for our Bodham Dealership or 01263 720808 for our Mundesley Dealership