If your vehicle is determined written off or stolen before your finance is finished, the money your car insurance give you, may not be enough to repay the amount left on your finance agreement. Guaranteed Asset Protection or GAP, is designed to cover that gap.
On average, 60% of new cars lose their value in the first 3 years. With this depreciation, it is unlikely that the pay-out you get from the insurer, will be as much as you paid for the car.
You may be at the risk of this if:
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