Car Detailing Guide

How Does Gap Insurance Help Beat New Car Depreciation

Important Secrets To Learn In Order to Protect Your Pocket and Your Vehicle.

Don’t Wait Until It’s Too Late.

• Learn how GAP Insurance prevents a total loss becoming a total disaster.
• Find out how GAP Insurance stops depreciation from burning a hole in your pocket.
• Find out how you can save in the long run by purchasing GAP insurance today.

What is GAP Insurance?

If you are leasing a car, paid for your car using a bank or finance-house loan or simply paid cash, GAP insurance will protect you against depreciation should your motor insurer declare your car to be a total loss through theft or accident. How it does this will be explained to you in this article.

First, it’s really important to understand that when your motor insurer declares your car to be a “total loss” through theft, vandalism or accident, they will typically pay you only the value of your car on the date of loss – not what you paid for it, what it was worth when you purchased GAP or the amount you owe to the finance company to clear your loan.

How Does GAP Insurance Work?

Let’s assume your car is stolen or you’ve had an unfortunate accident and your car is damaged beyond repair, causing you to need to make an insurance claim. In this instance your motor insurer will declare the car to be a “total loss” otherwise known as a “write-off”.

Remember, the settlement they pay will be based on the value of your car at the time of loss – not what it was originally worth!

Here is where Gap insurance can help. GAP Insurance pays the difference between the motor insurer’s settlement and, depending on the level of GAP Policy selected, the value of your car when you purchased the GAP policy. The most popular form of GAP insurance is called Return to Invoice Gap. This will pay the difference between your motor insurer’s settlement and the price you originally paid. For more details on RTI, VRI, contract hire gap insurance and other types of GAP Insurance Polices see below

Why buy GAP Insurance?

GAP insurance could save you save thousands. If your car is written off by your motor insurer through accident, GAP Insurance is there to help you financially with your dilemma. If you go shopping, out to a restaurant, or if you walk outside your house to find that your car has been stolen – GAP insurance will be there to save the day too!

Many people are unaware of the fact that their car depreciates by about 20 percent as soon as they drive it off the forecourt and that it will continue to depreciate considerably year on year. Cars can depreciate by up to 77%!

Glass’s Guide
You can pretty much guarantee that your motor insurer will use Glass’s valuation service – the industry’s leading valuation guide – for independent valuations.

GAP companies will also refer to this valuation service to establish an accurate value of your car at the start of the policy and at the point of total loss.

By using this independent service, the GAP Company will ensure the benefit due to you is fairly and impartially calculated.

In the case of Return to Invoice, they will always check that the invoice price shown does not exceed the retail value quoted by Glass’s Guide. If it does, they won’t refuse your claim, instead they will simply apply the retail value in place of the invoice price.

There are several types of Gap insurance product.

RTV [return to value] Gap
If your car is stolen or damaged beyond repair, Return to Value will pay to you the difference between the settlement you receive from the comprehensive motor insurance policy and the value of your car when you buy the policy.

Example:
Value of your car £ 14,500.
Value of your car at Total Loss £ 9,400.
You’re out of pocket by £5,100 – the difference between the value of your car when you buy the Return to Value policy and the amount you receive from your motor insurer.
Your RTV Gap policy pays £5,100!

That’s right; you’ll receive a cheque for £5,100! Depreciation on the car. Think of it as an incredibly valuable top-up to your Motor Insurance.

RTV Gap Insurance is Suitable for Most Car Owners.

• RTV gap insurance can be taken out up to 7 years after buying your car.
• Is available if you’ve owned your car for more than 3 months.
• Can be bought for both private or dealer/broker sourced cars.
• Is available if you paid cash or took out any kind of loan.
• Is also available if you have a contract hire or leasing agreement.
• The value of the car can be up to £50,000.
• Available for cars under 7 years old and 80,000 miles.

Significant Features and Benefits.

• RTV gap insurance provides cover against financial loss in the event of your motor insurer declaring your vehicle an insurance write-off.
• Depreciation is refunded.
• It can pay you up to a maximum of £25,000.
• No maximum mileage limit from the date of purchase.
• Cover available for up to 4 years.
• Money back guarantee. Whatever the reason, you can cancel your policy within the first 14 days and receive a refund of your premium in full. The more professional companies increase this to 21 days.
• The comprehensive motor insurance covering the vehicle does not have to be in your name.
• Your total loss is covered when it occurs within Great Britain, Northern Ireland, the Isle of Man, the Channel Islands, member countries of the European community and any other country for which an international motor insurance card (green card) in respect of the vehicle is effective at the date of loss.

Return to Invoice GAP.

If your car is stolen or damaged beyond repair, Return to Invoice Gap Insurance (RTI) pays the difference between your motor insurer’s settlement and your motor dealer’s invoice price.

EXAMPLE:
Amount Paid for Car (Invoice Price) £ 16,000.
Value of your car at Total Loss £ 10,000.
RTI Gap Insurance policy will pay £6,000.
The Depreciation!

When Return to Invoice Gap Insurance Is Suitable.

• For new and used vehicles.
• Vehicles purchased privately or through a trade entity.
• Used for private or business purposes.
• Cars purchased using cash.
• Vehicles purchased using finance (including but not limited to motor loan, pcp and personal bank loan).
• Contract hire, or any type of leased car.
• Cars less than 7 years old and 80,000 miles at the start of the policy.
• The purchase price can be up to £50,000.

Important Features of This Type of Policy of RTI Gap insurance.

• Provides cover against financial loss in the event of your motor insurer declaring your vehicle an insurance write-off.
• Refunds depreciation.
• Can pay you up to a maximum of £25,000.
• There is no maximum mileage limit from the date of purchase.
• Cover available for up to four years.
• Cover can be purchased up to 90 days after taking ownership of the vehicle.
• Money back guarantee. You can cancel and get a full refund if you do so within the first 14 days. The more professional companies increase this to 21 days.
• Transfer Cover Free for 90 days. Maybe your car doesn’t arrive on schedule, or it needs to be recalled due to a mechanical issue. Choose a company which will transfer the cover to the replacement for free.
• The Comprehensive Motor Insurance covering the vehicle does not have to be in your name.
• Your Total Loss is covered when it occurs within Great Britain, Northern Ireland, the Isle of Man, the Channel Islands, member countries of the European Community and any other country for which an international motor insurance card (“Green Card”) in respect of the Vehicle is effective at the Date of Loss.

Vehicle Replacement GAP
If your car’s stolen or damaged beyond repair, VRI will pay to you the difference between the settlement you receive from the Comprehensive Motor Insurance Policy and the cost of a replacement new vehicle, even if the retail price has increased!

EXAMPLE:
Amount Paid for Car (Invoice Price) £ 14,500.
Value of your car at Total Loss £ 9,400.
Cost of replacement new car £ 16,500.

The difference between the cost of a replacement car and the amount your insurer will pay out puts you out of pocket to the tune of £6,800…VRI Gap benefit £6,800! That’s the depreciation and inflation!

Depreciation on the car is paid all the way back to the cost of a brand new replacement car, even if the price has increased.

When is VRI a good choice.

• For new, ex-demonstration and pre-registered cars up to three months old used for private or business purposes.
• Cash-bought vehicles.
• Cars purchased using finance (including but not limited to motor loan, pcp and personal bank loans).
• Covers vehicles bought for up to £50,000.

Important Features of This Type of Policy.

• VRI provides cover against financial loss in the event of your motor insurer declaring your vehicle an insurance write-off.
• It refunds depreciation and inflation.
• Can pay you up to a maximum of £25,000.
• There is no maximum mileage limit from the date of purchase.
• Three years of cover available.
• Cover can be purchased up to 90 days after taking ownership of the vehicle.
• Money back guarantee. You can cancel and get a full refund if you do so within the first 14 days. Some of the bigger insurance companies will increase this to twenty-one days.
• Transfer Cover Free for 90 days. Sometimes the car you ordered doesn’t arrive, or the dealer needs to replace it for mechanical reasons. Go with a company which will transfer the cover to your replacement car at no extra cost.
• The comprehensive motor insurance covering the vehicle does not have to be in your name.
• Your total loss is covered when it occurs within Great Britain, Northern Ireland, the Isle of Man, the Channel Islands, member countries of the European community and any other country for which an international motor insurance card (green card) in respect of the vehicle is effective at the date of loss.

Three Compelling Reasons to Buy GAP Insurance.
Cars can depreciate by up to 77% over a three year period, therefore if you have a loan have you considered how you will settle it?

Even if your insurance payout covers your loan settlement, where does the deposit come from for your next car? – you don’t have a part exchange!

If you bought your car cash, how will you account for the difference between what you paid and what you insurance company will pay you if your car is a “write-off”? Will you have to dip into savings to replace the car on a like-for-like basis?

Where is the best place to buy GAP Insurance?
Online companies will almost always offer the most competitively-priced Gap insurance policies. You should avoid buying from “IT” companies if possible. Often these companies may be lacking in insurance experience and expertise meaning they could be even be selling irresponsibly. If you have a claim, they will not be your point of contact.

Likewise, it may sometimes be best to avoid brokers. These companies have only been set up to sell other companies products. You’ll usually find they have a whole range of insurance policies, again their product knowledge may be poor – ask the question if you’re not sure.

The discerning buyer goes direct to the insurer, if you can find a provider on-line who is effectively the insurer too – that’s the one that offers you the greatest level of comfort in terms of product knowledge, experience and expertise.

If you’re unsure of where to start, try the market leader Click4Gap. They have been around for a long time and offer a comprehensive selection of GAP products… nothing else, just GAP. They take responsibility for policy terms and settlement of claims.

GAP is a very simple product, being one of the few insurance products that does what it says, it: “pays the GAP between your motor insurer’s settlement and the value of your car at the start of the policy”.

When choosing where to buy your policy, ensure the provider is FSA registered. Check that the provider isn’t a broker or IT entrepreneur, that the Insurer is a specialist in motor related insurance. For example, Red Sands Insurance specialise in GAP, Warranty, MOT Insurance, etc. By using a reputable company who know their sector well you can be sure to have your questions answered if you need help when making a claim.

Look out for empty claims.
Statements like “we cover you even if your keys are stolen with the car” are inaccurate and misleading. Really?! Let’s look closely at this one…

The terms of all GAP insurance policies will require the vehicle to be classed as a total loss, and settlement paid by the motor insurer.

A typical clause of motor insurance is that a total loss will not be covered where the keys are “left” with the vehicle.

Therefore, how does the GAP provider settle a claim where the motor insurer has rejected the total loss? The answer is they won’t. Theft of a car when they have been left inside the vehicle will not be covered by your motor insurance company, regardless of whether or not it is specifically excluded in the terms of your Gap cover. It’s that simple.

If you’re unsure of the GAP provider, just ask them about this one and see if you get an educated answer or a sales pitch.

When would be the best time to purchase gap insurance?
It’s better to be safe than sorry - buy GAP Insurance as soon as you buy your car. RTI Gap insurance and VRI, however, can be purchased up to ninety days after your car has been delivered. RTV Gap Insurance can be purchased any time for cars up to 7 years old~You can buy RTV Gap any time up until the car is seven years old}.

Just like any insurance we purchase in life – we purchase insurance to protect ourselves in case tragedy strikes, so we are not left out in the cold. Although we all hope never to have to use it, if we didn’t have it when disaster struck that would really be a nightmare. For this reason you should buy Gap insurance as soon as you can. Do not wait until tragedy strikes out of the blue. Be safe don’t be sorry.

Remember that different GAP insurance companies may have different terms to abide by so it would be a good idea to check and see what their terms and conditions are before commiting to purchasing a policy.

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