According to the Association of British Insurers, over 500,000 vehicles every year are written off. That equates to roughly 57 vehicles per hour – every hour – night and day, almost one every minute! In the event your car is written off (total loss) or stolen, Guaranteed Asset Protection – or GAP – insurance covers the difference between its current value (the amount your insurer will typically pay out) and the amount you paid for it in the first place, including any outstanding finance repayments.
Whether you bought your car new or used, there’s a GAP insurance option to protect you against very real and potentially substantial risks. MotorEasy® offers a range of policies that are sure to meet your needs, no matter what you use your vehicle for on a day-to-day basis.
Why do I need GAP insurance?
Did you know that if you buy a brand-new car, its value drops by a third the moment you drive it off the forecourt, and will fall by 40% in the first year and up to 60% over three years on average, according to the AA? Shocking, we think you’ll agree. If your car is written off or stolen, the insurance policy you have will only cover what it’s worth at the time – likely to be much less than the price you originally purchased it for, especially if it’s a new model.
This means that, when you’re getting a replacement car, there’s a sizeable ‘gap’ between the amount your insurer pays and the amount you paid in the beginning. And we don’t think that’s fair.
When you buy from a specialist GAP insurance provider such as MotorEasy®, you can be confident that you’re not leaving anything to chance and – more importantly – getting the most out of your investment.
What’s covered with MotorEasy®?
Our GAP insurance tops up an insurer’s payout in the event of a write-off or theft, providing the extra funds for you to purchase a replacement vehicle or to settle any outstanding finance.
Other GAP insurance benefits with MotorEasy® include:
- Up to £500 in Motor Insurance excesses covered
- Up to £1,500 in optional extras and accessories covered (where factory or dealer fitted)
- European road trips for up to 30 days covered
- Savings on MotorEasy® maintenance and repairs
- FREE MotorEasy® online customer account
Can I get a quote?
Of course! To get your free GAP insurance quote online today, simply head over to our quote page, where you’ll be asked to fill in certain details about your car, as well as some personal information. You can even use MAYGAP at checkout for an exclusive discount!
Here at MotorEasy®, we are also easily contactable by phone. Simply call us for free on 0800 131 0001 to find out which GAP insurance policy is right for you before buying.
Is there anything else I need to know?
While GAP insurance is a worthwhile product for all motorists, it comes in particularly handy if you find yourself fitting into any of the following categories:
- You risk being in negative equity because you owe more than your car is worth. You might end up owing more than the value of your car if, for example, you’re paying a lot of interest or your finance agreement is set for an extended period (between three and five years).
- You’re on a contract hire deal. If you’ve signed up for a long-term contract hire arrangement and the car you’re renting is written off or stolen, you might end up owing the contract hire company more than your insurance provider is willing to pay out and thus could find yourself faced with a large bill that you shouldn’t have to settle during such a stressful time.
- You wouldn’t be able to afford to replace your car. You may feel that, because of your car’s depreciation in value, a new-for-old basis isn’t enough to cover the cost of finding a new model. As such, taking out GAP insurance would be a very good idea indeed.