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Buying a new car? Protect against financial shortfall
Written by 8 July 2020
If you’re buying a new car this summer, protect yourself against financial shortfall with Guaranteed Asset Protection insurance.
What is Guaranteed Asset Protection (GAP) insurance?
It's well known that from the moment you drive your new car off the garage forecourt, it will start to lose value. Should you be unfortunate to have your car stolen or written off in an accident, the insurer will only settle the claim on the basis of the vehicle’s 'market value'.
This means that there's likely to be a shortfall between what you paid for the car (or, what you may have left to pay on any finance deal) and what you receive from the insurer. GAP insurance covers this difference.
Often GAP insurance is ignored on the assumption that the cost outweighs any perceived benefit. However, unlike a lot of showrooms and garages, we don’t overload the premium with high commission earnings, enabling us to provide this valuable insurance at an affordable price.
Here are some examples:
Our GAP price when car is purchased by cash payment
Our GAP price when car is purchased by Finance/Credit
All prices above include Insurance Premium Tax (IPT) and are indicative only. There are different options available depending on how you purchase your car.
We partner with the British Insurance Broker Association’s choice of provider to offer this solution, which is underwritten by Lloyds of London.
We can also help you with cover for your car, and last year 55% of all the car insurance quotes we issued were accepted. So if you’re buying a new car or your current motor insurance is due for renewal, find out what we can do for you.
Our comprehensive car policy provides the following benefits as standard:
- Interest-free Direct Debit facility
- Courtesy car for the duration of repairs following an accident.
- Legal Expenses
Call our team today for your quote 0800 980 2701
Categories: Employee Benefits & Healthcare
I have over 15 years' experience in the insurance industry, joining Sutton Winson in 2005. I am a client manager who looks after private clients' business as well as our key Employee Benefit accounts. I hold the Chartered Insurance Institute Certificate (Cert CII) and a BA (Hons) in Marketing from the University of Derbyshire.
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