What is Gap Insurance and what could it do for you?
Money does not grow on trees and we all work too long and too hard for someone to tell us how to spend our money. So why should you consider spending even more money buying gap insurance?
Did you know that if your vehicle is written off, your motor insurance company is only ever legally obliged to offer you the value of your vehicle on that day? Any settlement you receive could be considerably less than you paid. So, this could leave you with substantially out-of-pocket expenses, or even worse, mean that you are left to pay for a vehicle you can no longer use. You could use your savings, or you could take on additional debt. But why?
Gap Insurance can help protect you financially, ensuring you are not left out of pocket. It depends upon the level of cover you choose. It could clear any outstanding finance, top you back up to the invoice price you paid, or even pay for a replacement vehicle at the exact cost of yours on the 1st day you drove it home.