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The first Gap Insurance product you will be offered will normally always be from your motor dealer. This has always been the traditional route for this type of cover, with a 3 year Return to Invoice style Gap being the product often seen. You can check this cover direct with Gap Insurance broker online, and this may have several advantages for you.
Gap Insurance from your Motor dealer
There are some issues with purchasing a version of Shortfall from your motor dealer. The most obvious of these is the price they charge for the cover, which can be between £300 and £1200, depending on the motor dealer. These prices are usually far higher than you can find elsewhere, so do not despair! The second issue is in terms of choice and flexibility.
A three year Return to Invoice policy may not be the best type of cover for your particular vehicle purchase. For example, you may have a new vehicle with replacement cover for the first year on your motor insurance policy. If this is the case then buying a three year Gap policy will mean you are paying for 'double cover' in the first year. Many online Shortfall suppliers allow you to defer types of Gap Insurance for up to 12 months, therefore negating the 'double cover', which fundamentally could be a waste of money.
Compare Gap Insurance quotes for the best products and value[/caption] Another aspect of concern with motor dealer cover is the type of cover they offer. For example if you get a heavy discount on the purchase of the vehicle then a Return to Invoice policy will only protect this discounted price. This means you may be faced with having to find extra funds if you wish to replace the vehicle.
The answer would be a Vehicle Replacement Insurance policy, which will cover the extra shortfall to the replacement cost of the replacement vehicle. The period of cover is also something that tends to be fixed at three years at motor dealers. If you take a look online then you will find anywhere between 1 and 5 year cover, so it is much easier to buy a shortfall policy more appropriate to your intentions of vehicle ownership..