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What is all the fuss about Shortfall Insurance?
In most cases, you look at insurance as a must even though you dread the payments as ultimately, you’re paying for insurance with the hope of never having to use it. The same applies to Shortfall Insurance. You are taking out Shortfall Insurance, again with the hope of never having to use it. Simple. However we at Aequitas do not like to be associated with the comprehensive insurers. We at Aequitas are different. We are named after the God of Fair trade. Our staff are not paid on rates of commission, but instead on how satisfied are customers are. Shortfall Insurance, which is also known as Gap Insurance, is a must for any driver. Simple. However it is difficult trying to find a simple, understandable explanation of what is Gap Insurance. Gap Insurance is an extra form of insurance which sits on top of your comprehensive insurance.
If your car is written of or stolen, your comprehensive insurer will only pay you what your vehicle was worth at the time it was written off. Did you know that the average car looses up to 50% of its original invoice price within the first three years. Therefore, you will almost certain be left with a financial gap after the comprehensive settlement has been made. Gap Insurance will therefore fill this Gap and bring you back to your original invoice price. The majority of drivers in the UK are simply unaware of how deadly deprecation rates can be. Gap Insurance protects you against this. While dealerships average Shortfall Insurance price is £399, the average online price is around £100. There are a range of reasons for this, which can be found here. There are several types of Shortfall Insurance, all of which can be read by clicking on the following links:
- Return to Invoice
- Vehicle Replacement
- Finance Gap
- Agreed Value