Shortfall Gap Insurance for your Range Rover

What level of cover can Shortfall Insurance provide for your Range Rover?

Gap Insurance is like any other insurance and is a form of financial protection that looks to protect you and your vehicle from the effects of market value depreciation. There are three forms of Gap Insurance for you to choose from, all of which have different capabilities and ways of protecting each and every circumstance.

The three forms of Gap Insurance are as follows; Finance and Contract Hire Gap Insurance, Return to Invoice Gap Insurance, and Vehicle Replacement Gap Insurance.

Finance and Contract Hire Gap Insurance will cover the financial shortfall which is the difference between your motor insurers settlement if your vehicle was written off and the outstanding finance of which you have remaining on your Range Rover model.

Return to Invoice Gap Insurance will cover the difference between your motor insurance settlement and the original invoice price which you paid for your Range Rover model.

Vehicle Replacement Gap Insurance will cover the difference between the amount offered by your motor insurance company and the average cost to replace the vehicle with the same make, model, and specification as your vehicle was on the day of purchase. 

If your vehicle was ever written off, your motor insurance company are only ever legally obliged to offer you the value of your Range Rover on the day it was written off. As the average vehicle is estimated to depreciate up to 50% within a three-year period, this means that if your Range Rover is written off there could be serious financial ramifications.

Without Gap Insurance, if your Range Rover is written off you could be left having to fund a vehicle you no longer have or having to dig deep into any capital you may have.

History of Range Rover

Range Rover is a British luxury SUV marque of Land Rover, which was founded in 1970. The original Land Rover Company was founded by Maurice Wilks in 1948. It is currently owned by India’s largest automobile manufacturing Company, Tata Motor’s.The concept of the Range Rover began in the 1950’s, when the Rover Company aimed to manufacture a up market model of the Land Rover estate.

The first concept was known as the Road Rover, however as a result of limited funding available by the company, the concept was shelved. However in 1966, engineers Spencer King and Gordon Bashford brought the concept back to life again with the aim of designing a luxury Land Rover estate car. Range Rover is now in its fourth generation and is seen as the flagship brand of the Land Rover Company. The first generation was between the years of 1970-1996, the second between 1994-2002, the third between 2002-2012 and the fourth since 2012.

The Company has in the past been criticised for its record on CO2 emissions and was subject to a range of environmental campaigns by Green Peace. However the Company has since designed models with lower CO2 emissions to cater for the ever growing important green vehicle market. Range Rovers are manufactured in Land Rover Solihull plant.