BIBA
GeoTrust
Need Help? Calling from a mobile please call 0151 647 7556
0800 195 4926
Lines Open: Mon-Fri: 9am-6pm Sat: 10am-4pm
Testimonials
Twitter
Facebook

Shortfall Gap Insurance for your SuzukiSuzuki Shortfall Insurance

 

What level of Gap Insurance can Shortfall provide for your Suzuki?

 

Gap Insurance, like many other forms of insurance is a form of financial protection that looks to protect you from the effects of market value depreciation on your Suzuki model. As you may already be aware, there are three forms of Gap Insurance available for you to choose from, all of which have different ways of protecting your finance.

 

Finance and Contract Hire Gap Insurance is the first level of cover for you to choose from and put simply, Finance and Contract Hire Gap Insurance will cover the difference between the market value of your Suzuki on the day it was written off and the outstanding finance you have remaining on the vehicle.

 

Return to Invoice Gap Insurance is the next level of cover for you to choose from and this level of cover will cover the financial shortfall that is, the difference between the market value of your vehicle on the day it was written off and the original invoice price of which you paid for your Suzuki model.

 

Vehicle Replacement Insurance is the last level of cover available for you to choose from and is said to be the most universal of all the levels of cover. Vehicle Replacement Insurance will cover the difference between the market value of your vehicle on the day it was written off or stolen and the average cost to replace the Suzuki model with the same standard of vehicle again, same age, mileage, condition and specifications as yours was on the day that you originally purchased the vehicle.

 

For more on each of the different types of Gap Insurance for Shortfall, click on the tabs on the left to see the different examples of how each policy type can work for you.

Shortfall Vehicle Replacement Gap Insurance for your SuzukiSuzuki Vehicle Replacement Insurance at Shortfall

 

Vehicle Replacement Gap Insurance is said by the majority to be the highest level of Gap Insurance for you to choose from. This is because this level of cover will not only cover any depreciation your Suzuki model may experience, but also any increase in the invoice price of your Suzuki.

 

Vehicle Replacement Insurance will cover the difference between the market value of your vehicle on the day it was written off or stolen and the average cost to replace the suzuki, with the same model, mileage and specification as yours was on the day of purchase.

 

Please see below the step by step example of how Vehicle Replacement Insurance works ...

 

In this example, Steven has recently purchased a Suzuki Swift at a discounted price of £12,000. Three years later, Steven is involved in an accident of which saw his Swift model written off. Several days later, Steven received a settlement figure of £6,000 for the Swift model. The cost of a new Swift model has returned to the standard invoice price of £14,000 without the discount, resulting in Steven being £8,000 short of the replacement cost.

 

However, this is where Vehicle Replacement Insurance comes into play. Steven luckily purchased a form of Vehicle Replacement Insurance from us here at Shortfall and now between the two insurers he is returned to the replacement cost of £14,000. Any outstanding finance remaining on the vehicle is therefore cleared if any, and the full balance, deposit and equity is steven's to do with what he pleases.

Buy a Shortfall Vehicle Replacement Insurance policy for your Suzuki

The example above has been constructed to assist your understanding of Vehicle Replacement Gap Insurance. As you can see, above is the level at which your Suzuki swift model may lose value over the course of ownership, as well as a 5% increase in the invoice price. The example above illustrates the possible shortfall figure you could have between years 1 and 5. So, why not protect yourself and your Suzuki model with a Shortfall Vehicle Replacement Insurance policy.

Shortfall Return to Invoice Gap Insurance for your SuzukiSuzuki Return to Invoice Gap Insurance at Shortfall

 

Why should you buy Shortfall Return to Invoice Gap Insurance for Suzuki?

 

Return to Invoice Gap Insurance is more than likely to have been first introduced to you at your Suzuki dealership, as Return to Invoice Gap Insurance is said to be the most popular form of Gap Insurance due to the level of exposure the cover receives from dealerships across the U.K.

 

Return to Invoice Gap Insurance is simple to understand as it does exactly what it says on the tin. Return to Invoice will cover the finance shortfall that is the difference between the market value of your Suzuki model on the day it was written off or stolen and the original invoice price of which you paid for the Suzuki.

 

If you have read the previous example of Vehicle Replacement Insurance, then you will see a number of similarities and differences between the two policies with the main difference being that on type will go up to the replacement cost and the other is limited to the invoice price of which you paid for the vehicle.

 

If you have purchased your Suzuki through the form of a financial agreement as well as placing a large deposit on the vehicle, then Return to Invoice Gap Insurance will be the most ideal form of Gap Insurance for you to choose. This is because the standard Finance and Contract Hire Gap Insurance will not have the ability to cover any level of deposit you place on the Suzuki model.

 

However, a Return to Invoice policy from us here at Shortfall, will clear any outstanding finance you have remaining on the vehicle and the full deposit, balance and equity remaining on the vehicle is yours to do with what you please.

 

Below is a step by step example of how Return to Invoice Gap Insurance works ...

 

In the following example, we are going to use Steven who has purchased a brand new Suzuki Swift model for the standard price of £14,000. Three years later, Steven is involved in an unfortunate accident which results in the Swift model being written off. Steven is perfectly fine and a number of days later receives a settlement figure of £7,000.

 

This is a fraction of the price Steven paid for his Swift model and leaves him £7,000 short of purchasing a new one or clearing any outstanding finance.

 

However, Steven had a Shortfall Return to Invoice Gap Insurance policy and received the £7,000 difference to return him to the invoice price of the vehicle.

 

Between the two insurers, Steven was returned to the full invoice price of which he paid for the vehicle allowing any outstanding finance to be cleared as well as receiving the full balance, deposit and equity to do with what he pleases.

Buy Shortfall Return to Invoice Gap Insurance for Suzuki Online

The above example has been designed and constructed to aid your knowledge of both depreciation and Return to Invoice Gap Insurance. The level at which your Suzuki model may decrease in value is shown above along with the possible Shortfall or Gap for each year. Therefore, why take the risk when you could protect yourself and your Suzuki with a Return to Invoice Gap Insurance policy.

Shortfall Finance and Contract Hire Gap Insurance for your SuzukiSuzuki Finance Gap Insurance for your Suzuki

 

Finance and Contract Hire Gap Insurance is designed for those who have purchased their Suzuki through the form of a financial agreement and only have the desire to clear any outstanding finance in the unfortunate event of their Suzuki model being written off or stolen.

 

Finance and Contract Hire Gap Insurance will cover the financial Shortfall that is the difference between the market value of your vehicle on the day it was written off or stolen and any outstanding finance you have remaining on your Suzuki model. This will allow you to walk away from the vehicle free of any financial strings or attachments. Without a Finance and Contract Hire Gap Insurance policy, you could be left owing thousands of pounds to your finance company whilst paying for a car you don't even have.

 

Below is a step by step example of how Finance and Contract Hire Gap Insurance can help you and your Suzuki ...

 

Steven has recently purchased a brand new Suzuki Swift for £14,000, like many students his age Steven did not have £14,000 in the bank and instead financed the invoice price over a four year period. Three years later, Steven is involved in an unfortunate accident which resulted in the Suzuki Swift being written off.

 

Several days later, Steven receives a settlement figure of £7,000. However, Steven then receives a seperate settlement of £9,000 from his finance company. Steven without a Finance and Contract Hire Gap Insurance policy would have to fund the shortfall of £2,000 himself.

 

As Steven had a Finance and Contract Hire Gap Insurance policy with us at Shortfall, Steven did not have to find the £2,000 difference and instead walked away from the Suzuki Swift with no strings or attachments.

 

As you may have seen from the above example, Finance and Contract Hire Gap Insurance does not have the ability to cover any level of deposit and if you have purchased your Suzuki model through the form of a financial agreement along with a deposit you wish to protect, then a higher level of cover such as Return to Invoice may be more ideal for yourself.

How much is your Suzuki likely to depreciate by?Shortfall Suzuki Depreciation Figures

 

It is a very unfortunate fact that every vehicle depreciates the minute that you drive it away from the showroom. Motor industry experts actually claim that the average vehicle will depreciate by upto 50% within the first three years of ownership, so it is extremely likely that our Suzuki would have lost half it's value, by it's third birthday. 

 

To help with the understanding of Suzuki depreciation, we have taken recent figures from whatcar.com to demonstrate how four Suzuki models have depreciated over one, two, three and four years. Hopefully this will give you an insight into how much your own Suzuki model is likely to decrease in value, over similar time periods. 

 

Example 1: 

 

Suzuki Swift Hatchback 1.2 SZ2 3dr

 

Purchased for: £10,799

 

Year 1: £7,015

 

Year 2: £5,774

 

Year 3: £4,736

 

Year 4: £4,052

 

In this example, this particular Suzuki model has decreased in value by £6,063 within the first three years and £6,747 within the first four years. 

 

Example 2: 

 

Suzuki Jimny 4x4 1.4 SZ3 3dr

 

Purchased for: £11,995

 

Year 1: £7,125

 

Year 2: £5,850

 

Year 3: £4,826

 

Year 4: £4,100

 

In this example, this particular Suzuki model has decreased in value by £7,169 within the first three years and £7,895 within the first four years. 

 

Example 3: 

 

Suzuki Grand Vitara 4x4 1.6 SZ3 3dr

 

Purchased for: £15,995

 

Year 1: £8,621

 

Year 2: £7,044

 

Year 3: £5,747

 

Year 4: £4,577

 

In this example, this particular Suzuki model has decreased in value by £10,248 within the first three years and £11,418 within the first four years. 

 

Example 4: 

 

Suzuki Alto Hatchback 1.0 SZ 5dr 

 

Purchased for: £7,199

 

Year 1: £4,435

 

Year 2: £3,669

 

Year 3: £2,994

 

Year 4: £2,543

 

In this example, this particular Suzuki model has decreased in value by £4,205 within the first three years and £4,656 within the first four years. 

 

We hope that this highlights the important of Gap Insurance due to how drastically vehicles can depreciate. No matter what model of Suzuki you have, the likelihood is that yours will depreciate by around 50% within the first three years. 

Suzuki Motor Corporation is a Japanese automobile and motorcycle manufacturer, which was founded in 1909.Suzuki History at Shortfall

 

Suzuki is the fourth largest automobile manufacturer in Japan and the ninth largest of such in the world. In 2010, the German automaker Volkswagen acquired a 20% stake in the company and is therefore the largest shareholder of the company.

 

The history of the company dates back to 1909 when Michio Suzuki founded the then Suzuki Loom Works that manufactured weaving looms for Japans booming silk industry. The company would enjoy great success and export its products throughout the world. In 1937 the company decided to diversify into the automobile market, however with only limited success, mostly because of the events of the Second World War.

 

Post 1945, because of demand for affordable transportation was so high in Japan, the company began to research and invests in its automobile sector again. By simply adding a motor to a bicycle, Suzuki would begin to lay the foundations for the modern motorcycle. It would successfully provide cheap transport to the Japanese people. The Japanese government would recognise the company’s success and pay him to research more in the development of motorcycle engineering. Suzuki Motor Corporation was now formed. In 1955 the company introduced its first automobile, the Suzulight, again to great success.

 

The company has three subsidiaries in Canada (1973), India (1981) and Pakistan (1983). Suzuki America was formed in 1985 however it came to an end in 2012.

 

The company currently has a total workforce of 40,500 throughout manufacturing facilities in 23 countries. It currently sells its products in 192 countries.

 

Its successful automobile portfolio consists of the following successful models: Alto, Splash, Swift, Swfit Sport, SX4, Kizashi, Jimny, Grand Vitara 3dr and the Grand Vitara 5dr.

 

Its successful motorcycle portfolio consists of the following successful models: Sportbike, Crusier, Touring, Standrad, Adventure, Dualsport, Supermoto, Motorcross and Off Road.