Finance Gap Insurance
"Finance Gap Insurance is the oldest and some say still the best form of Gap Insurance"
Finance Gap Insurance pays the difference between your vehicles valuation and the outstanding finance/rentals.
What is Finance Gap insurance
Finance Gap Insurance is the oldest and some say the best form of gap insurance. It is also probably the most flexible gap insurance as it can cover a whole range of vehicles for up to 5 years. Policy prices are also on average less than a fraction of the cost.In fact up to 85% less than main dealership prices.
So if you want information on how finance gap can help you help is at hand.
What is Negative Equity
Negative equity is a term that most of us old enough to remember will normally only associate with the housing market. That said it unfortunately a live and well in the car and commercial vehicle markets.
Negative equity simply means that you owe more than your vehicle is currently worth.
Negative Equity is a situation that no-one would ever knowingly want to be in however more and more of us find ourselves in negative equity through no fault of our own.
What does written off mean?
If you are reading this you will most likely have just been offered gap insurance by the your local dealership, the whole idea being if your vehicle is written off you are protected.
But what does written off mean?
Please let me explain. An estimated 600,000 vehicles are written off in the UK each year but not everyone knows what it means and how it is decided if your vehicle is written off or repaired.
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Why Should you Consider Finance Gap insurance?
Even if you are the very best driver in the UKaccidents happen. Sometimes through no fault of yours your vehicle can be written off.
Did you know that an estimated 600,000 vehicle are written off in the UK each year. So what happens if you join the ranks? What happens to you? How would this affect you and your finances? What to look when you buy gap insurance?
Finance gap insurance is just like any other insurance. There will be terms and conditions so you will need to read the policy before you buy. There are however a few important points to look for. Check if you are charged an excess! Check if you policy covers the non transferable warranties? Even if the policy is underwritten by the same insurance company each supplier will have their own terms and conditions. Everyone Changes their Mind!
If you have bought any form of gap insurance from any where ( on-line or main dealership ) you will have the right to cancel. If you do this within 14 days and providing that you have not tried to make a claim you within your rights to ask for a full refund. No quibble no drama. After all we are all human and all change our minds from time to time.