Many cars suffer great depreciation from the day they leave the forecourt, GAP insurance is a great idea to ensure that you are not left financially short in the event that your car is victim to theft or an accident
(PRWEB UK) 31 July 2012
Cost, the online comparison website, is well known for sourcing its customers with the best deals across all insurance, monetary, travel and utility products. The team of comparison experts are constantly striving to help their customers, which is why Cost produces a variety of information by way of guides and tip sheets. The latest advice is an insight into Guaranteed Asset Protection (GAP) insurance looking at why the policy type should be a consideration for many drivers today.
Cost’s insurance guru shares his thoughts on the subject:
“GAP car insurance covers the difference between the initial price of your car and the insurance payout. As many cars suffer great depreciation from the day they leave the forecourt, GAP insurance is a great idea to ensure that you are not left financially short in the event that your car is victim to theft or an accident.”
Why you should be considering GAP car insurance:
- Many modern cars can depreciate by 50% or more in the first couple of years of ownership. As comprehensive car insurance will only cover you for the value of your car at the time of it being stolen or written off, you may find that you lose a large percentage of the retail price when you make a claim.
- Nowadays the current economic climate heavily impacts upon the market value of cars. With current fuel prices, smaller-engine and diesel cars are good at retaining market value.
Therefore GAP insurance is especially useful for those with larger engine cars that are less fuel-efficient.
- You have bought a car on finance or with a personal loan- especially if the loan-to-value is high. GAP insurance can help you from entering into ‘negative equity’ (when the level of debt exceeds the original value). GAP will cover you from being left with a large shortfall should your car be stolen or involved in an accident.
Cost also provides its users with relevant up-to-date news and developments in the insurance, finance, travel and utility industry.
Based in Essex, Cost is one of the UK’s leading price comparison sites. Allowing their online customers access to companies offering a range of insurance, financial and travel services, the firm specialise in providing a personal experience. Founded in 2012, the agency has a trusted reputation for sourcing the most ideal policies at affordable prices.