In response to this, the team have announced some clarity on the different policies available
(PRWEB UK) 8 August 2012
GAP insurance serves to cover the difference between a car’s original price and its current market value should it be written off in an accident. With this figure depreciating so quickly, understandably the team at GAP Insurance have experienced more interest in this particular service through their comparison site. However, many users are still unaware of the different categories available within this option, and a certain level of confusion has followed. In response to this, the team have announced some clarity on the different policies available. One member of the team shares their thoughts on the matter:
“For those without much knowledge in the industry, GAP insurance can be a confusing concept. It can be difficult to know which policy is the most suitable for your circumstances, so we’ve outlined the four main types.”
- Return To Invoice GAP insurance. (RTI)- This type of cover pays the difference between your car insurance claim settlement amount and the amount you originally paid. This option can only be purchased within the first three months of buying the car.
- Return To Value GAP Insurance- This pays the difference between your car insurance claim settlement amount and the value at the time the agreement was taken out. This can only be used on cars between 3 months and seven years old.
- Finance GAP insurance- Finance GAP cover is available for cars bought using loans or through a finance agreement such as hire purchase, and pays the difference between your claim settlement amount and the cost outstanding on your loan or finance agreement.
- Replacement GAP Insurance. Replacement GAP Insurance covers the cost of replacing your vehicle with the same make and model, thus paying the difference between its original and current worth. The team at Gap Insurance are keen to suggest that their users should also be considering factors such as budget and individual circumstances before making their final decision.
Gap Car Insurance was established with an aim to allow customers to browse gap car insurance prices quickly and efficiently. The trusted and approved agency offers instant quotes, directly to the customer, from hundreds of companies across the country.