Deferring your Gap Insurance start date can prevent you from paying for the same cover twice
Wirral, UK (PRWEB UK) 23 September 2012
New Car buyers in the UK are often faced with the fact that their purchase can leave them with financial vulnerabilities. New vehicles can be expensive, and nearly all will suffer financial depreciation in value over a period of ownership. Standard vehicle insurance will protect the 'market value' of the vehicle if it is lost in an accident, theft or a fire. This value can be thousands of pounds less than the original purchase, leaving consumers out of pocket.
Many new car buyers look to buy Gap Insurance to provide further protection for their vehicle. This form of insurance can cover the depreciation of the vehicle for a period of up to 5 years, in the event the car becomes a total loss during that time. This may be the case if the vehicle is a cash purchase, but even more so if the purchase was through a car loan.
However, with a new car consumers are often covered by their motor insurance for replacement cover in the first year of ownership. This means that Gap Insurance may not be required for the first 12 months, yet it may be useful afterwards. Many Gap Insurance underwriters insist a Gap policy must be placed at the time of vehicle purchase to be valid.
This leaves consumers with a quandary - Purchase Gap Insurance, have it run in conjunction with the motor insurance and face paying twice in the first year or just rely on your vehicle insurance and be left potentially exposed after the 12 months has expired.
The answer, say Gap Insurance experts at GapInsurance123, is to defer the start date of your gap insurance policy, and avoid paying twice for cover, as a spokesperson for the company explained.
"The team at GapInsurance123 understand that many motor insurance policies do offer replacement cover for the first year. Our Return to Invoice and Vehicle Replacement policies must be purchased within 180 days of vehicle purchase so a consumer could not wait a year to take out a policy.
However, we do allow consumers to buy such policies and defer the start date for up to 12 months. This facility to 'defer' cover is not available from all Gap Insurance brokers, however we feel it is essential to provide the best value and choices to our customers."
As the 'deferred' feature is a relatively new option for Gap Insurance, the experts at GapInsurance123 have produced a guide on deferred Gap Insurance, featuring a series of frequently asked questions from their customers, as the spokesperson continued.
"The guide featured not just general questions about the deferred options, but how to complete a the process online and how you can bring forward the start date should your motor insurer withdraw the replacement cover.
We do listen to our customers feedback and try to produce as much information on our website as possible. Of course if anyone reads the guide and feels we have missed something, please call the team and let us know.
We hope the guide will help save GapInsurance123 customers their hard earned money, whilst still providing the financial protection they seek."
GapInsurance123 is one of the leading suppliers of Gap Insurance products to the UK public. The brand was highlighted in Which Magazine as providing the lowest premium prices for Gap in the UK in 2012.