How do you know if you are comparing Gap Insurance correctly?

Compare Gap Insurance

When your dealership offers you gap insurance it can seem like a good idea. If something goes wrong then you are protected. So like most of us today when you want more information on a particular subject you search Google.

Millions of different search search results.

So how do you know that you are actually comparing the levels of gap insurance on a like for like basis.

After all each supplier can call their levels of gap insurance something completely different.

For example we current offer a form of gap insurance which is designed to protect vehicle owners who have owned their vehicle for over 180 days or have bought thier vehicle privately. As you all ready know we have access to policies underwritten by two difference insurance companies and they both call their level of this protection something completely different.

We also know of one manufactuer who calls thier level of return to invoice gap insurance VRI.

So when you are shopping on line for your gap insurance how do you know that you are really comparing the same levels of cover.

There is only one answer and this involves ignoring what ever the level of cover is called and instead concentrating on what the policy covers.

So na matter what the policy is called is all it will do when your vehicle is written off is simply clear the difference between your vehicles valuation and the outstanding finance it is a form of finance gap insurance.

If your policy pays the difference between your vehicles valuation and the original invoice price your paid then it is a form of return to invoice gap insurance.

If your policy pays the difference between your vehicles valuation and the amount your need to spend to buy another vehicle the same age mileage and condition as your was on the day that you drove it home from the dealership then it is form of vehicle replacement insurance.

So please please no matter what the policy is called from Back to Invoice , VRI, RTI, RTI+ , Shortfall, GAP, Asset Protection to Gap Guard ignore the name and concentrate of the gap insurance policy features.

 

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