GAP Insurance
GAP Insurance

What is GAP insurance?

GAP stands for Guaranteed Asset Protection and is a specialist insurance, one that covers the difference between the pay-out a car insurance company will make in the event of a car being written off and the full value of your car when originally purchased.

GAP insurance is most often associated with brand new vehicles; however, it is possible to take it out on cars up to 10 years old.

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Why Take out GAP Insurance?

GAP insurance is available because cars can depreciate quickly. This means within a relatively short period of time you can find yourself with a car that is worth considerably less than you originally paid for it.

The consequence of this is that if your car is involved in a crash, fire, flood or theft and is written off, it is possible to owe more on the remaining finance than your car insurance will pay out.

This can leave you in a position where you are paying for a car you can no longer use. Or, if you’ve paid outright for your car, then you could find that the amount the car insurance will cover you for is far less than the cost to replace your vehicle like-for-like.

Understandably, this isn’t a position anyone wants to find themselves in, but this is where GAP insurance can prove priceless.

It ensures that whatever method you’ve used to pay for your vehicle, you can replace it with a vehicle of the same value rather than downgrading or having to find funds from elsewhere.

GAP Insurance
GAP Insurance

Different Types of GAP Insurance

At Stoneacre we offer two different types of GAP insurance:

Financial Shortfall Protection – simply pays the difference between the pay-out from the car insurance company and the remaining balance of finance

Combined Asset Protection – pays the difference between your insurer’s pay-out and either the remaining finance balance or the invoice price of the vehicle; whichever is greater. Our combined asset protection policy has a Defaqto 5 Star rating

Whichever option you choose, with GAP insurance you get the added peace of mind that in the unfortunate event of an incident you won’t be left out of pocket.

Gap Insurance Cost

The cost of GAP insurance is often a lot less than people think and can save you a considerable sum in the event of your car being written off. At Stoneacre we offer flexible payment options, so you can pay in one lump sum or spread the cost over more affordable interest-free monthly payments.

Plus, when you purchase GAP insurance from us you also get a host of other benefits. For example, the event of a claim we cover up to £250 of your car insurance excess, as well as up to £1,000 of value added products purchased at the time you bought your car.

If that wasn’t enough, you also receive a fantastic £300 voucher that can be used towards your next new or used car purchased from any Stoneacre branch. The voucher has no expiry date or name so can be used by anyone at any time.

Get a GAP Insurance quote

At Stoneacre, we have a friendly team dedicated to providing GAP insurance. Our Financially Accredited advisors are all experts in their field so they are on hand to answer any of your queries and find you the best possible deal.

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