If you’ve bought a vehicle using a finance agreement the amount that you still owe following the write off or theft of your vehicle could be more than the amount you get from your comprehensive insurance company, leaving you with money to pay for a car you no longer own. Vehicle Finance GAP Insurance pays the difference between your insurance settlement and your outstanding finance.
When you take out a finance agreement on a car, the interest and costs are normally added to the total amount you have to pay up-front. What’s more, the vehicle that you buy is likely to depreciate more quickly than the balance on your finance agreement, leaving you potentially owing more to the finance company if your vehicle is stolen or written off than you will get back from your comprehensive vehicle insurance policy. You can avoid the financial headache of continuing to pay finance on a vehicle you no longer own with a Finance GAP Insurance policy from InsuretheGap.com
Cost of vehicle £25,000
Insurance Pays £15,000
GAP Pays £10,000