GAP Insurance

We're delighted to announce that we are now offering GAP Insurance.

What is GAP Insurance?

GAP Insurance is an optional insurance that steps in to cover the shortfall in the pay-out from your Motor Insurer in the event that your vehicle is written off.

If, as a result of accident, fire, theft or flood, your Motor Insurance company declare your vehicle to be a Total Loss,  they will pay you the Market Value of the vehicle at the time of the incident.

This Market Value pay-out could be considerably lower, than either the original price your bought your vehicle for, or if you originally bought a brand new vehicle, the cost of replacing the vehicle with a new one at the time of claim or, if your vehicle was the subject of a Contract Hire agreement, it could be lower than the amount you'd need to pay to settle the remaining balance due under the agreement.

GAP Insurance aims to pay the difference between your Motor Insurance pay-out and either:

The higher of either the finance agreement settlement figure (if applicable) or the original price you bought the vehicle for (Invoice GAP Insurance), or

The higher or either the finance agreement settlement figure (if applicable) or, the original invoice price your bought the vehicle for or, the cost of replacing the vehicle with a brand new version of the same (or the nearest equivalent) vehicle at the time of loss (Replacement GAP Insurance), or

The amount required to settle the remaining balance of your Contract Hire agreement (Contract Hire GAP Insurance).

If you would like to get a GAP Insurance quotation or would like to further information, please call us on 02891 311011 or alternatively send us an email to Info@weresure.com

 

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