There are a lot of people who feel that purchasing a vehicle is an awful investment – especially currently. Cars tend to begin depreciating the moment they are driven off the dealership lot. In today’s world and in most areas of the globe, cars are necessary to get from place to place in a timely manner. If your car happens to become stolen or it is damaged to severely in an accident that it has to be written off, you file a claim with your insurance company to take care of the matter. However, insurance providers typically pay out only the value or the car at the moment that the car was stolen or damaged, and not the amount that you paid for your car originally. Gap insurance policies – also called value protection insurance by some insurance companies – protect against this discrepancy between the amount for which you bought the car and the amount it is valued at when damaged.
Why Purchase Gap Coverage?
The current condition of the economy is making many people feel hesitant about purchasing a car because of the way that vehicles depreciate. Gap insurance can remove this worry because it eliminates the fear of losing a large amount of money in your car’s worth over the years. Having a gap policy means that not only would you not have to pay the difference out of pocket, but you can buy a car of the worth of the car that has been stolen or had to be written off because of profound damages. With insurance companies typically offering gap coverage for cars up to seven years old, you can obtain a policy even if your car is not fresh off the assembly line or you have already owned it for a few years.
Obtaining Gap Coverage for a New Vehicle
Most insurance agents don’t even think of offering gap insurance to clients. While a few insurance policies include gap insurance automatically, these are not typical. You can, however, request that it is added onto your policy as an extra feature. You will often have to ask about it specifically. Be sure to ask about the details of the gap coverage, though, to ensure that it will provide enough money to bridge the amount that your standard policy will not pay. It is also important to ask about any restrictions that may be in place, under which the policy might refuse to pay out your claim.
Where to Find Gap Policies
You can ask your regular insurance agent whether their company offers gap coverage. If not, don’t worry. Simply search for a car insurance company that does provide it. You can often purchase gap coverage through another company, so that you have the extra protection, without having to change your main policy over from the insurance provider that you obtained it through.
Finding Gap Coverage Online
If you do not know where to find gap insurance coverage locally, you can always compare policies online. Some UK insurance comparison sites now provide quotes on gap policies as well as standard insurance, allowing you to find the most affordable coverage that will give you the benefits that you need, allowing you to pay for a new car when there is a space between the amount you paid for your car originally and the money given back to you by your standard insurance policy. You can find cheap car insurance with gap benefits through trusted companies, allowing you to make sure that you will have a car to get you from point A to point B, virtually no matter what happens.