Protect your new car with GAP insurance
GAP Insurance is an extra policy you can buy to protect your finances if you have taken out credit to pay for your new car. It’s true that as soon as you drive your new car off the forecourt, its value drops by a third. To compound this, the value of your car will drop by around 40% after the first year on the road.
So what does this mean if you are involved in an accident?
If you buy a car for £20,000 and are then involved in an accident 12 months later, the likely payout for this will be around £15,000 – the value of the car at the time of the accident. This would mean that you are £5,000 out of pocket – which is where Gap Insurance will pay the £5,000 ‘gap’ between the current value of the car and the amount you initially paid
Visit our website for more on our GAP Insurance and to get a quote www.policeinsure.co.uk