Compare The Whole Market In Just 3 Minutes – Could Save Upto £850
Buying a car has some inherent problems. The first of those problems is the fact that you are buying a depreciating asset. The value of the car when you drive it off of the lot and the value of the car six months after that day are two very different numbers. For this reason, many people rightly consider purchasing a car to be a bad investment. Say you have to make a claim because of a wreck or vehicle theft one year after buying the car. The insurance company is only responsible for covering the value of the vehicle at the time of the claim, so you lose out on the total value of the car. This is where gap insurance comes into play.
What is gap insurance?
This is a type of insurance coverage that fills the gap, so to speak, between the value of the vehicle at the time of the claim and the value of the vehicle when you purchase it. Some people call this type of insurance “value protection coverage” since it essentially protects the full value of your initial investment. It is a really nice insurance product to purchase if you are unhappy with the idea of only getting the depreciated value at the time of an insurance claim. Compare the market and you will find lots of nice options for gap insurance in addition to your car insurance quotes.
Why is gap coverage a good idea?
In order to truly understand why this insurance makes sense, you need to think about a practical situation. Say that you purchase a car and then total that car two years later. The car’s value might be 50% of what it was when you originally bought it and this can present a huge problem. With the proceeds from your insurance claim, you will only be able to go out and buy an old, used car. You will lose out on the ability to replace the car that you originally bought. Most people just don’t like the sound of this. Given the relatively low cost of gap coverage, it makes sense for many people to make the leap.
Peace of mind is important
There are some things that are hard to put a value on in this world. One of those things is your own personal peace of mind. Who wants to worry about what will happen if they get into a car crash? That is not something that’s pleasant and it can keep you up at night if you aren’t careful. When you purchase this sort of insurance coverage, you will be able to rest easy at night. Insurance itself is about providing you with the security to go out and live your life without worry. When you purchase gap coverage, you truly take advantage of this.
Comparing the market
If you are going to get gap coverage, then you need to make sure that you compare the market. Doing a market comparison at a car insurance supermarket type of website will lead to a much better result. Though fewer insurance providers specialize in gap coverage, there are still enough companies that you need to do a full comparison. The compare car insurance world is a place full of competition, so you are cheating yourself out of an opportunity if you don’t look at all of the available options. Check for cheap car insurance quotes from these gap providers so that you get the best possible policy.
Gap coverage might seem like an extra to some, but for some others it is a necessity. If you feel the need for more, then compare the market and get the right gap policy.