From 1st March all new cars registered will have the latest ‘22’ registration plate and many consumers and businesses will be upgrading to the latest models with some purchasing their first fully electric vehicle.
Buying a new car has never been easier with online retailers offering click and collect and nationwide delivery, combined with flexible finance options and 7 day money back guarantees.
Purchase options such as the ever popular Personal Contract Purchase (PCP) and simple leasing deals offer you the opportunity to own your dream car but with an affordable monthly payment.
However, should your vehicle be stolen or damaged in an accident and written-off, your dream car could soon turn into a nightmare.
New cars depreciate in value heavily, especially in the first year and this combined with affordable finance deals can create a ‘GAP’ between what the vehicle is worth and what you owe to your finance company. In the event of a total loss this can result in you being left to find additional funds to clear the outstanding debt.
GAP insurance can protect the value of your vehicle so you can completely enjoy your new car without worrying what will happen if the unfortunate happens.
For example our Combined Purchase Price Protection and Finance GAP Policy will either clear the outstanding finance or pay the difference between the motor insurer’s settlement and the original invoice price (whichever calculation is greater).
For more information and assistance with GAP insurance for personal and commercial lines please call your local office.