Why GAP Insurance is a Good Idea

gap insurance chart
Why GAP Insurance is a Good Idea

When we take out insurance, most of us assume that it will help us to fully recoup our losses in the event of our car being written off. We imagine that this is its primary purpose: to safeguard us against bad fortune and help us to get back on our feet in times of trouble.

But if you had an accident tomorrow, you might not be too impressed with your pay-out. The reality is that your average insurance policy won’t cover you for how much you paid for your vehicle, even if this is the same amount you insured it for; instead, you’ll only receive the sum your insurer values it at in the current market environment.   

This is where GAP insurance comes in handy…

What is GAP Insurance?

Available from companies like ALA, GAP insurance is the perfect protection for those who write off their vehicle. Ensuring that you receive not just what your insurers value your vehicle at, but also the shortfall between this and the amount outstanding on your finance agreement, it will make certain that you’re not left out of pocket if ill-fortune should strike. 

Is GAP Insurance Worth It?

Now that you know what it is, your natural next question will be whether it’s worth your while to invest in GAP insurance. Our advice would be that it is. Fully covering you if you write off your vehicle, it provides an absolute guarantee that you won’t be left short of cash should circumstances contrive to work against you.  

But is a write-off really likely? The answer is ‘yes’. With innumerable cars stolen or damaged each year, they’re more common than you think, and you could be the next person to find this out for yourself.

The only way to protect against such a scenario is with a suitable policy.  

Why Should You Buy GAP Insurance?

If you’re still not certain, here are a few points that you might find interesting:
  • Vehicle crime amounts to a third of all crime, with the majority of the cars that are stolen ending up written off. 
  • A vehicle is stolen every minute, and a third of those taken are never recovered. 
  • Cars are worth less than a quarter of their original purchase price after just three years, representing a significant loss for the owners of written-off vehicles – unless they have GAP insurance. 
Protect yourself from falling foul of a write-off today – take out GAP insurance and you’ll never have to worry about being left out of pocket again.

Topics

A93820014BS Abu Dhabi accidents ACLU ACS Advertising Aha Mobile AI Airsage ALPR ALPR Cameras Android Apple Arizona Atlanta ATS Attorney Australia Auto Insurance average speed cameras Baltimore Belgium Beltronics Bikes Bribe Brooklyn Buy Buying California Camera Vans Canada carplay Carpool Cars CDOT cell phone Chicago City Council Class Action Cobra Colorado Connected Signals Connecticut construction contracts Corruption courtesty notice courtesy notice Crashes crime Crosswalk crowdsourcing Culver City Dangerous Intersections Dash Cam Data Database Des Moines Distracted Drivers DIY DOT download Drivers License Driving Instructor Drowsy Drunk Drivers Dubai DUI E-ZPass England Escort Europe Facial Recognition failure to stop Fake Cameras FasTrak Fighting Tickets Finance Fines Fleets Florida FOIA Ford France freedom of information act request Garmin Gatso Georgia Germany Ghost Glendale Google Google Maps Government GPS Angel GPS Navigation Guest Writer Hawaii Here Highway Robbery Highways HOV Cameras How To humor Illinois Injury Inrix Insignia Instagram Insurance Insurenet iOS IOT Iowa iphone iRadar Ireland Italy Iteris Joe Biden Laser Craft Law Suit Laws lawyer Left Turns legal Legislation License Plate Local London Long Beach Los Angeles Loud Exhaust Louisiana LPR Cameras Lyft Machine Learning Magellan Maine Maintenance Manhattan maps Marketing Maryland Massachusetts Microsoft Minnesota Missouri Mitac Mobile Ads Mobile Apps mobile speed zone Motorcycle MTA Navigation Navigon Navteq Nestor Netherlands New Jersey New Mexico New Orleans New York New Zealand News NHTSA Nokia NTSB Oahu Oakland Ohio Oregon Parking Parking Tickets Parks Peasy Pennsylvania Phantom Alert Philadelphia Phoenix Photo Notice photographs POI Points Poland police Politics Poll Portugal Privacy Progressive Web App Protest Radar Railroad Reckless Driving red light cameras RedFlex RedSpeed redzone refunds Removing rental car tickets Repairs research revenue Rhode Island Ridesharing Right Turns rolling right turns Russia Sacramento Safe Speed Safety Safety Cameras San Diego San Francisco San Jose Scam Schools Seat Belt Seattle secutity settlement Shutting Down signs Singapore Snitch Tickets solar Sound Cameras Spain speed cameras Speed Vans State Ban stop sign cameras Street View Students subpoena Subscription Supreme Court Surveillance Switzerland Taxi Technology TeleAtlas Telematics Tennessee Tesla Texas Texting Tickets Tips Toll Road TomTom Tracking Traffic traffic attorney Traffic Camera Traffic Lights Traffic Safety Traffic School traffic tickets Traffic.com Trapster Trial by Written Declaration Trinity Trucking trucks UAE Uber UK Unpaid Ticket Vehicle Occupancy Verra Mobility video Vigilant Violation Fines Violation Info Violation Speed Virginia Vision Zero Voters warning devices warning notice Washington Washington DC Waze Wikango Xerox Yellow Lights YouTube