Gap Insurance

TAKE THE WORRY OUT OF motoring WITH Gap Insurance

GAP Insurance stands for Guaranteed Asset Protection and will protect you financially if your new vehicle becomes a total loss, especially within the first three years of ownership.

Protect what you love

Frank Pickles has been providing insurance since 1960. Lets get you, your perfect policy today!

If you have been looking to buy a new set of wheels, you will probably see in your research that they will depreciate in value the minute they are driven off the forecourt, with you as the new owner.

 

Vehicle depreciation happens naturally when you buy a new car, which obviously is no problem if you aim to keep the vehicle as its owner for many years to come.

 

Unlike bricks and Mortar, vehicle values depreciate daily, so if something happens to the vehicle that requires the need to claim on the insurance for it, such as a write-off or theft, and the insurance company values the vehicle at a lower value than you originally paid, you will be making an instant loss, which is the “gap.”

 

This is where GAP Insurance can step into the breach to alleviate the potential financial losses, as it is that extra peace of mind to protect your finances, not necessarily your vehicle, as we sometimes cannot control what may happen to it.

 

When you buy your new vehicle, you pay the price related to the vehicle’s marketable value at the time of purchase. Here, you will insure the vehicle for whatever needs suit your position and take it away. It now belongs to you.

Your chosen insurers will only payout on the value of the vehicle at the time of the loss, and that value is likely to fall below the actual value you paid for the motorhome initially, creating an Insurance Gap.

 

This can be particularly important if you have taken out a finance agreement to pay for your new vehicle, as you will have paid a value that will not be returned fully in the case of a total loss without installing GAP Insurance.

Why use Frank Pickles for your GAP insurance?

Frank Pickles has been providing insurance since 1960. Lets get you, your perfect policy today!

Feefo Review

Very friendly on the phone , very competitive prices ' Rang us back very quickly after looking on the internet with a competitive price & would not be beaten on price.

Feefo Review

Professional service and very good price. Would highly recommend. ' I thought they were efficient and very professional when handling my insurance for my caravan. They found a good price beating a lot of other insurers on price.

Feefo Review

Professional service and very good price. Would highly recommend. ' I thought they were efficient and very professional when handling my insurance for my caravan. They found a good price beating a lot of other insurers on price

    How Can GAP Insurance Benefit You?

    You will be able to pay back your car finance-

    Suppose you have purchased the car using finance, and the vehicle is a total loss during that finance period. In that case, you will still be liable to pay the total amount owing, even though the insurance company will value the car lower than the initial purchase price due to depreciation.

    GAP Insurance will make sure that the invoice price of the car is met to enable you to pay back your commitments in full.

    You will not be left with a financial gap to purchase a new car.

    When you take out GAP insurance, you will be insured for the value of the vehicle at the time of purchase, so when the car naturally depreciates in value, and the worst happens, and you have a total loss, the value you are given by your insurers will be made up to the full value you initially paid for the car.

    Your other insurances won’t be affected by the addition of GAP Insurance.

    Gap Insurance is entirely independent of any other insurance you have for your new vehicle and separate from any finance agreements you may hold with a company to pay for your vehicle.

    It neither affects nor is affected by anything you may have already in place; it is an added layer of financial protection that surrounds your new wheels, should the worst happen.

    All in all, GAP Insurance is the best extra layer of protection to add when you are purchasing a new vehicle.

    It is an added peace of mind that can allow you freedom in your mind, knowing that if anything happens, you will not be left out of pocket yourself, with a finance company or when you go to purchase a replacement car, bridging the gap between the value of the vehicle at the time of the write-off and the price you actually paid for the vehicle according to the invoice.