30 day free GAP Insurance with Van Monster
It is an unfortunate fact that when you buy a new vehicle, it usually begins to depreciate and lose value from the moment you drive it off the forecourt.
If you are unfortunate enough to be involved in an accident, fire, theft or malicious damage, leading to your vehicle being written-off by the insurer, many only return to you the price the vehicle was worth at the time of the incident. This is rarely the amount required for you to get back an equivalent replacement.
As part of our continued service, we provide 30 day free GAP insurance provided by InsureThat to all eligible vehicles ensuring you are protected.
How does GAP Insurance work?
Depreciation in value is unavoidable, and many vehicles can be worth only 32.5% of their original value after 3 years on the road*.
So if you purchase a new van for £15,000 it could be worth roughly £4,875 after 3 years of being on the road. If your vehicle is then involved in an accident and declared written off by your insurer, they will give you a cheque for the market value, which is £4,875 - Difficulties can often arise in finding an adequate replacement for the amount received. Many people often resort to their savings or loans to purchase a good equivalent.
However, as a Van Monster customer, if you take out Guaranteed Asset Protection (GAP) Insurance when you buy your vehicle you’ll also receive a payment from the policy which bridges the financial gap and provides you with the difference between your motor insurance settlement and the amount you originally paid for the vehicle.
So, for our earlier example, your comprehensive motor insurance pays £4,875 and your GAP Insurance would pay the difference £10,215 taking you back to the original price of £15,000.
- Works in tandem with your standard comprehensive motor insurance policy
- Policy terms up to 36 months
- Pays the difference between your insurers settlement, and the amount you paid for the vehicle, or the amount required to settle your finance agreement, whichever is greater
- Asset Secure GAP (PLUS) will pay you back up to the purchase price of your vehicle (up to a maximum available cover level of £25,000)
- It also covers your motor insurance excess up to £250.00
You can find out more about GAP insurance at: www.insurethat.com
*Source: Parkers (March 2016)