How To Choose The Best GAP insurance Policy

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How To Choose The Best GAP insurance Policy

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It's that time of year again!

In not too long at all some of us will be lucky enough to be driving around in a brand new motor sporting a 19' plate.

The dealer might have already mentioned GAP insurance to you and, may well be psyching themselves up ready for trying to sell it to you tomorrow when you're distracted by the glare from your shiny new car.

It's a given that motor-dealer sourced GAP insurance policies are rarely the best choice - if not only for their excessive prices - but when it comes to looking elsewhere and the increasing range of online providers who'll bamboozle you with all sorts of claims as to why their policy is better than the rest... what actually matters? How do you choose the best GAP insurance policy?

Below are our top tips for choosing the best GAP insurance policy:

#1 - Choose an A-Rated Insurer
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With FOUR unrated, offshore underwriters of GAP insurance having gone bust since 2016, it's arguably now more important than ever to choose a policy backed by financial resources sufficient enough to ensure that the policy will be there when you need it most.

Our GAP insurance policies are underwritten by a syndicate at Lloyd's - a UK entity rated A, AA- and A+ by three of the world's leading insurance rating agencies.

More details here.

Choose a UK-Based Insurer
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The FOUR unrated underwriters of GAP Insurance that have gone bust since 2016 were all offshore insurers (two in Gibraltar and two in Denmark). If that's not a pattern worth paying attention to, we don't know what is.

"But it's OK if the insurer goes bust, the FSCS will cover you" - is what the companies that sell such policies will tell you. But it's not quite as simple as that. You see if an insurer is in the throws of being wrapped up at the time you need to make a claim then if needs be, the FSCS will cover you for up to 90% of your claim value. But if you're not needing to make a claim at that point, as part of wrapping the company up the administrators will seek to find a buyer of your policy. If another insurer steps in to buy your policy, you get to carry on with your cover intact. However if they don't find a buyer, they'll move to cancel your policy instead. Leaving the FSCS only good for refunding some/all of what you paid for your policy in the first place and, probably, you then too late to seek GAP insurance cover from another provider.

Note: "FSCS" is the UK's Financial Services Compensation Scheme.

As above, our GAP insurance policies are underwitten by a syndicate at Lloyd's.

More details here.

#3 - Avoid "Market Value" Clauses
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"Market Value" clauses in a GAP insurance policies are there to serve one single purpose only: To reduce the amount of money that the GAP insurance policy would otherwise have to pay out.

If your Motor Insurer pays out less than the GAP insurer thinks your car is worth, a Market Value clause allows the GAP insurer to avoid paying the perceived under payment by your motor insurer.

If you bought a used car, another type of Market Value clause allows the GAP insurer to reduce their payout by any amount by which they believe you over-paid for the vehicle when you first bought it.

Getting hit by one Market Value clause is bad enough. Suffer the wrath of two and your payout could potentially be substantially reduced.

Our GAP insurance policies have NO Market Value clauses.

More details here.

#4 - Cash Is King
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If your car is written off, would you want the GAP insurance payout to be made in the form of a credit to a motor dealer of the GAP insurer's choice? Would you like to be obliged to have the GAP insurer source your next vehicle? What about a GAP insurance policy payout that is quite specifically reduced if you're not intending to replace the vehicle with the funds it pays out?

We believe that a GAP insurance policy that pays out in any way other than to leave you with cash in "your pocket" for you to spend as you see fit, is simply too restrictive.

Our GAP insurance policies pay out in cash to the policyholder, for them to spend as they see fit
(Note that if there's finance outstanding on the vehicle at the time of claim the finance company get their bit first and the remaining balance is paid to the finance company)

More details here.

#5 - Get A Quote From
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Admit it. You saw this one coming - Didn't you? :mrgreen:

We believe our GAP insurance policies are amongst, if not the best available on the market. They're underwritten by an A-Rated, UK-based insurer, incorporate NO "Market Value" clauses and are designed to leave you with cash in your pocket after any payout. You get a daily pro-rata rebate of unused premium if you cancel your policy and haven't made a claim, which you can then use against the cost of a new policy on a new vehicle and, what's more, our prices are up to 85% lower than you'll pay for GAP insurance from your supplying motor dealer.

PLUS (as if you need another reason) we're great! See below for what customers are saying about us online.

FINALLY (just for good measure) forum members SAVE a further 10% by using discount code "BBMW10".

What are you waiting for? Get Contract Hire, Invoice or Replacement GAP Insurance policy quote for your new BMW, here.

What Our Customers Are Saying About Us
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See more of the testimonials and reviews that we've received, here.
Invoice, Replacement, Contract Hire & Top-Up GAP Insurance quotes at up to 85% less than your Motor Dealer
T: 01484 490095 E: W: F:

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