Return to Invoice Gap Insurance
Financial Services > Car lnsurance > Return to Invoice Gap Insurance
Return to Invoice Gap Insurance
Return to Invoice Gap insurance is designed to cover the difference between the original cost of a car and the insurance payout if it is written off. It is widely accepted that a car loses its value by between 35 and 90 percent within the first three years of its manufacture however without Gap Insurance a normal fully comprehensive insurance policy may leave a motorist with significant losses that could be avoided.
If a motorist purchased a car for £20,000 and 18 months later the insurance company wrote off the car, and agreed to payout £14,000 the claimant would have suffered losses of £6,000. However a Gap insurance policy would cover these losses allowing the claimant to have the same amount of money they originally had to purchase a new car.
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