Gap insurance will not affect payouts, expert states

Thu, 12 Jun 2008

People who take out guaranteed asset protection (Gap) insurance will not receive a lower payout from their other insurer because of this, it has been claimed.

Andy Bendell, marketing director for Click4Gap.co.uk, explained that Gap insurance is used to make up the difference between a car's market value and what the insurer actually pays out should the car be stolen or written off.

However, he believes that as 'standard' car insurance firms use independent valuations they will not lower their payments in future.

Mr Bendell said: "There are standards in the insurance business . The insurance companies refer to independent valuations, they don't create their own valuations."

Gap insurance is usually used to pay off any debts relating to a vehicle's purchase, such as a finance agreement.

Yesterday, it was announced that More Than has launched a women-only car insurance product.

According to the firm the policy offers extra cover on the things that matter to women, such as their handbags.
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