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A Guide for Finding Correlate Gap Insurance with Simply

by | Feb 12, 2021 | Insurance | 0 comments

A Guide for Finding Correlate Gap Insurances with Simply


Nowadays, many people who are buying a car don’t even think about getting a gap cover.



Are you searching for gap insurance to secure your bike or car?


If you are unfortunate enough to have a mishap in your motorbike, car, or van and it is written off, you could be left in a sticky financial situation. Ensure your income and your assets and go for affordable gap insurance that can give you peace of mind.


What will you do if you have an overdue of £5,000 on your car and had it written off at £3,000? You will have a liability of £2,000 to endure paying, not to mention the call to find a new car. Needless to say, a lot of people will have difficulty in finding cash that they would be needed in solving this problem.


This is the reason why gap insurance in the UK can be practical. Not only will it give you peace of mind if cases like this happen, but it can also provide cover for the difference so you don’t have to pay the bill yourself.


Simply intends to make the procedure of correlating GAP insurance quotes as thorough as possible by giving our users one quick form to complete. Our quick form puts you in touch with our UK insurance providers


Correlating gap insurance with Simply is very easy. All you need to do is fill in our one-step quote form with the necessary information needed.


Let us do the tough work. Simply can reduce your paperwork and will ensure that the insurance providers will get in touch with you. So let’s get the ball rolling and see if Simply can help you save money on your succeeding GAP insurance policy.



Is Simply supervised?


Simply and our panel of United Kingdom insurance providers are fully supervised by the Financial Conduct Authority.


Relate a much cheaper gap insurance quote and start saving now!


This will serve as your Gap insurance guide.


When a person purchases a brand new car, it can be a critical investment. It is expected that the moment a brand new car is driven away, its value depreciates by a significant amount. In other words, a brand new car could lose its original value between 40% – 60% in the first 3 years of possession. If a new vehicle is damaged, stolen, or written off, the owner could be set to forfeit a big amount of money. Commonly, some insurance companies will only compensate the value at the time of the occurrence and not the actual purchase price. As such, a ‘gap’ is perhaps developed and that is where GAP (Guaranteed Asset Protection) insurance obtains the name.



What is GAP insurance?


As previously described, gap insurance manages to be what an insurance company will pay to link the gap in financial loss if a car was written off or stolen. This will imply that gap insurance encloses the difference between the existing market price and the value paid for a new vehicle. Purchasing a brand new vehicle can be a huge step for some people. Hence, knowing that whatever happens to their newly acquired asset would be covered in place to indicate as their investment can be very favorable.



Several types of GAP insurance


As with numerous kinds of insurance there can be different sorts of gap insurance to consider. The possible policyholder might want to review the features and advantages of each kind before purchasing to ensure it encloses their needs.


Finance Gap Insurance – commonly do what it says on the tin. If a car is written off by an insurance company, this cover can assist to pay off the initial vehicle finance or loan by paying out the financial difference.


Return to Invoice Gap Insurance –this kind of agreement can top up the payout from an insurance company to its purchasing price amount. This can assist clients with borrowing costs and relieve any worries from purchasing a new car.


Vehicle Replacement Gap Insurance – for this circumstance, the insurer may compare the difference in the gap between the cost of getting a brand new car or the payout. 


Return to Value Gap insurance – this may be suitable for second-hand vehicle owners or for some that have owned a vehicle for quite some time. This gap insurance that the UK covers can pay out the gap between the initial purchase price and your insurance settlement amount.



Is gap insurance needed?


Due to the vast devaluation value of new car owners, they find themselves severely out of pocket especially when the brand new car is broken beyond repair or if the vehicle is stolen and cannot be recovered. As such, they are left struggling to attempt to pay off the car finance or a vehicle loan and they might not have the extra cash to buy a new car. While the UK GAP Insurance is not usually compulsory to a car purchase it can play a significant role in this is to happen.



How to acquire gap insurance?


One of the simplest ways to relate gap insurance is to look online. This will be more effective and convenient, and it will also mean that the client can look for several providers to differentiate cheap GAP insurance and all other options that are available. Using this comparison will save you time and money when searching for GAP insurance. This means that the new car owner will be able to spend more time enjoying their vehicle.



Ways of paying your gap insurance


Paying for your GAP insurance might take a longer-term than typical for an insurance policy. A gap insurance policy may commonly run for about 3 years or 36 months as this inclines to be the largest depreciation timescale. This will mean that a person can have this policy in place for 3 years, they can pay a monthly premium or they can also opt to pay upfront.


At the end of the contract, if the client may want to take out another GAP insurance policy, As long as the car is under 7 years old this might still be possible.


For you to be eligible for this GAP insurance, you should be at least 18 years old and also the owner of the vehicle. 



Finding a gap insurance


Like any insurance specialist, it is not always about consulting them for a quote. This is the reason why it is recommended for people to search for gap insurance so they can make a comparison. With this, a gap insurance company can be brought up during a comparison search. Therefore, the potential policyholder can have more options to choose from.


Getting gap insurance could provide you with much-needed reassurance when buying a brand new car. It could be totally exciting to drive your brand new car from a forecourt. But hold on, as it could be devastating if anything happens with the vehicle without any gap cover in place during the first few times of use. The expenses could be so big that a person will be struggling to get back on the road and be expected to proceed to pay for a vehicle that has already been stolen or written off. Gap insurance can surely give peace of mind to new car owners.