If you are in the unfortunate position where your vehicle has been declared a total loss following a collision, fire or theft, GAP insurance could be for you. Your comprehensive motor insurer or the third party insurer settling your claim will only pay you the current market value of your car or van.
GAP Insurance from Munstergroup Insurance is a 36 month policy, with an option of an additional 12 months where a finance agreement is in place, for one single premium that protects the future value of your vehicle. The policy will pay out on the GAP between what you originally paid for your vehicle and the amount the insurers pay out in the event of a total loss.
Vehicles roughly depreciate by 20% per year for standard cars and up to 30% for higher end vehicles.
If the original purchase of your vehicle included a finance agreement, this GAP product is for you, as it provides essential peace of mind protection you from owing money to a financial institution for a car you no longer possess.
GAP Insurance is available to individuals with private cars or light commercial vehicles. The vehicles does not necessarily need to be new but it must have less than 120,000 km on the clock and be less than 8 years old.
GAP Insurance cover brings one back to the same financial position they started with when purchasing the vehicle.
Cover is provided when the vehicles is a total loss by collision, fire or theft.
To find out more call our team on 065 6841766 or fill out the contact us form and we will be in contact soon.
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