Guaranteed Asset Protection, more commonly known as GAP insurance is an additional cover that protects your used car finances should your car be written off due to an accident, fire, flood or theft. In other words, GAP insurance helps to bridge the gap between the settlement amount from your motor insurer and the price your used car was worth before the incident occurred.
If you do not have GAP insurance and your insurer declares your vehicle as a write off, as repairing your BMW is possible, you could be left with significantly less money than what your vehicle was worth before the incident. Or you could be left with less money than you need to clear off any applicable finance. Having GAP insurance for your used car, will protect you from this financial shortfall by “topping up” the insurance companies’ settlement to make up the market value of your vehicle or the cost of replacing it with a similar model. Thus, having GAP insurance for your used car is often very popular. If you wish to learn more about GAP insurance, contact our used car superstores in Aberdeen, Edinburgh or Dundee today, our service teams will be happy give you more details about having GAP insurance for your used car.