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Gap Insurance

from helpucover

The Importance Of Car Value Protection

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Often referred to as GAP insurance, Car Value Protector pays the difference between a motor insurance payout (in the event of a total loss) and the value of the vehicle when you took out the policy cover.

Although you insure your car, did you know that if your car is written off or stolen, your insurance company payout will be based on the value of your car at the time of the accident or theft, NOT the value when you bought it?

Car Value Protector will record the value of your car in one of two ways:

  • If you have purchased your car within the last 90 days from a VAT registered dealership we will simply take the invoice price stated (please see terms and conditions)

OR

  • If the car was purchased privately or more than 90 days ago we will use an independent, market leading vehicle valuation tool to get an accurate figure.

How does this work in practice?

You pay £14,000 for your car. In 3 years time, your car could be worth up to 50% less* because of depreciation.

* This is a rough guide ONLY, as the devaluation percentage may be bigger or smaller depending on the type of car you drive.

Your car is stolen, or is involved in an accident that sees it written off.

Your insurance company agrees to pay £7,000 - the value of your car at the time of the accident or theft.

The bad news. That's a £7,000 shortfall! To get back into a car similar to the one you originally purchased, you may have to top-up with some extra, hard-earned, personal cash.

The good news. You decided to purchase Car Value Protector Cover from helpucover when you originally purchased the car and arranged the car insurance.

helpucover Car Value Protector pays you the £7,000 difference.

You are now able to replace your car with one similar to the one you originally purchased.

"It will never happen to me…."

  • A car is stolen in the UK every minute. (Source: Crime in England and Wales 2006-07)
  • Nearly 1.7 million vehicle-related thefts were recorded in 2006-07. (Source: Crime in England and Wales 2006-07)
  • Over 500,000 vehicles are written off each year. (Source: RAC.co.uk Jan 2009)
  • In 2005 25.5% of stolen cars were never recovered. (Source: Home Office Stats 2007-08)

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