When buying a new car with Motor Source Group you can qualify for 30 days free GAP Insurance*. Your Delivery Coordinator will give you details of how to set this up.
Even if you're not buying a new car from us, you may still be eligible for our 30 day free GAP Insurance.
*Excludes lease vehicles and tax free sales.
When you buy a new car it begins to depreciate and lose value from the minute you drive it off the forecourt.
If you are unfortunate enough to be involved in an accident, crash, or have your vehicle stolen, and your vehicle is written-off by the insurer, you may only receive the price the vehicle was worth at the time of the incident, not the amount you need to get an equivalent replacement.
Around 384,000 vehicles are declared written off by insurers in the UK each year*, for many people there is a financial shortfall between the amount they receive from their motor insurance settlement and the amount required to purchase a similar vehicle. GAP insurance pays the difference between the market value settlement and the price you paid for the vehicle, meaning potentially thousands of pounds back in your pocket.
*Direct Line Group 2016
If today you bought a new vehicle for £15,000, within 3 years that vehicle will be worth roughly 40% of its original value*.
If the vehicle is involved in an accident or stolen and declared written-off in its third year, your insurer could value it at as little as £6000. Guaranteed Asset Protection (GAP) Insurance pays the difference, meaning a payment of £9000 straight to you on top of your motor insurance settlement, giving you enough cash to purchase a new equivalent vehicle and get back on the road.
*Source: The AA
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