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Car Insurance : To Be The “Market Value”

Two special-edition models get bespoke trim and higher-specification multimedia systems, on sale in June.

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The insurance pays you what it considers to be the “market value” of the automobile. This is usually less than what the car is really worth. The CAP insurance will compensate for this deficit.

If you buy a car with finance and it is written off, even if the accident was not your fault, you have to pay the finance company more than your insurer is prepared to pay, and you not only leave without a car. but for money in a car that no longer exists.

 

 

The good news is that if you do not currently have GAP insurance and bought your car from a dealer in the last three months, third parties sell you a policy. The only condition is that your car must have less than a certain age and mileage, usually seven years and 80,000 miles. If you want the GAP insurance to give you more peace of mind when you last bought, consider a secondary market policy.

When signing up for a GAP insurance policy, you should carefully follow the terms and conditions: some optional extras are not covered and your money is unlikely to be refunded with the after-sales extras you have installed. Also keep in mind that your standard insurance policy must be complete and that your vehicle must be fully canceled in order to claim your GAP insurance policy.

 

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