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Is Deferring your gap insurance worth it?

Monday 21st August 2017 12:41:07

Is deferring your gap insurance policy really a good idea or is it just a gimmick?


Being part of Aequitas at Total Loss Gap we have always prided ourselves on presenting the real facts and letting policy holders decide. We are also proud to have been what we consider to be instrumental in bringing the ability to defer your gap insurance to the forefront. 


After all who wants to pay twice and who wants to be double covered.


So why are we not as vocal about deferring gap insurance policies? What has changed?


The simple answer is that over the years we have found that policy holders can be confused about the type of "new for old " cover they have. Yes some insurance companies offer new for old and some fo it fantastically well with little or no exclusions. Some however do not. For example did you know ....

  • that some insurance companies will only cover you new for old if there is a replacement vehicle available in the UK.  
  • some insurance companies have mileage stipulations in so much as if you go over a certain mileage your cover will revert back to market value.
  • some will cover you only if your vehicle is stolen and again revert back to market value if your vehicle is written off due to damage and visa versa.
  • sometimes the type of finance you have may mean that it is not possible to simply replace the vehicle with another new one.
  • sometimes some insurance companies will revert to market value if the specification or model has changed.

So what does this mean to you?


Again as we hope you will know by now Total Loss Gap is all about being fair and upfront. So we would always ask you to make sure that your insurance company covers you. If they do just double check that there are no strange mileage terms and restrictions that you should be aware of or any reason for that matter that you will not be given a new car.


Once you have done that, and you are 100% happy simply click the deferred option on the system or call a member of the team who will be only too happy to assist. After all it is you money, your choice and you who wold ultimately have to live with any financial consequences if your insurance company do not replace the car.


So in summary is deferring a gap insurance a gimmick, no absolutely not but you do have to be categorically certain that should the worst happen that you insurance company will cover you. 


Our advice if you are in any doubt, check with your insurance company before you buy any level pf gap insurance as the very last thing that we or any gap insurance provider would want is for you to need to make a claim and only then find out that you are not fully protected. 

After all if your gap insurance policy has been deferred and you motor insurance company decide that you are outside of the terms and conditions and will not replace your vehicle,  you can not make a claim on your gap insurance policy as it will not have started and come into effect. 

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