You may be aware that many companies selling car insurance will pay out if your car is stolen or wrecked through no fault of your own, but what you may not know is that some insurance companies will not pay anything if either of those things happen, and it is advisable to be aware that there is a type of car insurance called Guaranteed Auto Protection known as GAP. In simple terms GAP is a type of insurance that will pay the difference between the true value of your car, and what you still have left to pay on it in the event of it being stolen, or damaged in an accident. It may be hard to believe but GAP insurance can save you thousands of pounds under the circumstances described above.
For many people it is very necessary to be aware that this kind of insurance is available if they have made a down payment of less than twenty percent of their cars actual value. It is then that it would be sensible to take on board a Guaranteed Protection Plan. This would ensure that if your car was a total wreck or was stolen you would be covered and the insurance provider would meet the cost.
Out of the three main types of Guaranteed Auto Insurance the first is named simply GAP insurance and the only people who are allowed to offer it must have a license to be able to do so. Many big companies who are household names can offer this facility, so it is worth checking to see if you can get it from the place where you bought your car originally. This can be achieved by talking to the dealer and finding out as much about GAP insurance as you can from him, and then asking at the same time if you can purchase GAP place. You can do this by talking to the car dealer and finding out as much information as you can, while asking if you will be able take out GAP insurance directly from them.
GAP Waiver is the next choice of Guaranteed Auto Protection. It is a kind of insurance agreement between yourself and a lender or a dealer. In this instance the difference between the balance and the ACV is waived as long as the waiver has the backing of an insurance provider In this instance it is important to be aware that some sort of interest will be charged on this type of Guaranteed Auto Protection insurance.
The third and final type of Guaranteed Auto Protection insurance is GAP Endorsement which is where your insurance company may be able to add an amendment to make sure that GAP is included in your insurance policy. It is not always possible to do this and will need to be discussed with your insurance policy provider, but is worth looking into if you feel that you need this kind of insurance.
There are a few things that you should be aware of before you jump straight into purchasing GAP insurance. Firstly, if a car dealer tells you that you must purchase GAP insurance with your vehicle, do not be persuaded. It is far better to purchase GAP insurance once you have actually bought your car, possibly from a different provider. Also, watch out for people who are not legitimate and are not licensed to sell you Guaranteed Auto Protection insurance. Although there are very few people like this, it still happens, so make sure that you are buying your insurance from a reputable provider.
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