UK Money News
13th June 2008
Gap insurance 'most relevant for new car owners'
Guaranteed Asset Protection (Gap) insurance is a prudent option for owners of new cars but is less advisable for older vehicles, a motoring magazine has recommended.
Gap insurance is designed to bridge the gap between a car's original market value, and what the insurer actually pays out should the car be stolen or written off.
This can be used to clear any debts still owed for the car's purchase, or to finance the purchase of a replacement car.
Tom White, spokesperson for Auto Trader, said that this type of car insurance policy has "greater relevance" for drivers buying new cars, since these depreciate in value more rapidly
Mr White advised: "Not all drivers should consider Gap. The newer and higher value of the vehicle, the greater the depreciation will potentially be and therefore Gap will have greater relevance."
Drivers considering taking out Gap car insurance cover should shop around for the best deal and the policy that best meets their requirements, he added.
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