Gap Insurance - To Defer or Not to Defer, That Is the Question

Not so long ago it was very common practise for your own motor insurance company to offer a new for old style of cover within the first 12 months of your ownership when ever you bought a brand new car.

This means that if your car was written off within this period your own insurance company would simply replace it on a new for old basis.

It was a perk of buying a new car. It was almost an expected feature of any motor insurance policy. As you already had new for old within the first twelve months it was always tempting to delay the purchase of any gap insurance until the end of this period. The problem was that as you would have then owned the vehicle for over the magic one hundred and eighty days qualifying period the type and level of cover available was inferior to the styles offered when you originally purchased the vehicle.

To compensate for this difference the only option was to buy gap insurance at the start of your ownership. A result being that you where effectively paying twice for the first years cover.

Times change and today's economic climate every organisation is looking for ways to stay competitive and stream line costs. This in turn has meant that not all insurance companies offer this feature as standard. That said there are plenty that still offer this cover and one in particular whom I know offers up to two years complimentary cover.

So as we have already explored if you had this type of cover you where left with only two options neither of which where ideal. At last times have changed and there is a new breed of gap insurance which simply allows you to defer the start date to coincide with the end of your own motor insurance companies cover. The date can be set up to 12 months in advance.

At last you can benefit from the higher premium levels of cover and not be left in the position of having to pay twice or accept inferior levels of cover.

That said do not consider any level of deferred gap insurance until you have contacted your own motor insurance company and confirmed their levels of cover. You will need to read their terms and condition and satisfy yourself that should your vehicle be written off that you would be protected via their policy. That said if you have read the conditions and are happy with their level of cover why not explore the deferred gap insurance option and take advantage of even further price reductions.

Jackie Verdier Sales Director at Aequitas Automotive Limited

As our name Aequitas suggests our aim is simply to be fair and honest in all we do. No gimmicks, no fuss just fantastic service and real market leading prices via our two brands https://easygap.co.uk/ and https://gapinsurance123.co.uk/. Gap insurance dose not have to be difficult and really can be very easy. Used properly and with common sense it really help you protect your finances. So why not take the easygap challenge and see just how easy gap insurance can be.

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