Guaranteed Asset Protection (GAP) insurance covers the difference between your car insurance and the value of your car in, the unfortunate, event of a total loss (write-off) or if your vehicle is stolen. This will help ease the financial burden and also allow you to gain access to extra funds to purchase a replacement car or clear any outstanding finance. Click here to GET A QUOTE
As we all know, cars depreciate over time and your car insurer will only take the current value of the car into consideration. GAP insurance covers the ‘gap’ between the insurance payout and the actual cash value (ACV) of the car.
For example, if you bought a car for £10,000 and it was worth £7,000 when it was declared stolen or written off, your GAP insurance would cover the £3,000 difference.
GAP insurance can also help cover any outstanding finance payments you may have incurred. For example, for some premium policies, you may be required to use a replacement car that needs to be of the same specification as the original car purchased.
If your car is written off in the event of an accident or breakdown, your car insurance policy will only cover your vehicle to its current value. This can be considerably lower than the price you paid for your car and will not cover the costs of getting back on the road or any outstanding financial commitments.
GAP insurance gives you the peace of mind that you’ll have the funds available to cover the costs towards a new vehicle and pay off any unsettled payments.
At AutoTechnik, we offer GAP insurance for new and used vehicles. Using our trusted partner, we can offer tailored GAP insurance policies that are best suited to your requirements.
Finance/Contract Hire: If your vehicle is declared a write-off, GAP insurance will pay the remaining balance between your vehicle insurance settlement and the amount you have outstanding on your finance agreement. This applies to all the drivers on the policy and can be covered for 1 – 5 years.
Return to Invoice +: If your car is written off or stolen, whether it is new or used, the Return to Invoice + policy will pay the difference between your car insurance payment and the amount you paid to purchase the car.
Vehicle Replacement +: This policy will cover the difference between your vehicle insurer’s payout at the point of loss and the cost of replacing your vehicle. The Vehicle Replacement + policy will also cover any dealer discounts and increase in car price.
Agreed Value: If your car is declared written off then this policy will pay the gap between your vehicle insurer’s payment and 100% of the Glass Guide retail price at the time of purchasing the policy. This policy will cover you for 1 – 4 years and also protects you if your vehicle is stolen from theft of your keys.
GAP insurance is highly recommended if you are buying a new car as they depreciate quickly. You are more likely to reap the benefits in the events of an incident. Older cars still do depreciate, but at a much slower pace than newer cars.
Interested in protecting your pocket if your car is written off or stolen? Contact our team today to GET A QUOTE and we’ll help you find the best GAP insurance plan for your car and requirements.
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I was referred to Auto Technik about 2 years ago and have been bringing my 325i to them ever since. Trustworthiness and professionalism are of utmost importance when selecting someone to do business with – the servicing of my cars is no exception.
Wez and his team have always demonstrated trustworthiness, professionalism and knowledge of the issues pertaining to my 325i. Over the course of 2 years, I have completed a variety of service issues including brakes, tune-up, regular oil changes, thermostat, radiator and more. In each case, I found Wez and his team to successfully diagnose and service my repair needs in a timely and efficient manner.
Wish I could find a way to describe how great my car feels each time I drive away from Auto Technik! No matter why I brought my car in, I always leave feeling like the entire car was serviced.
I recently had my vehicle serviced at Auto Technik BMW and MINI Specialists in Leicester and found the overall experience rather brilliant. I have had numerous BMW’s and been to many ‘BMW and MINI Specialists’ across the midlands but I found these to be particularly professional and thorough.
The pricing was unbelievably competitive and they advised me on all the extra items my car needed after carrying out a FREE Diagnostic Check.
The one thing I found unique about them was they offered me a Collection & Delivery service. My BMW was collected from work at 09:30 and returned; Diagnosed, Serviced and Valeted before my lunch break!
In a nutshell the service was superb, the staff were courteous and professional and they offered a service that was “outside of the box” with both the service and the collection & delivery which would benefit anyone with a BMW that needed any work doing to it.
I would highly recommend them to all who need their BMW or MINI serviced.
Thanks again for the excellent job you did in repairing my BMW. It’s running better than ever.
I really appreciate the professional way in which you conduct your business. Your years of experience definitely show. I’ll be back!
I wanted to thank you for providing excellent service during my two recent visits with my 2000 BMW M-coupe. It was refreshing to be able to leave my car in “good hands” with an obviously well trained BMW mechanic and know that all the service will be handled in a very professional manner
Great customer service, professional and helpful, recommend highly
Great experience at Autotechnik – Easy transaction with no pressure. Great communications and a real pleasure to buy from. Stefan made buying our new BMW X5 a pleasure and took the time to answer all our questions and queries about the vehicle. Good follow up to check all was OK and that we were satisfied with our purchase.
Bought a vehicle which then developed a fault. Autotechnik couldn’t have been more helpful. Car was taken back courtesy car provided and regular updates on the work being carried out. The staff were always helpful and polite, and nothing was to much trouble. Especially professional during this difficult time faced by all.
Autotechnik are, by some distance, the best independent dealer I have used. Buying my third Mini , it is evident that these guys are in a different league. They are clearly very knowledgeable about Mini and BMW, and the whole experience of the sales process was smooth, honest and professional. Details matter, and things like a follow-up phone call a few days after buying are a nice touch. I would highly recommend them.