Are you looking for Vehicle Replacement Insurance for your motor vehicle? If so you may have looked at a number of online VRI Gap Insurance providers to compare the cover they offer. You may be forgiven for assuming that all Vehicle Replacement Gap Insurance policies are the same, in that they will cover you to the replacement cost of the vehicle? However there are a few aspects of cover that can be different with each provider. Here is a little run down of what to consider
Which Vehicle Replacement Insurance?
As with most types of Gap Insurance, there are several sources of Vehicle Replacement Insurance on the UK market. Each may be underwritten by a different insurer, and even those back by the same insurance company, may have slight policy feature differences between them.
The biggest consideration when choosing a VRI Gap Insurance policy may be understanding how each of the policies pay in the even of a claim. Many, in fact the majority of Vehicle Replacement Insurance policies will pay a nominated dealer who will replace the vehicle for you. If you like, this would be Vehicle Replacement Gap Insurance in the strictest sense of the word.
There are some VRI Gap Insurance policies that instead of paying the dealer to replace the vehicle, will actually pay you the funds to replace the vehicle. This means you have more control on how you can replace the vehicle. This feature on a VRI Gap Insurance policy is quite rare but can be fould in the UK.
If you have replacement ‘new for old’ cover on your motor insurance policy, you may want to remove ‘double cover’ in those first 12 months by having a deferred start date on your VRI Gap Insurance policy. This means you can buy a 3 year vehicle replacement insurance policy, defer the start date for 12 months, giving you a total of 4 year cover.
Othe Vehicle Replacement Insurance features and tips
There are lots more features you can look out for, such as the ability to cover paint protection cost, cover for a vehicles such as cars, vans, motorbikes, motorhomes and taxi’s, and even 5 year cover. These are all features of Vehicle Replacement Insurance that you can find in the UK today.
Then of course, comes the price! The best independent price comparison we found was on the Which website (click for link).
So you think that all VRI Gap Insurance policies are the same? Think again! Consider carefully and you will find the best Vehicle Replacement Insurance cover for you!