Gap Insurance online providers are set to steal a march on dealers by offering the popular forms of gap insurance, such as return to invoice and vehicle replacement for an extended 5 year period.
Traditionally, motor dealers have offered their gap policies for up to a 3 year period, except in the case of finance gap which is readily available for 5 years already.
So why the need for 5 year Gap Insurance cover?
Simply, people are looking to keep their vehicles longer, and in uncertain economic times, protecting your investment for a longer period can make sound financial sense. Coupled with the fact that online providers offer significantly cheaper premiums than dealers, the online route is set to become even more attractive with the extended period on offer.
So where can you find 5 year Gap Insurance?
Online Gap Insurance provider Aequitas Automotive Ltd are the first broker to announce they will provide 5 year cover for VRI Gap Insurance, RTI Gap Insurance, Agreed Value Gap Insurance and Finance Gap. Their current EasyGap.co.uk website currently supplies Gap Insurance from the ‘A’ rated insurer AM Trust Europe. They intend to launch a sister site in time for the new September plate, offering the extended 5 year cover from a new top level insurer.
This means that if you purchase a car, van, motorbike, motorhome, private hire taxi or driving school vehicle, and you intend to keep the vehicle for 5 years or more, you can avail yourself for the full period.
Remember any vehicle is likely to lose value, and obviously over a 5 year period great care is needed in choosing the right claim limit. Great to have cover for the full period, but finding you are limited by your claim limit is not ideal.
Please feel free to explore our site for information and developments in the world of Gap Insurance.