The Truth About Deferred Gap Insuarcne
If you are searching for gap insurance on the internet you will find a lot of information. Some good excellent in fact and some of which can only be referred to as very misleading.
A question which is always asked when it comes to customers who are buying a new car is with reference to deferring the start date of their cover.
Some shortfall protection suppliers offer a form of gap insurance called deferred gap insurance.
This is just like any other form of gap insurance except that you have simply decided to defer the start date of the policy to coincide with the end of your own motor insurance companies new for old style cover.
A long time ago it was the norm that when you bought a new car your own motor insurance company would simply replace the car if it was written off within the first 12 months on a like for like basis. The cost implications however meant that some insurance companies pulled away from offering this feature.
That said there are still some very large, very good and very reputable insurance companies that do. So if your own insurance company dose offer you the new for old style cover as a perk within the first 12 months of ownership why shouldn't you take advantage and defer the start date of your policy.
We agree in offering this feature as we believe that is it treating customer fairly in that they are no longer paying for double cover.
In fact in our opinion the company's who do not advise customers to first check with their own motor insurance company about the new for old style cover do not in fact have the ability to offer a deferred policy.
While this in itself is nothing abnormal after all if the gap insurance supplier you are buying you policy from does not have this feature how can they offer it to you. However we are concerned that a growing number of motorists could be mislead into thinking that a deferred policy could leave them exposed or be inferior.
In summary, deferred gap insurance can and dose save thousands and thousands of customers lots and lots of money but you need to contact your own insurance company first and ask them about the feature and if they have and terms and conditions. If they do and you are happy why not defer your policy and save even more money.
A question which is always asked when it comes to customers who are buying a new car is with reference to deferring the start date of their cover.
Some shortfall protection suppliers offer a form of gap insurance called deferred gap insurance.
This is just like any other form of gap insurance except that you have simply decided to defer the start date of the policy to coincide with the end of your own motor insurance companies new for old style cover.
A long time ago it was the norm that when you bought a new car your own motor insurance company would simply replace the car if it was written off within the first 12 months on a like for like basis. The cost implications however meant that some insurance companies pulled away from offering this feature.
That said there are still some very large, very good and very reputable insurance companies that do. So if your own insurance company dose offer you the new for old style cover as a perk within the first 12 months of ownership why shouldn't you take advantage and defer the start date of your policy.
We agree in offering this feature as we believe that is it treating customer fairly in that they are no longer paying for double cover.
In fact in our opinion the company's who do not advise customers to first check with their own motor insurance company about the new for old style cover do not in fact have the ability to offer a deferred policy.
While this in itself is nothing abnormal after all if the gap insurance supplier you are buying you policy from does not have this feature how can they offer it to you. However we are concerned that a growing number of motorists could be mislead into thinking that a deferred policy could leave them exposed or be inferior.
In summary, deferred gap insurance can and dose save thousands and thousands of customers lots and lots of money but you need to contact your own insurance company first and ask them about the feature and if they have and terms and conditions. If they do and you are happy why not defer your policy and save even more money.
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