GAP Insurance | Special Feature by Motor Mistress for AVC
Should you take out GAP insurance? Is NOT having GAP worth the risk? Debbie takes a look...
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dAs we all know, it's becoming more and more difficult to allocate our spend wisely due to the rising cost of living.
Leasing a vehicle is more expensive than it used to be and many of us are extending current contracts or replacing our old vehicles with cars that are cost-effective and cheap to run.
In times when we are feeling the pinch, 'non-essential' items and subscriptions are always the first to go. One of the outgoings on the 'money overhaul' list are usually insurance policies.
Most of us have various policies and some of these are obviously necessary, like house insurance for example. However, many of us will take risks to save money in the short term by cutting back on insurances they feel they can do without. Just for a while.
Like GAP insurance.
This got me thinking: is taking risks really what we should be doing in times of economic uncertainty? Or should we be protecting ourselves against potential losses that we can ill-afford?
GAP Insurance | The Motor Mistress Lowdown with Vicky Clarke Cert CII, Account Executive at Bayliss and Cooke Limited
I decided to ask Victoria some questions about GAP insurance, to try and get to the bottom things. Should people consider taking a policy out if they are going to lease a new car, extend a current contract or could they think about taking one out on an existing vehicle?
Motor Mistress;
"Hi Vicky. Great to see you. Could you explain what GAP Insurance Cover provides to the end user, to kick things off?"
Vicky;
"Hi Debbie. In a nutshell, Contract Hire GAP Insurance is intended to provide cover of up to 100 percent of outstanding lease payments if there is a total loss claim. This could be fire or flood damage, theft or accident.
"In short, any 'Gap' will make sure that your outstanding payments are paid, leaving you to move forward and arrange for a replacement vehicle without any drama."
Motor Mistress;
"Many of us are looking to cut costs right now. Would you recommend that GAP Insurance is one the policies that should be kept on, ideally?"
Vicky;
"I do, yes. Our GAP insurance policies start from under £175 in total for a two-year contract hire term and we offer payment plans. I feel that it helps to provide peace of mind at a time when we arguably need it the most.
"With two levels of policy on offer, this is something that I feel customers should at least give consideration to. A shortfall on any kind of vehicle contract or finance agreement in the event of total loss can be a costly business, so it shouldn't be taken lightly.
"At Bayliss and Cooke Limited, we provide competitive and bespoke quotations to suit every client, based on over 50 years' experience.
"As part of the Henshalls Group - one of Shropshire's largest insurance brokers - we enjoy unrivalled access to the insurance market, offering all the reach and risk management service you would hope to expect from a leading provider but with that all-important personal touch!"
Contract hire and Leasing GAP Insurance Policy Summary | Motor Mistress Summary
What are my thoughts on the subject?
Well, I'm not technically qualified to provide you with GAP Insurance advice.
As a company, we have dealt with Bayliss and Cooke for a long time and I am perfectly happy to recommend them. They will always give you a fair price on a product you need, without trying to 'sell' you something you don't. As this is our ethos, their approach sits perfectly well with me.
Any unexpected bill is something I certainly don't want to expose myself or my business to - especially at the moment - so we make sure that we have ourselves covered at all times.
In my opinion - if you can, of course - so should you.
Debbie Mountford
Director - All Vehicle Contracts AKA Motor Mistress [@MotorMistress|https://twitter.com/MotorMistress]
Bayliss and Cooke Limited | Gap Insurance
[Contact Bayliss and Cooke by clicking here and quote AVC |mailto:BIT@henshalls.com] or ask your sales professional at All Vehicle Contracts to introduce you today to one of their specialist team.
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Published: Aug 17 2022
