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GAP Insurance

Lost Value on Your Vehicle

  • Special GAP cover for Driving Instructors
  • Purchase price protection or finance
  • Competitive premiums

We all know that a car loses value the moment it is driven off the forecourt. If you are unlucky enough to have your vehicle written off after an accident it is very likely that your ADI car insurer will only pay the current market value for your vehicle. If you have finance on your vehicle, the Insurer may not fully clear what you owe or, if you paid outright for your vehicle you may be left short to purchase a vehicle of the same value. These are all serious factors that could make or break a business.


What if your dual control car was stolen, severely damaged or affected by flooding and deemed damaged beyond repair. Well in no uncertain terms as a business person who relies on their vehicle as a source of income then this is a serious matter. Here at Instructorcoverplus, we understand this potential threat to your lively hood and offer comprehensive protection against these cash shortfalls between purchase price and insured value. In the event of your vehicle being written off, this cover can return you to the original invoice price. We all know that a car loses value the moment it is driven off the forecourt. If you are unlucky enough to have your vehicle written off after an accident it is very likely that your ADI car insurer will only pay the current market value for your vehicle. If you have finance on your vehicle, the Insurer may not fully clear what you still owe the finance company or, if you paid outright for your vehicle you may be left short to purchase a vehicle of the same value. Not good for a driving school when your car is your business.


Purchase Price Protection

In the event of your vehicle being written off, this cover returns you to the original invoice price

Example: You purchased a vehicle for £15,000 and it is written off after 18 months Your motor insurers pay you the market value of £10,000. To replace your vehicle with a new one you would have to bridge the gap and find £5,000. Purchase Price Protection Gap could pay you the missing £5,000.

Finance Protection

Again we have you covered. A straight forward policy that helps you keep your cash in the bank if the worse was to happen. If your vehicle happens to occur extensive damage or is stolen, while being purchased via a lease or similar finance agreement your insurance company will happily pay out the value of the vehicle. However if there is a shortfall between the value of the vehicle and the remaining finance amount then you are responsible for this outstanding money. You have to be quick to clear this money otherwise your credit record might be adversely affected causing you issues on financing a vehicle in the future. So this policy clears your outstanding finance/lease charges in the event of your vehicle being written off

Example: You purchased a vehicle for £15,000 and interest is charged by the finance company, the vehicle is then written off after 18 months. Your motor insurers pay you the market value of £10,000. There is £12,500 owning to the finance company. Finance GAP would pay the £2,500 to allow you to clear the finance agreement in full.

*Terms and conditions apply, it is important that you always read the policy wording.

Give us a call so we can protect your income and your bank balance. Tel: 02920629413

 

or call us on 02920 629413

Enhance your cover

Choose the cover you need for your business

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Instructor Cover Plus is a specialist scheme for Driving Instructor Insurance, driving school insurance and ADI & PDI Insurance cover.

InstructorcoverPlus is a trading name of Watkin Davies Financial Services Ltd. Registered in England and Wales (No 02102120). Registered office 19 Penlline Road, Whitchurch, Cardiff, CF14 2AA.

Authorised and regulated by the Financial Conduct Authority (FCA No 136066).

Get in touch

  • InstructorcoverPlus
          15 Penlline Road
          Whitchurch
          Cardiff
          CF14 2AA
  • 029 20629413
  • Send us a message

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A division of Watkin Davies Insurance

 

Member of British Insurance Brokers Association