GAP (Guaranteed Asset Protection) insurance serves as a financial safety net, ensuring you’re not left out of pocket should your vehicle be written off or stolen. As with any insurance product, different providers offer different terms, conditions, and benefits. It is important that you know your options, the various benefits, and how GAP insurance can provide you with peace of mind.
In this guide, you’ll gain insight into GAP insurance policies provided by two major providers in the UK: ALA and gapinsurance.co.uk. We will also explain what to look out for when choosing a good GAP insurance policy, how to choose the best policy for you, and the best provider for your GAP insurance needs.
GAP insurance is a great choice for protecting your investment and giving you peace of mind should your vehicle be written off or stolen. Before choosing your GAP insurance policy, you should make yourself aware of the qualities that make a policy good. These include:
Fair payout rates: Ensuring you receive the full difference between your car’s market value and what you originally paid.
Transparent terms: Clearly outlined terms without hidden clauses. The policy wording and Insurance Product Information Documents (IPID) should be available to view before you purchase so you can see the full terms and conditions of your policy.
When choosing GAP insurance with ALA, you can be assured of our outstanding customer service, competitive pricing and extensive policies. When browsing, there are various points to keep in mind:
Excess contribution: We contribute up to £250 towards your motor insurance excess in the event of a claim, with an option to increase up to £1000.
Finance cover: Outstanding finance amounts are covered, ensuring no remaining debts if your vehicle is written off.
Value: We pride ourselves on offering competitive prices without skimping on coverage depth. We have a range of coverage options that take into consideration your car’s age and mileage, plus how you funded it, giving you a bespoke price with all the elements of the policy explained to you.
Flexible plans: We provide flexibility with policies adjustable to individual needs, catering for a range of vehicles and financial setups.
Best rated on Trustpilot: With a strong reputation, we are highly rated on Trustpilot, highlighting our commitment to customer satisfaction. As of October 2023, we had a 92% five-star rating out of 16,111 reviews.
GAP insurance types: We offer a broad spectrum including Back to Invoice, Vehicle Replacement, and Contract Hire GAP, all of which have benefits designed to help you get the most out of your policy.
Payout rates: Known for our 99% payout rate, we ensure customers receive the funds they’re entitled to.
Customer service: Highly praised for our responsive and helpful customer service, we assist clients throughout the entire claim process and beyond.
Gapinsurance.co.uk also offer various enticing benefits:
Excess contribution: gapinsurance.co.uk offers excess contribution, but specifics may vary depending on individual policies.
Finance cover: They cover outstanding finance amounts on vehicles as well as lease rental payments.
Flexible plans: gapinsurance.co.uk offers flexibility, but potential customers should review policy details closely to ensure they’re getting what’s needed.
Best rated on Trustpilot: They have received 95%four and five-star ratings from 94 reviews on Trustpilot (as of October 2023), but ALA takes a slight edge in terms of overall feedback.
GAP insurance types: Like ALA, gapinsurance.co.uk offers several types of GAP insurance, but the time you have to purchase a policy is much longer with ALA.
How can I choose the best GAP insurance policy for me?
In order to get the very best GAP insurance policy for you, be aware and:
Assess your needs: Understand the value of your vehicle, its depreciation rate, any outstanding finance you have on it and how all of this could have an impact on your finances if you make a claim.
Research: Compare policies, paying close attention to terms and conditions.
Check reviews: Trustpilot and other platforms provide firsthand experiences from other users.
Cost vs coverage: Opt for policies that offer the best value, not just the lowest price.
Ask questions: Contact providers directly to clarify any doubts.
Trusting your GAP insurance provider is crucial. Look for:
Transparent policies: Clear terms and conditions without ambiguities.
Reputable reviews: High ratings on platforms like Trustpilot.
Recommendations: Word of mouth from friends, family, or colleagues.
Established presence: Companies with a history in the industry are often more reliable.
Customer service: A provider’s commitment to their customers both pre- and post-sale is as essential as their policy offerings.
Our combination of comprehensive cover, exceptional customer service, and competitive pricing at ALA gives us an edge in terms of providing the best service for you. We’re proud to provide clear policies and a straightforward claims process, lessening the stress should your vehicle be declared a total loss. To get started, start building your bespoke GAP insurance quote here.
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