Tobel GAP Insurance
Tobel Guaranteed Auto Protection (GAP) Insurance is available now from NK Motors.
GAP insurance covers you for the difference between the actual cash value of your car and the balance still remaining on your car finance agreement.
It’s well known that cars depreciate quickly; just by driving your new car out of the dealership your vehicle may depreciate by a third in real terms and after a few years your car’s value can be a small fraction of the original price. GAP insurance covers this difference so for example if you pay £24,000 for a car and 16 months later it’s written off and the insurer states at the time it was only worth £14,000 due to depreciation then GAP insurance will cover that difference and ensure you can get a brand new car.
GAP insurance is available for new and used cars, though it’s most valuable for newer car as these tend to depreciate in value at the fastest rate.
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