Welcome to GAPCORP Insurance Broker. Established in 2004 GAPCORP Insurance Broker LLC (formerly known as Lonsdale & Associates Insurance Broker LLC) is a trusted and well-respected insurance broker within the insurance community in the region. Find a Star Rating Motor gap insurance. Let our expert ratings help you quickly find out what the quality of your insurance policy is. Our experts select and analyse between 30 and 100 features or benefits for every policy on the market.
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Gap insurance broker uk. GAP insurance cannot be purchased on the day the car is sold. Dealers must wait until the fourth day after handing over the prescribed information. However, there is nothing to stop you buying GAP insurance whenever you want, so you are free to initiative a purchase straight away. Paying for GAP insurance GAP stands for Guaranteed Asset Protection. There are several specific types of GAP insurance but the overall purpose of this type of cover is to protect you financially in the event of a total loss claim. Whilst a large number of policies are purchased for brand new cars, GAP Insurance can be taken out on used models if desired. Gap insurance, often flogged by pushy car salesmen, covers the difference between the amount you paid for your car and the amount an insurance company would give you if it was written off or stolen. This guide explains the basics of gap, or guaranteed asset protection insurance to give it its formal.
Policies underwritten by a UK based insurer. Our GAP insurance policies are underwritten by a syndicate at Lloyd's of London – LLoyd's being rated A, AA- and A+ by three of the world's leading insurance rating agencies. FIVE, offshore underwriters of GAP insurance (two in Gibraltar and two in Denmark) have gone bust since 2016 alone! Our Gap Insurance is available providing cover is purchased and started within 90 days of vehicle delivery from a motor dealer, broker or leasing company. Depending on the type of Gap Insurance you need, cover can be available for vehicles up to 10 years old and less than 100,000 miles. The insurer who underwrites the EasyGap products from January 2020 is Acasta European Insurance Company Ltd. Acasta is well known in the GAP Insurance field in the UK, both with independent providers like EasyGap as well as underwriting GAP Insurance for one of the best know prestige car manufacturers in the UK market.
Combined GAP Insurance Product Combined GAP Insurance has been designed to cover the ‘gap’ between the greater of the motor insurance settlement or the market value of the insured vehicle and either the amount you paid for the vehicle, or the finance early settlement balance payable to the finance company if the insured vehicle is declared a total loss within the period of cover. Motor Dealer vs Insurance broker. There are 3 main reasons why the cost of gap insurance is so much higher from your motor dealer in the UK. 1 – Tax – when you buy a vehicle from a motor dealer in the UK, and they offer you an insurance product (which gap cover is) then they must charge Insurance Premium Tax at 20%. GAP insurance (Guaranteed Asset Protection) is an insurance policy that is designed to cover the gap between the amount owed on a vehicle and its actual value in the event of an accident. In the event of an accident, vandalism, fire, theft or flood, whereby the vehicle is written off, an insurer will only pay out the market value of the vehicle.
Guaranteed Asset Protection (GAP) insurance (also known as GAPS) was established in the North American financial industry.GAP insurance protects the borrower if the car is totaled by paying the remaining difference between the actual cash value of a vehicle and the balance still owed on the financing. GAP coverage is mainly used on new and used small vehicles (cars and trucks) and heavy trucks. Gap Insurance is designed to offer peace of mind by covering the difference between the purchase price of your vehicle, and the amount the insurer pays in the unfortunate event of a total loss claim. It can also cover a finance owed over and above the purchase price depending on the level of cover you choose. Shortly afterwards "GAPinsurance.co.uk" was set up as a trading style of Surf and Protect and the company grew from strength to strength until, in mid 2009, with the company well established as the largest online broker of GAP insurance of the time, he sold the business and emigrated to live in New Zealand, becoming a full-time stay-at-home Dad.
GAP insurance bridges the gap between what your motor insurance pays out and what you originally paid for the vehicle – meaning you're not left out of pocket or left paying finance for a vehicle you no longer have. If you want to protect yourself then Insure the GAP are the experts you can trust to find the right solution for your situation. Totallossgap.co.uk is FCA authorised and regulated and backed by the Financial Services Compensation Scheme.. This is the same with Gap Insurance, because we provide the underwriting insurer with such a high volume of business, we get the policies at a much better rate. The second reason is down to taxation rates. GapInsurance.co.uk – 132 Huddersfield Road, HD9 3AS Holmfirth, UK – Rated 4.9 based on 226 Reviews "Got quoted £370 for gap insurance from the dealers….
UNITED KINGDOM In 1992 Automotive Marketing Services Ltd established an insurance division which in 2000 was incorporated separately. AMS under its Asset Secure® brand is a major provider of full-value GAP products to motor dealerships, insurance brokers and finance companies throughout the UK. And finally, if a Gap broker, insurer or comparison website has a five-star rating, don’t take any notice of it. Frequently Gap brokers pay for these and they tend to be based purely on the. Simply put, Gap Insurance (or Guaranteed Asset Protection) can provide added financial protection.. Insurance Premium Tax – there are two rates at which you can pay tax on insurance in the UK. The standard rate of IPT is 12%. If you buy a policy from a company involved in the sale of the vehicle (ie the dealer) you pay higher rate IPT at 20%.
Vehicle ownership – GAP insurance is suitable for cars that are owned outright, financed and leased. As your insurer would only pay out to the tune of your car's current value, without GAP insurance, the latter two could result in you having to make the same monthly payments, but for a much lower spec or older car than the one you started out with. Finance GAP insurance, which will pay the finance company enough to cover your debt. Return-to-invoice insurance (also known as Back to Invoice insurance), which tops up the insurers’ payment to what you paid for the car in the first place. New Car GAP insurance, which will pay you enough to buy an equivalent car to the one you lost. However, Gap insurance bought through dealerships is often heavily overpriced, and shopping around could potentially save you hundreds. The table below shows the cost of vehicle-replacement Gap insurance for three different cars bought brand new, and the features of the different third-party Gap insurance policies.
GAP Insurance allows you to change your vehicle without having to cancel your GAP policy. You can renew your policy annually so this can run in line with your car insurance policy. Covers your excess up to £250 in the event of an at-fault claim. The maximum GAP will pay (sum insured) following a claim is £75,000.