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Motorists on a PCP deal that do not have gap insurance in place are taking a massive risk. If you were to get into an accident that resulted in the car being written off, you would find yourself paying for a vehicle that no longer exists.
PCP gap insurance covers the gap between your insurance payout (the current market value) and the amount outstanding on the finance agreement. The value of gap insurance is clear, but where is the best place to get it from?
Dealerships
When you arrange a finance deal, you will always be offered a PCP gap insurance policy. While this might be the easiest and most convenient option, you will find that it is very rarely the best option and is often part of a large package deal. Dealerships know that people like convenience, but you will find that you will not get the best rates or coverage with gap insurance from a dealership and they will be relying on you not having done any research. Therefore, it is best to look elsewhere even if it involves a little bit more work.
Specialist Provider
Usually, the best option is to go directly to a PCP gap insurance provider. This is because they will offer the best deals, the most flexible level of cover and dedicated customer service (this is key). This means that you can save money, get a level of cover tailored to your needs and benefit from a higher level of customer service by going with a specialist provider instead of coverage from a dealership.
Comparison Site
As with any type of insurance policy, it is always a good idea to shop around. This is why comparison websites are a good option for finding different PCP gap insurance policies. Make sure that you do your research, though, and never go with the first or cheapest option that you find. You always want to check what is included and what the exclusions are with a gap insurance policy and they can vary drastically – this is why you must always read the small print, compare your options and speak to a specialist if you need further guidance.
Look Online First
This all means that you should not jump at the opportunity to get coverage from the dealership and instead go home and take some time researching your options (or research ahead of arranging the PCP deal). You can then take your time to find the right level of cover and the best deal.
PCP gap insurance should be considered by all motorists on a PCP deal, but you also need to understand that no two policies are the same and you need to take your time to find the right one for you and not fall into the trap of opting for coverage from the dealership.
David Prior
David Prior is the editor of Today News, responsible for the overall editorial strategy. He is an NCTJ-qualified journalist with over 20 years’ experience, and is also editor of the award-winning hyperlocal news title Altrincham Today. His LinkedIn profile is here.
