GAP Insurance | OVL Group Ltd

GAP Insurance

OVL working with Premia Solutions to offer GAP insurance

GAP insurance.. do you know what it is? Do you know if you need it? Never fear, we'll explain all.

When you lease a new car, it begins to depreciate in value the second it is loaded onto the trailer for delivery to you.

Depreciation of brand-new cars, most lose 20% of their value before they reach a year old, is a fact of life and one of the reasons why leasing is such a good option and GAP insurance exists to protect your investment.

Standard car insurance that we all have, covers the depreciated value of a car; so if you have to make a claim within say 9 months of receiving your new lease car, your insurance will cover the market value of the car on that day.

Due to depreciation this amount could be thousands less than the brand-new value of your vehicle.

GAP Insurance

GAP insurance covers the difference between what a vehicle is currently worth (which your standard insurance will pay) and the amount you owe on it. Depreciation on a car doesn’t go in a straight line, for example it will lose more in year 1 than year 2, however your standard insurance won’t take these fluctuations into account, this is where GAP insurance comes in, covering the difference.

Prices vary but generally speaking GAP insurance offers a very affordable peace of mind.

We work in partnership with Premia Solutions to ensure we can offer our customers the best service when it comes to organising GAP insurance. The team at Premia Solutions will contact each of our customers to explain the protection that GAP insurance provides and provide quick quotes and policy set up for anyone wishing to go ahead.

If you have any questions please contact one of our team who can point you in the right direction.