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Motor Gap insurance pays out in the event of a car being written off by an amount that is the difference between the current market value of the vehicle and its lease value.
As an example, if a car you bought in 2010 was written off and you had £10,000 left to pay on your motor lease, but the market value of the car was only £8000, the Motor Gap insurance would pay out the remaining £2000.
Motor Gap insurance provides an additional level of protection to a standard motor insurance policy by covering the potential difference between the car’s market value and the amount left to pay on a lease. Anyone buying a car on credit should consider whether they would be able to meet this shortfall in the event of a motor accident.
Having Motor Gap Cover provides reassurance that in the event of an accident where your car is written off, you will not be faced with an additional bill to settle the loan you took out to buy the car.