Research by GAP Insurance provider, ALA Insurance has revealed that the average car owner is offered £286 below market value on claims where their car has been written off. Prompted by the news that Direct Line have been instructed to review unfair settlements from the past five years, ALA analysed over 3,748 claims to show which car makes, specifically receive the lowest payout based on market … [Read more...]
Write-offs are worrying more drivers
Almost one in three (32%) UK drivers have had a car written off by an insurance company (men 35% and women 30%) and 8% twice or more. London drivers are the most likely to have written off a car, with almost half (48%) having had a car written off by an insurance company. This is almost twice as high as other regions including Wales (23%) and the West Midlands (24%). In the Opinium survey of … [Read more...]
Lack of trust in “driverless” technology
Almost half (48%) of drivers do not trust new driverless technology, with women less likely to trust it than men (men 43% and women 54%). Over 55s (58%) are more than twice as likely to mistrust it compared to under 35s (28%). The Opinium survey of 2000 UK drivers, commissioned by InsuretheGap.com, a provider of Guaranteed Asset Protection (GAP) insurance, found that only 9% say they would … [Read more...]
Depreciation despair for drivers
With new 21-numberplate cars now on sale, GoCompare Car Insurance is urging drivers looking for a new car to think about depreciation and the possible impact on their insurance. Depreciation is one of the biggest costs of running a car. The price of a new car falls dramatically as soon as it is driven off the forecourt. Depending on the make and model, this can be between 15% to 35% in the … [Read more...]
Covering investment rarely considered by car buyers
A new car loses approximately 20% of its value when it is driven off the showroom forecourt, and cars lose between 15 – 20% of their value each year, however, different makes, models and even colours will all hold and lose their value differently. Depreciation is the difference between what you paid for a car and the amount you can get back when you sell or trade it in. It is often … [Read more...]
Extortionate GAP insurance from dealers – claim
Car dealers are ripping off buyers with GAP insurance products, claims one specialist insurer. Dealerships are selling Guaranteed Asset Protection insurance to car buyers for up to ten times more than an equivalent policy from a specialist GAP insurance company. One car buyer bought a Mercedes-Benz A180 CDI Sport for £20,000 and was quoted £1,000 for GAP insurance from the dealership, … [Read more...]