The internet is a wonderful place if you are looking to research just about any product you like. Indeed it has become almost second nature for consumers to open up their laptop, smart phone or desktop computer to discover detailed information on anything you may wish for. However, the area of Gap Insurance for motor vehicles has been one, until recently, where the UK consumer has struggled to find independent expert views on the subject.
Gap Insurance comparison
That is not to say you cannot find information on Gap cover, however it is abundant on websites run by providers of the product (possibly not to ‘independent’?) or internet forums. The issue with internet forums is that some of the posters who assert themselves as ‘experts’ have a poor knowledge of the modern Gap Insurance product. Some of the descriptions of how the products may work, or features to look out for are poorly understood by many posters on internet forums, and this is not surprising as the products have evolved quite dramatically over the last few years.
For those seeking expert advice there are actually a couple of good resources you could try. In early 2012, Which? released a report into Gap Insurance in the UK, both in its magazine and later on the Which? website. This report was quite basic in nature, but did run through some fundamentals and gave a comparison for products offered at motor dealers, and a series of leading online providers.
For a much more ‘in depth’ analysis of product features, the recently released Motor Gap Insurance Star Ratings by Defaqto give a far better picture when you wish to compare products and providers. With Vehicle Replacement Insurance in particular, where the differences in policy features and terms can make such a large difference in the event of a claim, the ability to identify a ’5 Star Rated’ product above that of a 2 or 3 Star is much easier for the consumer.
Remember the ‘devil is in the detail’ with any type of Gap Insurance, even more so with VRI Gap, so a report like that compiled by Defaqto really is well worth looking at before you make any decision on Gap Insurance protection.