Is Finance Gap Insurance for your Mini The best level of cover for you?
Do you have a finance agreement through your motor dealer, for the purchase of your Mini? You may have a Hire Purchase, Personal Contract Purchase, Lease Purchase or alike, whereby you have finance that is tied to the Mini, and importantly, you can own the vehicle at the end.
Have you considered what may happen if the vehicle is stolen, or in an accident, and ‘written off’ by your motor insurers? You may still have a finance on the Mini, and you will be required to settle this. What if the settlement on the Mini is actually higher than the vehicle value offered by your motor insurers? You would be left with a shortfall.
You could look to protect the chances of this situation happening by buying Finance Gap Insurance for your Mini.
Finance Gap Insurance for your Mini
Why would you need to buy Finance gap insurance for your MINI?
So as you can see, by looking at a Finance Gap Insurance policy for your Mini, you could protect any shortfall between the vehicle market value and the finance settlement you may owe.
So does Finance Gap Insurance suit any type of agreement on the Mini? No actually, if you have a personal loan through a bank or a direct lender, then the agreement is not tied to the vehicle and therefore Finance Gap insurance for your Mini would not be the most suitable level of cover.
You could even have a circumstance where a Hire Purchase agreement may not suit a Finance Gap product. For example, if you have put a large deposit down on the vehicle, say 50% of its purchase price, the you are less likely to benefit from a Finance Gap Insurance product for the Mini. This is beacuse for the Finance Gap to perform to your advantage, you would need to be in a position where you owe more on the finance settlement than the vehicle is worth. Whilst all vehicles lose value, if you have only borrowed half of the value in the first place, then you are less likely to have any ‘shortfall’.
Also if you have any ‘negative equity’ carried forward from a previous finance agreement, then a standard finance gap insurance cover will not cover the negative equity element. We do have a specific product for those circumstances.
We even cover Mini for that are used for Driving School Vehicles with a specific Finance Gap product.
Why Finance Gap Insurance for Mini from EasyGap?
The EasyGap Finance Gap Insurance product is underwritten by a UK based Insurer, who are ‘A’ rated financially. This means that you are buying a product from a source that is well known and can be verified. The policies are also backed by the Financial Services Compensation Scheme, so even if the Insurer fails then you have a scheme to back up the cover.
EasyGap has a reputation for quality products at market leading prices, and in terms of the premium price we do not disappoint! We urge you to click or call for a quote, and we are more than happy to compare other online prices and cover.