Do Admiral Provide Gap Insurance
Thursday, May 11, 2023
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Do Admiral Provide Gap Insurance?
What is Gap Insurance?
Gap insurance, also known as ‘Guaranteed Asset Protection’, is a type of insurance policy designed to cover the difference between the market value of your car and the amount you still owe on your car loan. In the event of an accident where your car is written off, gap insurance will cover the cost of any shortfall between the market value of the car and the amount you still owe. It’s important to note that gap insurance only applies to new cars and cars purchased on a finance plan.
Do Admiral Provide Gap Insurance?
Admiral is one of the UK’s leading car insurance providers and they do offer gap insurance as an optional extra on their motor insurance policies. Gap insurance from Admiral is available in three levels of cover: Essential, Comprehensive and Premier. The level of cover you choose will depend on the amount of cover you need and the amount you’re willing to pay.
Which Cars Qualify for Gap Insurance?
Gap insurance from Admiral is only available for cars that are less than five years old and have been purchased on a finance plan. It’s important to note that gap insurance will not cover cars that have been purchased outright or cars that are more than five years old. If you’re unsure whether your car qualifies for gap insurance from Admiral, you can contact their customer services team for more information.
How Does Gap Insurance Work?
Gap insurance from Admiral works in the same way as other types of gap insurance. If your car is written off or stolen and you’re unable to recover the full value of the car, gap insurance will cover the shortfall between the amount you still owe and the market value of the car. Gap insurance is designed to protect your finances in the event of an accident and it can be a useful option if you’re concerned about potential losses.
What Are the Benefits of Gap Insurance?
Gap insurance from Admiral can provide a range of benefits, including financial protection in the event of an accident or theft. It can also help to protect your credit rating in the event of a shortfall, as you won’t be liable for any additional payments. Additionally, gap insurance from Admiral can help to reduce your stress levels in the event of an accident, as you’ll know that you’re protected if the worst does happen.
How Much Does Gap Insurance Cost?
The cost of gap insurance from Admiral will depend on the level of cover you choose and the amount of cover you require. Essential cover starts from £50, while Comprehensive and Premier cover start from £99 and £149 respectively. It’s important to note that gap insurance is an optional extra, so you don’t have to purchase it if you don’t want to.
In conclusion, Admiral does offer gap insurance as an optional extra on their motor insurance policies. Gap insurance from Admiral can provide financial protection in the event of an accident or theft and it can help to reduce your stress levels. The cost of gap insurance from Admiral will depend on the level of cover you choose and the amount of cover you require.
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