The report states that there are around 450,000 incidents of accident-related theft every single year throughout the United Kingdom, with a further 150,000 insurance thefts. This is higher than many people expect, as the criteria of what can cause a car to be considered at a ‘total loss’ is much less clear than we think.
British Insurers recent stated that “because of depreciation, this will be lower than the price you paid. GAP insurance can cover you against this, more or less filling the ‘gap’ between the vehicle’s market value (what it would cost if put on the market just before the accident) and the vehicle’s value when you purchased it, as well as any outstanding finance debts, if applicable.”
A spokesperson for Click4Gap, one of the country’s leading suppliers of gap insurance policies, has also released a statement following the report. “It is refreshing to see such an emphasis on the importance of gap insurance in an article in a national newspaper.
“We believe that without gap insurance, vehicle owners are exposing themselves to serious expenditure later down the line if their car is stolen or written up. With a sensible gap insurance policy, this risk is removed completely.”
Click4Gap is recognised as the nation’s original and best warranty provider. Highly respected and trusted, the UK based firm has delivered thousands of innovative products over the past 20 years to a profile of very satisfied customers. Click4Gap is the only online provider focused on providing quality, flexible insurance products to our consumers. As well as being FCA registered the company is also a member of the Financial Ombudsman service (FOS) and the Financial Services Compensation Scheme (FSCS).