In the unfortunate event of your Hyundai being written off, your motor insurer will compensate you based on what they estimate the vehicle to be worth at the time of the loss, frequently referred to as the "Market Value".
The primary aim of GAP insurance is to supplement the payout from your motor insurer, ensuring you receive a more substantial sum. The particular type of GAP insurance you hold determines this top-up amount, which could be the settlement figure of your finance agreement, the initial invoice price you purchased the vehicle for, or even the cost of acquiring a new identical model at the time of the claim.
How does Hyundai Gap Insurance work?
GAP Insurance acts as a protection, granting additional protection to increase your insurer's payout. Given the expected depreciation of your Hyundai's value, especially within the initial three years, it's fundamental to consider the potential financial gap. For instance, a Hyundai CR-V purchased for £35,000 may depreciate to £14,000 after three years, leaving you with a significant £21,000 shortfall. Find out more details in our comprehensive GAP Insurance guide.
Why do I need Hyundai Gap Insurance?
If you take pride in your Hyundai, protecting your car and financing should be a top priority, making GAP insurance an essential addition for added protection.
Have you considered the potential payout from your insurance if your car were to be written off? It's fundamental to consider whether it would be sufficient to cover the cost of a new like-for-like replacement.
Unfortunately, in many cases, it might not be. Facing the reality that almost half a million cars are confirmed write-offs in the UK each year, it's crucial to understand the limitations of your existing insurance policy. This is remarkably critical as many motorists discover their standard insurance falls short of what's needed to replace their car. Why? Depreciation. In fact, the value of a new car starts to decline the moment you drive it away from the dealership.
Over three years, your car's value could plummet by as much as 60%. Imagine purchasing a brand-new Hyundai Kona for £25,000, only to find its value reduced to £10,000 three years later due to a 60% depreciation rate. Consequently, in the unfortunate event of a write-off, your insurer may provide a £10,000 payout, leaving you to cover the remaining £15,000 to replace your car with the same model.
Why choose MotorEasy?
This is where MotorEasy GAP Insurance truly shines.
GAP Insurance fills the gap between your standard insurance payout and the funds needed to purchase a new like-for-like replacement. It's the perfect way to ensure complete coverage in the event of a write-off.
Moreover, if you're financing your car through a lease or PCP arrangement, the necessity for GAP cover becomes even more evident. Such arrangements could possibly leave you burdened with significant debt in the case of a write-off. MotorEasy GAP Insurance is available for all cars up to 10 years old (or with up to 100,000 miles on the clock), offering a convenient and budget-friendly solution to eliminate these risks and let you fully enjoy your Hyundai.
GAP insurance serves as a necessary link between your insurer's payout and the funds required for replacing your car in the case of a write-off. You might be interested about what establishes a write-off and whether it's a concern for you.
Unfortunately, write-offs are more frequent than commonly believed, with over half a million cars being declared write-offs annually. Accidental damage often leads to write-offs, while car theft also contributes significantly to these numbers, a risk covered by MotorEasy GAP insurance. Recent statistics reveal an escalation in car theft incidents, emphasizing the importance of securing comprehensive protection for your Hyundai.
Hyundai GAP Insurance quote
Our MotorEasy Hyundai GAP Insurance quote is a fast and straightforward process. Our GAP Insurance page provides all the necessary information and a user-friendly tool to generate your GAP Insurance quote within seconds.