Grand Gears's video: Car insurance premiums: working out the cost 2016

Guaranteed Asset Protection insurance might not cover you for as much as you’re expecting. It won’t cover any amount deducted by your main car insurance company. For example, if they reduce your payout because of unpaid premiums, salvage value or contributory negligence, these won’t be covered. GAP insurance will generally only cover excesses up to £250 of your claim. Higher or voluntary excesses above this amount won’t be covered. However, you can choose to purchase an additional insurance to cover this. It won’t cover any non-standard extras that you added to the car after you bought it, for example speakers and satnav. Nor will it cover warranty charges, insurance (premiums including GAP insurance), road fund licence and any other warranty or add-on in most cases. It may not cover anything you think your car insurance owes you. If your main car insurance company offers you less than the market value of the car, and you accept, the GAP insurer won’t make up the difference.