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Northern Ireland Courier GAP Insurance
If you are working as a courier or are managing a fleet of courier vehicles, the various levels of insurance coverage available can be overwhelming. Whether delivery driving is your full time occupation or a side job to bring in some extra money, it’s important to know who is responsible for your insurance. Northern Ireland courier GAP insurance can help save you from financial deficit, especially if you have invested in a new car, van or bike, or purchased one on finance or lease.
GAP or guaranteed asset protection insurance exists to cover the value of your vehicle in the event that it is ruled as a total loss by your main courier insurer. When this happens your insurer will usually pay out the equivalent of your courier vehicle’s current market value. But because your vehicle value depreciates over time, this can be far less than you paid only a few years ago or still owe on the loan or lease you bought the vehicle on.
The average UK vehicle value depreciates around 60% in the first three years after it is bought new. And if you are not covered by GAP insurance, you could risk losing this 60% completely if your courier vehicle is written off. GAP insurance works by covering this ‘gap’ between what your main courier insurer will pay out and what you originally paid or still owe on your vehicles, so you don’t have to suffer this as a loss.
An example would be if you have purchased a new van for £17,000 and it is written off in year three after its market value has dropped by 60%, your main van insurer will only pay you £10,200. This means you’ve lost out on £6,800. But if you have GAP insurance it will cover this £6,800, so you get back 100% of what you paid.
Cheap NI Courier GAP Insurance
In most cases, you’ll find that GAP insurance for your courier vehicle costs only a fraction of your main vehicle insurance premium. But you’ll still want to avoid paying over the odds.
When you compare cheap NI courier GAP insurance using CompareNI.com, you can be confident that you are getting unbiased comparisons of Northern Ireland insurers. We do not have any investments in insurance brokers and are not owned by any insurance companies. We only work for you.
How much does courier GAP insurance cost in Northern Ireland?
The cost of premiums for courier GAP Insurance NI will vary depending on your circumstances. The most important ones will be things that affect the size of the ‘gap’ that you are insuring.
- How much your vehicle costs.
- If you bought your vehicle on loan or lease.
- Your outstanding balance on this loan or lease.
- Your vehicle’s typical value depreciation rate.
- What you want to be covered on your GAP insurance policy.
- Details of your GAP policy, such as coverage limits, term length, excesses or optional add-ons.
How can I get cheaper courier GAP insurance in NI?
If you want to save on your GAP insurance, there are a few things that you can look at. The main idea behind all of these is to better understand the gap you’re insuring so you can shop smart.
Here are some things that could help you get a cheaper courier GAP insurance NI premium:
Know your courier vehicles’s depreciation rate
This will let you know the size of the gap you need to cover so you can make sure you don’t over insure your vehicle unnecessarily.
Consider a shorter policy term
Shorter policy terms can be cheaper. So this is useful if you know you will only keep your vehicle for a short period of time, or if you have particularly short loan or lease terms.
Know what type of GAP insurance suits you
Some of the different kinds of GAP insurance are more expensive than others. The one you need usually depends on your circumstances, for example how you bought your van or how long ago you bought it.
Compare courier GAP insurance NI quotes
Like with other types of insurance, taking the first policy and price you are offered is rarely a cost effective approach. Shopping around and comparing NI courier GAP insurance quotes can help you get a better price.
When do I need to buy Northern Ireland courier GAP insurance?
GAP insurance is designed to protect the value of your vehicle which is especially important when it is how you make your living. So investing in GAP insurance can be a good idea for people under a few different circumstances, including:
- If you are leasing or financing your vehicle: In this case, if your courier vehicle’s value depreciates faster than your loan or lease balance decreases, then GAP insurance can cover this potential loss.
- If your vehicle has a particularly high depreciation rate: This could be the case, particularly if you own a luxury car, motorcycle, or a specialist van.
- If you made a smaller down payment on your vehicle: This means your initial equity in your vehicle is lower so it’s more likely that your loan balance will be higher than its value.
- If you have long loan terms: Again, here your vehicle could devalue faster than your loan balance decreases.
- If you’re dealing with rolling negative equity: This is where you exchange a vehicle with an outstanding loan balance and roll the remaining balance into a new loan for your courier vehicle. This usually leads to a higher gap.
Can I buy courier GAP insurance at any time?
You will only be able to buy some types of GAP insurance for a short window of time after the initial purchase of your courier vehicle. This is common with RTI or return to invoice GAP insurance which will cover the ‘gap’ between your insurance payout and the value you originally paid for the vehicle.
The length of this window varies across different insurers, so it’s worth comparing policies to see if you can still get it. But if you are completely outside of this don’t worry you can usually still get AVC or agreed value cover GAP insurance. This covers the ‘gap’ between your main insurance payout and a value you agree with your GAP insurer at the time of buying the policy.
Is courier GAP insurance a legal requirement in NI if I’m getting a courier vehicle on finance?
No, there’s no legal requirement for courier GAP insurance in Northern Ireland. But it can still be a good investment, particularly if you have less favourable financing arrangements, like high interest rates or extended loan terms.
Having courier GAP insurance can be a lifesaver if your insurance provider pays out less than your loan balance in the event that your vehicle is written off or stolen. It can help you to get a replacement vehicle so you can get back to work quicker and ensures you aren’t left paying for a vehicle you no longer own.
What is excluded under Northern Irish courier GAP insurance?
Northern Irish courier GAP insurance works by covering gaps in what your main insurer pays out when your vehicle is written off. So a lot of the exclusions in GAP insurance are based on what your main courier insurance will cover. This means they will vary from policy to policy, but some of the most common exclusions and limitations of courier GAP insurance are:
- Cover is limited to the events your main vehicle insurance will cover as a total loss.
- Excludes accidents that happen under the influence of drugs or alcohol.
- Excludes drivers who are not insured on your vehicle or do not have a valid license for your courier vehicle type.
- Some exclude vehicles over a certain value.
- Some are limited to vehicles that are covered in the Glass’s Guide – a widely accepted UK catalogue of current market values for vehicles.
- Excluding vehicles with modifications. This is particularly important for courier vans with commercial signage on them as some insurers count these as modifications.