May 18, 2020

GAP Insurance is still important

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Gap Insurance is still important

A third of drivers say having access to a car is more important than ever following the Coronavirus outbreak.

A third of drivers say they’re more reliant than ever on having access to a car.

The research from the RAC underscores the increasing reliance many drivers have on their cars to help complete essential journeys, with 75% saying they use the car for food shopping, 28% saying they use it to get to pharmacies, and 18% needing the car to provide care or help to a vulnerable person. 20% also say they use the car to get to work as they are in a role where they cannot work from home.

Vehicle Theft has risen by 21%. Although the impact of the COVID-19 lockdown on car crime in 2020 is still unclear, vehicle thefts have gone up by 60% in some police forces across England and Wales between 2016 and 2019, new data from AX suggests.

Its Freedom of Information (FOI) request, carried out among police forces across England and Wales, also revealed that theft increased by 14% between the 2016/17 and 2017/18 financial years alone.

Biggest increases in stolen vehicles

Police Force Total Reported Stolen Vehicles

% Change since 16/17

2018/19

16/17-18/19

Nottinghamshire

1,492

59.7%

Staffordshire

1,183

53.8%

Hertfordshire

1,064

50.0%

West Midlands

7,883

44.6%

Surrey

1,069

44.1%

Did you know that Jackson Lee Underwriting has been providing GAP Insurance to insurance brokers for the past 29 years?

– We currently have three insurers with whom we work each of which has an A Rating;

– GAP is not only available as a single premium product as offered by Motor Dealerships, but also as an annually renewable policy;

– Brokers offering annually renewable Fleet GAP enjoy a 91% retention rate on this product;

– Annually renewable consumer GAP is currently running at an 84% retention rate;

– We can insure cars, vans, HGV’s minibusses, couriers, taxis, motorcycles, Driving Schools;

– In 2019 100% of claims were paid;

Whilst customers are not buying cars in the current COVID-19, they still need the valuable protection that GAP insurance provides them. If you are looking for a provider of GAP insurance with excellent rated paper give us a call to find out how easy it is to access our products.

Click here to find out about how to reduce your fleet numbers?

Please contact Simon Horton or David Baker at Ascend Broking Group to discuss any of your requirements – info@ascendbroking.co.uk

Telephone: 01245 449060  Author: Jackson Lee Underwriting and Daisy Ambrose, Ascend Broking