Rightly admired for the build quality and dependability of its cars, Japanese auto manufacturer Honda has an impressive track record of succeeding in pretty much every market its entered, from its swift emergence as the world’s bestselling motorcycle brand in the 1960s to its enormously successful entry into the car market with the S500, an accessible sports car for the masses that took America by storm.
Honda has since earned a reputation for dependable, smartly designed family cars like the Civic and Accord, both of which are still key models in the Honda range, which continues to showcase the top-notch engineering and competitive pricing Honda has long been famous for.
Why do I need Honda GAP insurance?
You may think that your Honda is fully insured but it’s a good idea to examine the limits of your cover and work out if you’d be able to replace it in the event of a write-off or theft?
Take a closer look at your existing cover and you’ll probably find that a payout in such circumstances would most likely be considerably less than the sum you’d need to buy a like-for-like replacement. This is because most insurers base their payout on the current market value of a car, rather than its value when you purchased it.
Depreciation means that your Honda is almost certain to have dropped in value when you come to make a claim. In fact, new cars usually begin to plummet in value the moment you buy them. Just three years later most cars have diminished in value by 60%.
So, if you need to make a claim three years after you bought your Honda, you’re probably looking at a payout that’s 60% short of the price you originally paid. If you purchased a new Honda CR-V for £35,000 there’s a good chance that, three years later, your insurance payout would be just £14,000. You’d have to find another £21,000 to buy a new like-for-like replacement.
What do I get with MotorEasy?
MotorEasy GAP Insurance protects against this scenario, ensuring you won’t have to find a large sum of money just to replace your car. It bridges the gap between the original cost of your vehicle and a disappointing payout based on its heavily depreciated market value.
GAP Insurance makes extra sense if you’re paying for your car with a leasing arrangement or PCP financing, which could leave you exposed to considerable debt in the event of a write-off.
Available for all cars up to 8 years old (or with up to 80,000 miles on the clock), MotorEasy GAP Insurance offers a smart, easy and affordable way to remove the risks associated with standard insurance policies and enjoy your Honda, safe in the knowledge that it’s comprehensively protected.
It the event of a write off you may find your insurance payout is significantly short of the amount you need to purchase a like-for-like replacement, so it makes sense to top-up your cover and ensure you’re properly protected. But how likely is a write-off? Do you really need that extra level of protection?
Write-offs are more common than you may think. In fact, over 500,000 cars are written off every year. Typically, write-offs are the result of accidental damage but MotorEasy GAP insurance also covers you against car theft, which accounts for more and more write-offs every year. 112,174 motor vehicles were stolen in the UK in 2017/18, which is the equivalent of 307 every day. Sadly, that figure also represents a significant increase on previous years and the continuation of a 50% jump in car theft over the last five years. Statistics show that car theft is on the up, so it makes sense to ensure you’re properly protected.
Getting your Honda GAP Insurance quote
Obtaining a MotorEasy Honda GAP Insurance quote is quick and easy thanks to our handy tool. Head to our GAP Insurance page for all the information you need to get your GAP Insurance quote without any hassle.