New research from Warranty Direct has revealed that cars are being ‘written off’ in record numbers.
The data findings show claims for ‘write-offs’ have proportionately risen 55% since 2014 because many newer vehicles are deemed too expensive to repair.
That average claim for a ‘write off’ or stolen vehicle was almost £4,000, with BMW’s and Ford’s being the biggest victims
According to analysis of the firm’s GAP insurance - which protects owners against a total loss - the date showed one in 10 collisions now result in a write-off, mainly due to expensive technology being economically unviable to repair.
Simon Ackers, Warranty Direct’s CEO, said: "The Motor industry must continue to adapt and encourage consumers to guard against potential loss with GAP insurance and visual deterrents such as steering wheel locks and alarms, which could help protect vehicles from theft."
What is Gap insurance?
Bear in mind that motor insurers only pay out the current ‘market value’ when a car is stolen or written-off (a ‘total loss’ claim) - not the price you paid for it!
If the worst happens, many motorists - particularly finance customers - are often left with a shortfall of thousands of pounds due to the insurers payout not meeting what they still owe on the vehicle.
Gap Insurance covers the car-buyer against such a shortfall.
At CarSupermarket.com, we can easily arrange GAP insurance on any of our vehicles over the telephone. Speak to one of our customer advisors today who will be able to provide all the details you need and order from the comfort of your own home.