Widely appreciated for the reliability and cost-effectiveness of its vehicles, South Korean motoring brand Hyundai is now a fixture in the world’s top 10 car manufacturers. Hyundai may not have the storied history of Europe’s biggest motoring brands but its progressive approach to budget-friendly car design has earned it a strong reputation in recent decades.
Hyundai Motor Company dates back to the 1960s, when it emerged as Korea’s first car producer. A partnership with Ford saw Hyundai play an integral part in the development and production of the Cortina before developing the Pony in the mid-70s, a small family motor that became South Korea’s first mass produced car.
Hyundai’s ascent in the international market was rapid, though reports of poor reliability seriously impacted growth in the 90s. Serious investment quickly went into tackling those reputational flaws and Hyundai hasn’t looked back since.
Why do I need Hyundai GAP insurance?
If you’re the proud owner of a Hyundai you’ll want to ensure your car, and your investment, is fully protected, which is why GAP insurance makes sense as an extra level of protection.
Do you know how much your insurance payout would be in the event of a write-off? Will it be enough to fund a new like-for-like replacement? Sadly, there’s a very good chance that it won’t.
No one wants to contemplate the worst-case scenario but it’s wise to consider the limits of your existing insurance policy in the event of a write-off. After all, nearly half a million cars are written-off in the UK every year.
In such unfortunate circumstances many motorists find that their standard insurance pays out less than they need to replace their car - the reason? Depreciation. In fact, new cars will begin to depreciate in value the moment you drive them off the showroom forecourt. After three years your car is likely to have dropped in value by as much of 60%.
Were you to buy a new Hyundai Kona for £25,000, it may be worth £10,000 three years later (based on 60% depreciation). Consequently, your insurer may only offer a £10,000 payout in the event of a write-off, meaning you’d have to find another £15,000 to replace your car with the same model.
Why choose MotorEasy?
This is where MotorEasy GAP Insurance comes into its own.
Put simply, GAP Insurance covers the difference between the amount your standard insurance policy pays out and the amount you’d need to buy a new like-for-like replacement. In other words, it’s a great way to ensure you’re fully covered in the event of a write-off.
The case for GAP cover is even stronger 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 represents a smart, easy and affordable way to remove these risks and enjoy your Hyundai.
GAP insurance is designed to bridge the gap between the amount your insurer pays out and the sum you need to replace your car in the event of a write-off. But you may be wondering what a write-off is and whether it’s something you need to worry about.
Sadly, write-offs are more common than you may think - over half a million cars are written off every year. Typically, write-offs are caused by accidental damage but MotorEasy GAP insurance also covers you against car theft, which accounts for a large number of write-offs every year. In fact, statistics show that car theft is on the rise. 112,174 motor vehicles were stolen in the UK in 2017/18, that’s 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. Car theft is on the rise and it makes sense to ensure you’re properly protected.
Getting your Hyundai GAP Insurance quote
Getting your MotorEasy Hyundai GAP Insurance quote is quick and easy. Our GAP Insurance page gives you all the information you need and a quick and easy tool to get you GAP Insurance quote in a matter of seconds.