The GAP policy is designed to work alongside your motor insurance policy so if your vehicle is declared a total loss or stolen your insurer will normally pay the current market value of the vehicle at the time the loss is incurred. For newer models the market value depreciates very quickly and is almost certainly going to be less than the amount owing on any finance agreement, which leaves a shortfall to pay – the GAP policy is designed to insure the sum between the 2 figures.

You purchase a new Mercedes-Benz A200 at £30,000. Within the first 12 months the vehicle is stolen, the market value of the vehicle at the time of the theft being £20,000 – so far you have paid off £4800 of the £30,000 leaving your exposure on the finance agreement at £25,200 – once the insurers have agreed the settlement amount for the vehicle value at £20,000 you would be left with a balance outstanding on the finance agreement of £5200. In this example the GAP policy would pay the difference left to pay between the vehicle valuation on the day of the loss and the amount owed on the finance agreement, leaving the policyholder with no financial loss or liability on the finance agreement. Without the GAP insurance in place that £5200 balance would be payable to the finance company by the customer.

Car Theft – Car thefts in the UK are at an all time high, according to data released by RAC car thefts in the UK have risen by 56% in the past 4 years.

Accident – With vehicle repair costs soaring all the time, the cost of claims is ever increasing and as such increasing the likelihood of a vehicle involved in an accident being declared beyond economic repair.

Fire – according to fireservice firesafety, every year in the UK over 100,000 cars (approx. 300 a day) go up in flames, around 65% of these fires are started deliberately or as an act of vandalism.

Set in the wonderful back-drop of Torquay, All Sport Insurance is a national company with local values. We cover insurance for footballers, rugby players, jockeys, cricketers and any athlete involved in professional sport with a range of products including home insurance, car insurance, landlord’s insurance, commercial insurance, career ending and injury insurance to name but a few.

We are personable, friendly, experienced and knowledgeable – and we’re here to help you.

All Sport Insurance offers a refreshing new approach to insurance for sports professionals, semi-professionals, clubs and sporting associations. We provide a bespoke concierge service offering a one stop solution for all of your insurance needs be it personal or business insurance. Being aware that insurance for sports people can often be expensive and difficult to obtain because of your sporting prowess, we can secure competitive and comprehensive solutions from our selected panel of insurers who understand your requirements.

With over 75 years’ experience in the sporting and insurance arenas our team, led by Andrew Pearce and Geoff Derham have an in depth understanding of the life of sports professionals and therefore tailor plans to meet the needs of you and your families.