At Ping Insure, we speak with drivers every day who want to protect their car and their wallet but feel confused about what GAP insurance actually covers. It is no surprise. GAP insurance has been surrounded by half truths for years. Some come from old sales tactics, some from guesswork, and some from simple misunderstandings that have stuck around far longer than they should.

So today we want to clear the air in a friendly, simple way. No complicated jargon. Just the facts you need so you can make confident decisions about your cover.

Before we break down the myths, here is a quick reminder of what GAP insurance actually does. At Ping Insure, we believe in making things simple. Our GAP insurance will pay the difference between your motor insurers settlement and the greater of either the outstanding finance or the invoice price of the vehicle if it is declared a total loss due to an accident or theft. It is there to protect you from the financial gap that appears when your main insurer pays less than what you originally paid or what you still owe.

Now let us get into the myths that still cause confusion.

Myth One- GAP insurance is only for brand new cars

Many drivers still think GAP insurance only makes sense if they drive away in a brand-new model with a shiny factory smell. This is not true. GAP cover can be helpful for many used cars as well. The moment a car leaves the forecourt it starts to lose value. Even a one-year-old car can drop fast. If your motor insurer pays a settlement based on the current market value, there is a real chance it will be lower than what you paid or what you still owe.

GAP insurance steps in to fill that shortfall. It gives used car owners the same financial protection and the same peace of mind as new car owners.

Myth Two- Your main insurer already covers the gap

Many people believe their standard motor insurer would cover the full amount they paid for the car. That is not how it works. Motor insurers usually pay the current market value at the time of the loss. This is often much lower than the original invoice price.

If you bought your car on finance, the settlement from your motor insurer may not be enough to clear the outstanding balance. That means you could be left paying for a car you can no longer use. This is exactly the situation GAP insurance is designed to prevent.

Myth Three- GAP insurance is only needed if you have finance

It is true that GAP insurance can be especially helpful for drivers with finance agreements, but you do not need finance to benefit. Even if you bought your car outright, a market value settlement from your motor insurer may not match the price you paid.

Many drivers use GAP insurance because they want protection against losing a large portion of their investment if their car is written off or stolen. Whether you financed your car or paid in full, the financial gap can still appear.

Myth Four- GAP insurance is expensive

This is one of the biggest myths. Many drivers think GAP cover is a luxury that comes with a hefty price tag. In reality, it can be far more affordable than people expect, especially when you buy from a specialist provider like Ping Insure instead of a dealership.

Dealers often add large markups when they sell GAP cover at the point of purchase. Independent providers can offer the same protection at a much more reasonable price. At Ping Insure, we focus on simple, stress free and affordable protection that gives you comfort without straining your budget.

Myth Five- You can only buy GAP insurance through a dealership

This myth sticks around because dealerships often mention GAP insurance as part of the sales process. Many drivers do not realise that they can choose where to buy their own cover. This gives you time to research, compare, and find the right fit for your needs.

At Ping Insure, all our insurance products are sourced from some of the best rated specialist insurers for your peace of mind. You get quality cover without the pressure of buying in a hurry.

Myth Six- GAP insurance is complicated

We hear this all the time. So many drivers avoid GAP cover because they think it involves complicated terms and confusing conditions. At Ping Insure, our aim is to remove that stress entirely. GAP insurance can be simple when it is explained clearly.

Think of it like this. If your car is declared a total loss because of an accident or theft, your motor insurer pays what the car is worth today. GAP insurance pays the difference between that figure and the amount you originally paid or still owe. That is it. One clear purpose. One clear benefit.

Myth Seven- It will never happen to me

This one is understandable. Nobody wants to imagine their car being written off or stolen. Yet these events happen every day, even to careful drivers. Accidents and thefts do not give warnings. That is why GAP insurance can make such a difference. It protects you in one of the most stressful financial moments a driver can face.

At Ping Insure, as gap insurance providers, we understand that life comes with unavoidable costs, especially when unexpected events happen. These moments can feel overwhelming. Our goal is to make buying insurance simple, calm and affordable so you always feel supported when the unexpected arrives.

Ready to protect yourself from the financial gap?

Visit Ping Insure today and let us help you choose the right GAP cover with confidence.