Jaecoo GAP Insurance
JAECOO is a new automotive brand from Chinese manufacturer Chery, positioned as a premium, urban off-road SUV brand. The brand name is a combination of the German word “Jäger” (meaning hunter) and the English word “cool”, reflecting the brand’s focus on stylish vehicles capable both on and off-road. JAECOO aims to offer a blend of heritage and technology, with a design-led, luxury focus, and is launching in the UK market with the JAECOO 7 model.
JAECOO is actively launching in the UK, with dealerships like Arnold Clark already representing the brand
JAECOO is launched alongside Omoda, another Chery sub-brand, and both brands are working together to establish a dealer network in the UK.
The JAECOO 7 is the first model being introduced, available in petrol and electric (PHEV) powertrains, with a focus on features and capability.
What is Jaecoo GAP Insurance?
Jaecoo GAP insurance (Guaranteed Asset Protection) is an optional add-on to your car insurance that helps bridge the gap between what your standard car insurance company pays out in the event of a total loss (your car being stolen or written off) and the amount you still owe on your financing or lease.
Here’s how it works:
- Your Jaecoo depreciates in value over time. This means that by the time you pay off your car loan or lease, the car’s market value might be less than what you still owe.
- If your Jaecoo is stolen or deemed a total loss, your standard car insurance company will typically only pay out the current market value of the car.
- If the market value isn’t enough to cover your remaining loan or lease balance, you’ll be left with a financial gap to pay. This can be a significant burden, especially if you haven’t had time to build up equity in your Volvo.
- This is where Jaecoo GAP insurance comes in. It will pay the difference between the market value of your car and your loan or finance balance, so you won’t be stuck with any leftover debt.