Guaranteed Asset Protection (Gap) car insurance is more suitable for newer vehicles than older ones as modern cars depreciate in value quickly, an industry figure has claimed.

Tom White, a spokesperson for Auto Trader magazine, claims this form of cover will not typically be offered to motorists whose car is seven-years-old or more and people in this category should not consider it.

He added those looking to take out Gap insurance should shop around for the best deal as well as which type of cover they need.

"Not all drivers should consider Gap. The newer and higher value of the vehicle, the greater the depreciation will potentially be and therefore Gap will have greater relevance," Mr White stated.

He went on to say other insurance companies are unlikely to drop the price of their cover should Gap insurance become more popular because payouts are based upon agreed market values from industry statistics.

Auto Trader is a motoring magazine and is read by around 1.46 million driving enthusiasts every week.

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