GAP Insurance

GAP Insurance will settle the difference between the amount paid by your Insurance company and any outstanding Finance on your vehicle, if it is Stolen or a Total Loss (Subject to the limits set out in the policy terms and Conditions)

Why Do I Need GAP Insurance?

To protect you from financial shortfall if your vehicle is declared a total loss by your motor insurance company
This shortfall arsies as your motor insurer will only pay you the depreciated value of your vehicle, not the amount you originally paid
As soon as you own a car, its value is actively decreasing
Insurance Companies alone depreciate car value by up to 60% over a three year period (Which? Magazine)

Guaranteed Asset Protection (GAP) Insurance

GAP Insurance is suitable for a majority of car owners
Take out GAP Insurance up to 90 days after buying your car and on cars up to 7 years old
For private sale or dealer purchased cars
Available if you have a contract hire or leasing agreement

Secure the Value of your car

GAP Insurance pays the difference between your motor insurance companies settlement and any outstanding finance on the vehicle

This means you do not lose out as a result of your vehicles depreciation if it is declared a total loss

Can you give me an example of how GAP Insurance works?

If you paid £14,500 for your car but your motor insurance payout is only £9,400 and your outstanding finance payment is £13,950, then GAP insurance will payout £4,550. It’s that simple!

Compare GAP, RTI & VRI Insurance

GAP

RTI

VRI

Insurance Description

Pays shortfall between motor insurers settlement & any remaining finance

Pays shortfall between motor insurance payout and invoice price

Replaces your car with a brand new equivalent model

When can I buy this type of GAP Insurance?

Up to 90 days after car purchase

How old can my car be?

Up to 7 years old

What is the maximum payout on this GAP insurance?

£25,000

How much is refunded if I cancel my policy within 21 days?

Full refund

Maximum term of cover available?

4 years

3 years

Maximum Vehicle Purchase Price

£75,000

£50,000

Can I purchase GAP Insurance if I bought my car privately?

Covers cars from private sellers or dealerships

Available for new cars and pre-registered cars up to 3 months old

Can I still buy GAP Insurance if I have a personal loan or dealer arranged finance?

Can I still buy GAP Insurance if I paid cash?

Is this cover valid for "Business Use"? *

Can I still buy GAP Insurance if I have a contract hire or lease arrangement on the car?

Are there any mileage restrictions?

Buy GAP »

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* "Business Use" exclusions: Emergency vehicles, taxis, driving school vehicles, buses, scooters, motorcycles, invalid carriers or vehicles used for road racing, rallying, pace-making, speed testing or any other competitive event or any vehicle which has been modified other than in accordance with the manufacturer specifications and any make of vehicle not built for principal sale in the UK