GAP INSURANCE- What? Why?
GAP Insurance is a valuable insurance policy that you purchase in addition to your normal Motor Insurance policy.
In the event of your Motor Insurance providers declaring the vehicle a write-off due to theft, fire or accident you would claim on a GAP Insurance policy to top-up the amount you receive from your Motor Insurance to one of a number of different amounts depending on the GAP Insurance policy you purchased.
We've tried to provide a plain-english explanation of the features of each of our policies which you can see below by clicking on the name of the policy you require more information about:
| Replacement GAP Insurance |
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If you purchase a brand-new vehicle today and that vehicle is written off at some point in the future, the chances are that a new-for-old replacement vehicle would actually be more expensive than you originally paid.
If you had Invoice GAP Insurance the policy would max-out at your original invoice price and whilst that is almost certainly going to be more than welcome it is possible to protect yourself from any price increases whatsoever.
This can be done by way of purchasing Replacement GAP Insurance, which in the event of your vehicle being written off, will pay you the difference between your Motor Insurance payout and the cost of replacing the vehicle New-For-Old at the time of claim, even if the Replacement Vehicle costs more than the price you originally paid for it.
This policy is only available to cover brand new vehicles at first registration only.
If you require a quotation for Replacement GAP Insurance please select below the type of vehicle you wish to have a quotation for:
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| Retail Value GAP Insurance |
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All of our other policies need to be purchased within 90 days of you becoming the owner of the vehicle, but what if you bought your vehicle more than 90 days ago and would like to purchase GAP Insurance to protect your investment?
In many cases not very much, because there are very few companies that can provide you with GAP Insurance more than 90 days after you became the owner of your vehicle.
This is were our Retail Value GAP Insurance comes in. Providing that your vehicle is less than 6 years old and regardless as to how long you have owned it, you can purchase Retail Value GAP Insurance which in the event of your vehicle being written off, will pay you the difference between your Motor Insurance payout and the Retail Value* of your vehicle on the day that you purchased the Retail Value GAP Insurance policy.
Whilst this may not provide you with the same level of cover as our Invoice or Replacement GAP Insurance policies, it does - on the basis that those policies would not be available to you - provide you with the next best level of cover by allowing you to effectively freeze the market value of your vehicle for up to 3 years.
If you require a quotation for Retail Value GAP Insurance please select below the type of vehicle you wish to have a quotation for:
* - According to Glass' Guide |
| Invoice GAP Insurance Plus+ (RTI) |
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This policy can be purchased whether you financed your vehicle by way of a Finance Agreement (not Contract Hire / Lease) or if you purchased the vehicle outright in a cash purchase. In purchasing the vehicle, your supplying dealer will provide you with an invoice stating the total price you actually paid for the vehicle.
If the vehicle is subsequently written off, your Motor Insurance company will pay to you what they believe is the Market Value of the vehicle at the time of write-off. This will almost certainly be less than the invoice price you originally paid for it.
If this happens, Invoice GAP Insurance will pay you the difference between your Motor Insurance payout and either; the original purchase price of the vehicle, OR, the finance agreement settlement figure - whichever is the greater!
Of course, if you do not have any finance outstanding, you would be able to put the entire amount towards the cost of the replacement vehicle.
If you require a quotation for Invoice GAP Insurance Plus+ please select below the type of vehicle you wish to have a quotation for:
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| Finance GAP Insurance |
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| Finance GAP Insurance has been merged with our Invoice GAP Insurance policy to create "Invoice GAP Insurance Plus+".
Covering the difference between the motor insurance payout and either; the original vehicle purchase price OR, the amount required to settle the remaining balance of the finance agreement (whichever is the greater), it's a superior form of Invoice GAP Insurance than many others on the market.
Click the link above to see more details about our Invoice GAP Insurance Plus+ policy. |
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