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What is Finance GAP Insurance?
Finance GAP Insurance is our entry level GAP Insurance Policy and is the traditional form of GAP Insurance.
Finance GAP Insurance is available to cover both new and used vehicles financed by way of a HP (Hire Purchase) agreement and must be taken out no later than 105 days after you become the registered keeper of the vehicle.
How does it work?
Well, lets say your vehicle that you originally purchased for £10,000 has just been written off, and you still owe £7,000 on the Hire Purchase agreement that is secured on it, but your Motor Insurance company are only willing to pay out £6,000 which is the vehicle's current market value.
Without Finance GAP Insurance you would have to pay the £1,000 difference yourself. Finance GAP Insurance however, would pay this £1,000 for you. |
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What is Invoice GAP Insurance?
Invoice GAP Insurance is the most common type of GAP Insurance sold and is arguably the most straightforward.
Invoice GAP Insurance is available to cover both new and used vehicles either financed or cash purchased and must be taken out no later than 105 days after you become the registered keeper of the vehicle.
How does it work?
Well, lets say your vehicle that you originally purchased for £10,000 has just been written off but your Motor Insurance company are only willing to pay out £6,000 which is the vehicle's current market value.
Without Invoice GAP Insurance you would be £4,000 short of the original price you paid for the vehicle. Invoice GAP Insurance however will pay this £4,000 shortfall to you. |
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What is Retail Value GAP Insurance?
Retail Value GAP Insurance is our newest form of GAP Insurance and has been launched due to high demand for the product.
Retail Value GAP Insurance is available to cover any vehicle which is less than 6 years old having a retail value* of less than £100,000 and is registered to a private individual. It is available for vehicles purchased either from a Motor Dealer or Private Sale.
How does it work?
Well, lets say that you originally purchased a vehicle for £10,000 but only took out Retail Value GAP Insurance after the vehicle's retail value* had already dropped to £8,000.
Retail Value GAP Insurance, in the event of your vehicle being written off, will pay the difference between your Motor Insurance payout and the £8,000 retail value of your vehicle when you originally purchased the Retail Value GAP Insurance policy.
* = According to Glass Guide |
Available to cover:
A vehicle purchased for up to £100,000
A Bike purchased for up to £15,000
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