Gap Insurance
Gap Insurance
Gap insurance policies are available to protect you should your vehicle be stolen and not recovered or you have an accident and your vehicle is declared a total loss (write-off) in the future. A gap insurance policy will bridge the gap and pay the difference between the purchase price of your vehicle and the current market value of your vehicle or whatever value the vehicle insurer places on the vehicle.
Cover is available for most vehicles including Motor Car, Van, Motorcycle and Light commercial vehicles.
Product Features
In the event of a total loss of your vehicle we can offer the following options:
Standard GAP – Pays the shortfall between the motor insurance offer and the purchase price of your vehicle or, if greater, the early settlement amount owed to the finance company, we can provide cover on this product for vehicles up to £75,000 in value (please note from £50,000 vehicle value the benefit is limited to £35,000)
Lease GAP – Pays the shortfall between the motor insurance offer and the early termination charge applied by the lease company up to £50,000 – can cover vehicles up to £80,000 in value
Purchase Price Protection – This pays the shortfall between the insurance offer and the purchase price of the vehicle
Total Loss Top Up – this makes a payment that would increase the total loss valuation of the vehicle by 25% up to a policy claim limit
We also have access to GAP products to cover motorcycles, motorhomes and taxi’s (subject to certain criteria)
Customer Benefits
- Allows you to replace vehicles with a similar model without having to borrow additional amounts.
- Can help to settle any outstanding finance/loans on the vehicle, thus helping maintain a positive credit rating.
- Protect your hard earned savings as these are often withdrawn to help bridge depreciation or deposit gaps.
Why Choose Gap Insurance?
Up to 500,000 vehicles are declared a write off each year.
Your car/motorcycle/LCV is depreciating in value every day.
A vehicle is stolen every 5 minutes in the UK.
Insurers will only pay out the depreciated value at the time of your claim, not the value you bought it at.
There is a motor vehicle insurance claim every 8 seconds of every working day.
Contact us and speak to one of our car insurance team for more information.
Did you know we also provide car insurance?