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GAP Insurance

GAP Insurance For Your Car

Car GAP Insurance Cover

In the event of your car being involved in an accident or stolen and is deemed a total loss or is ‘written off’, your motor insurer will usually look to settle on the current market value, so with depreciation over time the settlement will usually be less than you originally paid for it.

The moment you drive a new car off the forecourt, it’s value starts to reduce. Different cars depreciate at different rates, whichever make and model you choose, especially in the first few years.

A Guaranteed Asset Protection (better known as GAP) insurance policy will pay you the difference between what your car insurance company pay you for the car being a total loss (based on current market value) and what the purchase price or outstanding finance is (whichever is the greater), giving you peace of mind that you can repay any loans on the car, or being able to replace your car with a ‘like for like’ model.

GAP Cover Example

Motor GAP insurance

 

Mr X buys a new car for £25,000.

He’s looking at GAP insurance quotes based on insuring the car for a 2 or up to 5 year period, with a maximum GAP pay-out of up to £15,000.

Example Prices.

  • A 2 Year Policy:  £186.16.
  • A 3 Year Policy:  £202.15.  (Our Most Popular Policy)
  • A 4 Year Policy:  £251.06.
  • A 5 Year Policy:  £319.54.

*N.B. Above prices are accurate at December 2023, including broker fee.

Mr X decides to take the popular 3 year policy for £202.15,
In year 2 he’s involved in an accident which results in the vehicle being a ‘total loss’,
His insurance company pay him the current market value which is £16,000,
He purchased the car 2 years ago for £25,000 so his GAP Insurance policy (with £15,000 cover limit) pays him the difference of £9,000, allowing Mr X to buy a new ‘like for like’ vehicle.

To discuss a new GAP policy please call us on 01288 353999.

Are You Eligible for our GAP Insurance Policy?

  • Cover available for cars, motorcycles and small vans up to 3.5 tonnes.
  • Vehicle must have been purchased within last 180 days from a VAT Registered Dealership or Internet Broker.
  • Vehicle’s value must be below £150,000.
  • The vehicle must be listed in the Glass’s Guide, must be less than 10 years old, and done less than 100,000 miles.

We can also insure larger vans over 3.5 tonne which are on finance and we also have a GAP scheme for taxi’s.

GAP Insurance - Features & Benefits

  • Cover For New and Used cars, Vans & Motorcycles.
  • From 2 to 5 Year Terms Available.
  • Pay-out Benefit from £10,000 – £50,000.
  • 30 Day Money Back Guarantee.
  • Covers Up to £1,500 Factory Fitted Optional extras.
  • Covers All eligible Drivers.
  • Includes Cover For Your Excess Up To £250.
  • Settled on RTI (Return To Invoice) or Outstanding Finance Balance From Day 1.

What Is Excluded Under A GAP Insurance Policy?

Cover will vary between different types of GAP policies, and different providers, so make sure you always read the policy summary carefully. Some common exclusions are:

  • dealer fitted accessories or options (as they may not have any value at time of loss), apart from £1500 factory fitted items.
  • warranty costs
  • fuel
  • paintwork protection applications
  • insurance premiums
  • road fund licence or road tax
  • other additional amounts included in the invoice

Get Your Free GAP Insurance Quote Today
CALL US ON 01288 353999.

 

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