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Vehicle GAP Insurance

Please choose the limit you require and we’ll give you an instant quote:

What type for GAP cover do you require?


Is your vehicle any of the models listed below?

 

All Fiat Abarth’s, Competition editions and Alpina, VW R models, Subaru Impreza/WRX, Nissan GT-R, Mercedes Brabus, AMG 45 & AMG 63 models, Ferrari, Bentley, McLaren, Lamborghini, Rolls Royce, Noble, Aston Martin, Cadillac, Corvette, Hummer, Lotus, Maserati, Mitsubishi Evolution, and TVR

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What is Vehicle GAP insurance?

If you're thinking about buying a vehicle, you may want to consider purchasing Guaranteed Asset Protection (GAP) insurance too.

The moment you buy a vehicle, its value starts to decrease. Different vehicles depreciate at different rates, but whichever make and model you choose, no matter how old the vehicle is, depreciation is likely to knock off a proportion of the original price, particularly during the first few years.

If you are in an accident or your vehicle is stolen, and your motor insurer deems your vehicle a write off, they will compensate you to the amount that your vehicle was worth at the time of the loss - also known as 'market value'. Because of depreciation, this will be lower than the price you paid. GAP insurance can cover you against this, more or less filling the 'gap' between the vehicle's market value (what it would cost if put on the market just before the accident) and the vehicle's value when you purchased it, as well as any outstanding finance debts, if applicable.

Features of Combined / RTI GAP Insurance:

Combined RTI GAP insurance pays the difference between the vehicle’s market value at time of loss and the amount you initially paid for the vehicle (the invoice amount), which could cover any outstanding finance you have left to pay. The Return to Invoice element of the cover is provided for up to 3 years and the Finance element for 5 years.

Written off at 6 months at 30 months at 42 months
The original price you paid £10,000 £10,000 £10,000
Example market value at time of loss £8,000 £4,950 £2,500
Outstanding Finance at time of loss £9,200 £5,250 £3,300
Motor insurer's settlement amount
(market value minus excess e.g. £250)
£7,750 £4,700 £2,250
Total shortfall paid by the GAP insurer
(difference between original price and
market value at time of loss)
£2,000 £5,050 £800
Shortfall paid to finance company
(difference between outstanding
finance and market value at time of loss)
£1,200 £300 £800
Shortfall paid to you £800 £4750 £0

Features of Finance GAP Insurance:

You can buy Finance GAP insurance for vehicles bought under a finance agreement. It pays the difference between the vehicle's market value at time of loss, and the amount outstanding on your finance agreement. The shortfall amount will often be paid directly by the insurer to your finance company.

Written off at 6 months at 30 months
The original price you paid £10,000 £10,000
Example market value at time of loss £8,000 £4,950
Motor insurer's settlement amount
(market value minus excess e.g. £250)
£7,750 £4,700
Outstanding Finance at time of loss £9,200 £5,250
Shortfall paid by the GAP insurer to you
(difference between outstanding finance and market
value at time of loss)
£1,200 £300
GAP Insurance
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