What is GAP Insurance?

If the unexpected happens and your car is stolen or written off, GAP insurance ensures you’re not left out of pocket, by covering the difference between the amount your insurer pays out and the price you paid for it or owe on your car if you have finance. Your insurer will only pay for the value of your car at the time of your accident or when it was stolen, not its original value. If you’re paying for your car on finance, this money should be used to pay off the remaining balance. Although it isn’t a legal requirement to use the GAP payout to pay the finance, you’re still bound to pay the finance back at the end of your lease. But if the amount remaining on the finance is more than the payout, you’ll be left with a shortfall, leaving you struggling to pay for the car. That’s why Guaranteed Asset Protection (GAP) insurance closes the gap for you, by covering the difference between the amount your insurer pays out and the price you paid for it.

Hire & Reward

Designed for individuals and businesses that use their vehicles to transport people or goods in exchange for payment.

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GAP for Taxis

GAP insurance for taxis tailored for those who use their vehicles predominantly as a taxi or prviate hire.

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GAP for Driving Schools

One of the few UK providers of GAP insurance for driving schools and driving instructors..

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Contract Hire GAP

A GAP insurance product designed for clients who lease their vehicle with no option to own at the end.

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What does Gap Insurance cover?

Return To Invoice Advanced GAP insurance. This pays you the difference between what your car insurer will pay out in the event of your car being written off or stolen and the original amount you paid for it OR the amount you owe to a car finance company.

Contract hire GAP insurance. This is only available for those who lease their car, with no option to buy it. The current market value of the car will be covered by your car insurer and the GAP cover will pay any remaining payments owed on the lease.

What doesn’t Gap Insurance cover?

At GAPInsure, we pride ourselves on our transparency and believe that it’s just as important to know what you’re not covered for as well as what you are, so there are no nasty surprises down the road. Like all insurance policies, there are some exclusions. Here are the most common ones you find with GAP insurance:
– You need to have fully comprehensive car insurance, so you won’t be covered if you only have a third-party policy.
– It will only pay out if your car is stolen or a total write-off, as judged by your insurer.
– It won’t pay you for any deductions made by your car insurance company. For example, if it lowers the sum it pays you because you’ve missed a monthly insurance payment, the GAP insurance policy won’t cover this.
– If you’ve added extras to your car, such as alloys or spoilers, GAP insurance won’t cover the cost of these if your car is lost or stolen. It will only pay out the gap between what you originally paid and the market value (minus the extras).

How much can cars depreciate

Cars depreciate fast! Depreciation is simply the difference between the amount you spend when you buy a car and the amount you get back when you sell or trade it in, but it’s often overlooked or ignored when buying a new car. For many, depreciation represents the greatest cost after fuel expenses. However, the rate of depreciation can vary wildly depending on the age, make, model and mileage of a vehicle. The average car depreciates by up to 60% in the first three years, which means if you bought your car on finance for a £20,000 vehicle, it could be worth only £8,000 three years later. Ask yourself: do I owe more than the vehicle is currently worth? If I do, could I pay the difference between what I owe and what the vehicle is worth? If the answer is no, then purchasing a GAP insurance policy from GAPInsure means you’d be covered for that £12,000 shortfall in the event of a write off or theft.

Will GAP insurance cover me if my car is stolen?

Our products not only protect you if you have an accident but also if your beautiful new car is targeted by thieves, provided that all locks and alarms are activated when it’s stolen.

GAPInsure will help you cover the difference between the original cost of your car and its value when it was stolen.

Is Gap Insurance just for new cars?

No, you can also take out GAP insurance for used cars. But you might not need it if:
– Your car is less than 12 months old and your car insurance includes new car replacement cover
– You’d be satisfied with a like-for like replacement for your car at its current market value
– You have a used car that depreciates more slowly.
– Your car is up to 10 years old or with 80,000 miles on the clock when you bought it.

Is Gap Insurance worth it?

GAP insurance may be worth the cost if you’re concerned about not getting the original value of your car back if it’s written off by your insurer. You might find GAP insurance is particularly valuable if your car is on a finance agreement or you have outstanding payments on a personal loan. This could mean you end up paying finance instalments on a car that’s not even on the road anymore. But the finance company may also insist you pay off the loan entirely. You may never need to make a claim on your insurance for a total loss, but a policy from GAPInsure can give you peace of mind that you will get enough of a pay-out to purchase a new car to replace yours in the event it is destroyed or stolen.

Does GAP insurance cover any driver?

Any named driver on your car insurance policy is covered by your GAPInsure policy. However, we exclude anyone using their vehicle for hire and reward schemes, such as taxi drivers, including Uber drivers, couriers or hauliers.

Am I legally required to have GAP insurance?

No, GAP insurance is not a legal requirement like standard vehicle insurance, and you are not obliged to buy it when you purchase your car. However, it’s a sensible decision to take out a policy, particularly for a shiny new model that is likely to depreciate quickly. GAP cover ensures your finances are protected and means you can take to the road with that all-important peace of mind – and, should the worst happen, get back in the driving seat, worry and hassle free.

How do I pay for GAP insurance?

Unlike many insurers, we don’t charge a fixed sum upfront. With us, you can pay in equal monthly amounts by Direct Debit. It’s just one more way that we’re making GAP insurance simple, quick and easy. We understand that you need flexibility, which is why we are one of the few insurance provider to offer the ability to pay in a single payment or spread your payments

Can I take out GAP insurance at any time?

You may apply for cover up to 90 days after your vehicle has been delivered to you, or your finance agreement has commenced, whichever is earlier.

How much does GAP insurance pay out?

GAPInsure.com policies have a claim limit of what you paid for your vehicle, if your vehicle is more than £50,000 then the total claim limit is £50,000. We also provide £500 excess contribution to your car insurance claim. This is one of the reasons why our RTIA & CHG policies are 5 Star rated by Defaqto.

Can I cancel my GAP insurance?

Yes! You can cancel anytime however there are some restrictions or you may be due a refund so please read the policy wording or speak to us on 0800 138 8333.

Why should I choose GAPInsure?

GAPinsure.com is proud to be the UK’s first mainstream GAP insurance provide to offer GAP Insurance on a genuine monthly basis for the lifetime of your policy. So, you pay for your GAP insurance on a monthly basis for the lifetime of your policy rather like a subscription.

This subscription style model means you can pay via direct debit, there is no interest or hidden fees!

Pay Monthly over the whole term of the product
Temporary Vehicle Replacement included in Single Payment Product
Rated Excellent on Trust Pilot
Covers your Motor insurance excess up to £500

Read more: https://gapinsure.com/why-choose-us/

GAP Insurance Like Never Before

GAPinsure.com is proud to be the UK’s first mainstream GAP insurance distributor to offer GAP Insurance on a genuine monthly basis for the lifetime of your policy. So, you pay for your GAP insurance on a monthly basis for the lifetime of your policy rather like a subscription.

This subscription style model means you can pay via direct debit, there is no interest or hidden fees!

We include Hire & Reward vehicles in our policies
Temporary Vehicle Replacement included in Single Payment Product
Rated Excellent on Trust Pilot
Covers your Motor insurance excess up to £500
Plus, many more reasons to choose GAPinsure.com

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