Gap Insurance |
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Don’t lose out to depreciation. We all know how quickly a vehicle’s value can depreciate, and often by a substantial amount. Regardless of whether you have finance on your vehicle or not, how long you have owned the vehicle or if it was purchased new or second hand, Gap / depreciation insurance is available.
Guarantee the value of your vehicle at today’s market value for up to 3 years. Take out a Gap insurance policy today and if your vehicle is written off due to theft or accidental damage during the policy’s term, you will receive payment for your vehicle at the agreed value (when the Gap insurance policy was taken out).
Example of a 3 year policy:
August 2009 |
June 2012
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June 2012
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Gap Insurance
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Bob has owned his car for 18 months and takes out gap insurance |
Bob hits tree and car is beyond economical repair |
Bob receives the car's market value of £5,000 from the insurance company |
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Bob now has £12,000 to buy another car |
Your Excess: If you claim on your Gap insurance you will even receive up to £250 towards your excess.
Acceptance Criteria:
- Maximum vehicle value £50,000
- Vehicle must be in Glass's Guide
- You don't need to have fully compreshensive insurance cover
We offer four levels of Gap insurance cover – £5,000, £10,000, £15,000 and £20,000 – over a 12, 24 or 36 month term. Gap insurance is a lot cheaper than you may think. Click the Quote Me Now for a price.
FAQ's
I have third party, fire and theft insurance, can I claim on this policy?
Yes you can, although only if you suffer a total loss due to fire or theft.
Will my gap insurance policy pay for any insurance excess?
Yes, our gap insurance policies pay up to £250 towards your excess.
My Escort is worth around £4,000; I have owned it for 2 years and have no finance on it. Can I have Gap insurance?
Yes you can, and for people with a lower value vehicle the policy is likely to be more beneficial as, if you have an accident in the next 3 years with a vehicle worth £4,000 today, the chances are it will be written off after even a minor incident and therefore you would have £4,000 to buy another car.
What happens if I have finance on my vehicle and I claim on my Gap insurance policy?
If you make a claim, your insurance company will pay the finance company the current market value of your vehicle. Your Gap insurance will pay you the difference between the market value at the time the vehicle was written off and the market value at inception of the Gap cover (agreed value). If the amount owing on your finance is more than the current market value, you can use the money from the Gap insurance to clear the finance, and keep the remainder.
I have purchased a brand new car – would I benefit from purchasing Gap insurance?
Some motor insurance policies provide ‘new car replacement’ for the first 12 months after purchase, and so if your vehicle is written off during that time you would get a brand new replacement vehicle anyway. If this is the case, you might well decide that Gap insurance is not necessary.
However, if you did purchase Gap insurance at time of purchase of the new vehicle, and the vehicle was written off in the first three years, then you would receive the full ‘new’ value of your vehicle. So, you may decide that Gap insurance is well worth having in addition to ‘new car replacement’.
Can I have Gap insurance for my Mercedes Sprinter van?
Any vehicle that is in the Glass's guide can qualify for Gap insurance up to the value of £50,000, which includes commercial vehicles up to 3.5 tonnes.