GAP Insurance

GAP insurance is designed to protect you against a financial shortfall in the event that your car is a total loss due to Fire, Theft, Accident or Accidental Damage.

GAP products available 

Combined Finance & Purchase Protection GAP – if you purchased your vehicle on finance from a supplier of motor vehicles

If your vehicle is declared a total loss due to an accident, fire, flood or theft this policy will –

 

·         Pay the shortfall between the motor insurance offer and the purchase price of your vehicle or, if greater, the early settlement amount that you owe to your finance company

·         Pay up to £750 towards your motor insurance excess (if you have had to pay it)

·         Supply you with a hire car for up to 35 days.

 

Lease GAP - if you purchased your vehicle on a lease agreement

 

If your vehicle is declared a total loss due to an accident, fire, flood or theft this policy will –

 

·         Pay the shortfall between the motor insurance offer and the early termination charge applied by the lease company.

·         Contribute towards the initial deposit rental paid on your vehicle

·         Pay up to £750 towards your motor insurance excess (if you have had to pay it)

·         Supply you with a hire car for up to 35 days.

 

Total Loss Top Up - if you purchased your vehicle from a private seller

 

If your vehicle is declared a total loss due to an accident, fire, flood or theft this policy will –

 

·         Make a payment that increases the total loss valuation of your vehicle by 25%, up to the policy claim limit

·         Pay up to £750 towards your motor insurance excess (if you have had to pay it)

·         Supply you with a hire car for up to 35 days.

 

Purchase Price Protection – if you purchased your vehicle outright from a vehicle supplier

 

If your vehicle is declared a total loss due to an accident, fire, flood or theft this policy will –

 

·         Pay the shortfall between the motor insurance offer and the purchase price of your vehicle

·         Pay up to £750 towards your motor insurance excess (if you have had to pay it)

·         Supply you with a hire car for up to 35 days. 

 

Real-life GAP Claim Examples on Electric Cars

Electric Cars, whilst the Zero Emission Mandate (ZEV) is a hot topic in the news now it is clear that electric car sales are growing in popularity. There is a risk as some electric cars can depreciate fast and conventional motor insurance does not always afford enough protection. Below we have highlighted some recent claims settlements made under our GAP Insurance scheme. Remember GAP Insurance is not just for high value vehicles, shortfalls can happen on lower value vehicles where customers may not have sufficient financial resource to cover the shortfall.

Make & Model	Incident Type	Type of Finance	Motor Insurer Payment	Purchase Price / Termination Charge	GAP Claim	Settlement
Kia E-Niro	RTA	Lease	£12,667	£18,434.99	£9,017.99	Includes £3,000 initial deposit rental and unrecoverable excess
VW Golf E	Fire	PCP	£9,720.00	£22,455.02	£13,235.02	Includes unrecoverable excess.
Ford Mustang Mach-E	RTA	PCP	£31,995.00	£59,589.30	£27,844.30	Includes unrecoverable excess.
Renault Zoe	RTA	PCP	£11,430.00	£18,998.00	£7,568.00
Hyundai Ioniq	RTA	Lease	£12,663.33	£17,687.20	£5,023.87	Includes initial deposit rental of £1,668.31.