What is GAP Insurance Cover?
You’ve just collected your sparkling new car, you sit behind the wheel, start the engine and drive onto the road for the very first time! The moment it touches the tarmac it is now a ‘second hand car’ and worth substantially less. Depreciation starts immediately and hits hard.
If you are involved in a ‘total loss’ accident, whether your fault or not, or the car is stolen and not recovered, the insurance company will only pay out the current market value. This means that you may have to find several thousand pounds to purchase an equivalent replacement car or if you are paying for your car on finance you will have a large shortfall when paying up the outstanding balance.
GAP Insurance, for a relatively small premium, will cover you for this problem. This policy will cover the difference between what your vehicle insurance pays out and the original purchase price (invoice price).
It’s easy to protect yourself for the first two, three or four years of owning your new car.
To qualify for GAP Insurance, your car must:
- Have been purchased within the last 180 days
- Be no more than 8 years old and have no more than 80k miles on the clock
- Have a value of less than £150,000
Full UK licence holders only, age restriction 18-75.
Please see the policy documents below for full eligibility criteria or contact us directly for more information.
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