GAP Insurance

If your vehicle is written off or stolen, GAP (Guaranteed Asset Protection) insurance will make up the shortfall between the market value and what was originally paid*.

This protects you from being out of pocket.

Guaranteed peace of mind for you and your car

If the worst happens and your car is written off, most motor insurers will only pay out the current market value of the car, not the original price you paid for it. This means you may not receive enough to replace your car, or even pay off any outstanding finance.

With GAP Insurance, you can make sure that you're covered for the whole cost of your car.

GAP Insurance:


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About Guaranteed Asset Protection (GAP INSURANCE)

If an incident occurs resulting in your vehicle being written off due to accident, fire or theft; then the settlement amount you receive from your motor insurer could be significantly less than the outstanding balance of the original retail price. The market value of your vehicle at the time of the incident is used by most motor insurance companies to determine the total loss payment. Any depreciation in the vehicle value would potentially be a loss incurred by you. You could be left without a vehicle plus the burden of settling any outstanding finance or lease balance.

In the event of the total loss of the insured vehicle, we will pay a maximum benefit equal to the difference between your motor insurance settlement and the original retail price of the insured vehicle, or if greater and on all lease policies, the amount you require to pay your early settlement amount. This insurance will also contribute to the excess deducted by your motor insurer.*

*Terms, conditions and exclusions apply. See Section 4 below for certain exclusions but please refer to your policy documentation for the full details.


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More information on GAP Insurance

Buying a GAP Insurance policy depends on the circumstances surrounding your vehicle purchase and there are a number of factors you should consider.

  • Is my car less than 8 years old at the point I purchased it?
  • Is my Motor Insurance Fully Comprehensive?
  • Will I be using my car for Hire and Reward (taxiing, food delivery, paid rental of the vehicle to somebody else for their use) off road use (rallying , speed testing, pace making)?


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1. Should I get GAP Insurance?

If your vehicle is written off or stolen, GAP insurance will make up the shortfall between the market value and what was originally paid. Protecting you from being out of pocket. Comprehensive car insurance will in some cases replace a car bought from brand new if it is written off within its first year. Check the terms and conditions thoroughly to ensure there are no exceptions or exclusions to this cover, and that you’re not looking at a financial shortfall should the worst happen

GAP Insurance: Should I get GAP Insurance?
GAP Insurance: How much does GAP Insurance cost?

2. How much does GAP Insurance cost?

The price you pay is dependant on the vehicle value at the point of purchase, the maximum benefit payable under the policy you select and the duration of the policy.

3. How does GAP Insurance work?

GAP Insurance refers to the difference between what you paid for the car originally, and what the Insurance policy will payout in the event of a total loss incident occurring during the period of cover.

You should be aware that are things that GAP Insurance doesn't cover; these exclusions include personal injury or death, damage to property, repairs to the vehicle, repossession, courtesy cars, negative equity brought forward from a previous finance agreement and any extended warranties, maintenance plans or Insurance premiums that have been included on the invoice in addition to the price you paid for the car.

GAP Insurance does include cover for any dealer fitted accessories.

For more information, please refer to the policy terms and conditions.

GAP Insurance: How does GAP Insurance work?
GAP Insurance: What is excluded from GAP Insurance?

4. What is excluded from GAP Insurance?

The most important exemption is always in place and counts against those who do not have a comprehensive car insurance policy in place. Before you even consider GAP Insurance, you should ensure that you have the right level of car insurance in place first, otherwise, you will be paying out for something which simply won’t come into effect when needed. If you have cover but it isn’t comprehensive, this should be upgraded before taking out GAP Insurance.

Claims, where your car insurer fails to declare that your car is at a total loss, are not applicable, so if it’s just heavy damage without being completely written off, the cover will not be available.

GAP Insurance is for normal road-legal driving - the things we all use our cars for day-to-day. If you are racing your car at a rally or as part of any other kind of competitive driving event the vehicle won’t get covered in the event of a write-off.

If you have modified your car - the appearance, the interior, the technology - anything that may have added any value, this will not be met. It is only the original value that is covered as part of your policy, so you should take this in to account when putting any additional funds into your vehicle.



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