GAP Insurance

GAP Insurance

Don’t let a write off write you off

Kompare will assist you every step of the way. We work and kompare prices from the UK’s leading GAP Insurance providers so you don’t have to.

Finding cheap GAP Insurance is just one click away.

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Guaranteed Asset Protection, or more commonly known as GAP Insurance is there to protect you financially in the event of a total loss claim.

If your car is written off, you’ll only have your motor insurance pay-out to help you. If you also have outstanding finance on your now written-off vehicle, your insurance pay-out may not be enough to cover the payments. With GAP Insurance at hand, this will now be possible. /p>

Driving is a dangerous game. You can’t see into the future and prevent events that may occur. What you can do it be prepared for the worst so it doesn’t hurt you financially later down the line. By finding GAP Insurance with Kompare, you won’t need to worry.

What Are The Different Types Of GAP Insurance I Can Apply For?

When looking for a GAP Insurance, your provider will ask you which type of insurance is more suited for your situation. Here are your options:

Replacement GAP Insurance

This is the highest level of GAP Insurance available today. It’s a combination of multiple GAP Insurances - so it provides the best of all cover levels. In the event of your vehicle being declared a total loss, Replacement GAP Insurance aims to pay the difference between your vehicle insurance pay-out and other variables that affect the write off including any outstanding finance on your vehicle.

Invoice GAP Insurance

This is the most commonly purchased type of GAP Insurance in the UK as it’s the highest level usually offered by motor dealers. Invoice GAP Insurance aims to pay the difference between your vehicle insurance pay-out and other variables that affect the write off such as the original invoice price that you paid for your vehicle.

Contract Hire GAP Insurance

If your vehicle is subject of a Contract Hire / Lease agreement and is declared a write off, your vehicle insurance will most likely fall short of being able to pay it off. With Contract Hire GAP Insurance, it’ll make the payments a bit more manageable and help cover the costs of the remainder of your agreement.

Top-Up GAP Insurance

This is a 1-year long annually renewable GAP Insurance policy available for a vehicle up to 8-years old, and worth up to £80,000. If your vehicle is written off, Top-Up Gap Insurance aims to top-up your vehicle insurance by up to 25%. It will even cover up to £250 of any excess that’s due to your insurance provider.

Unsure About Gap Insurance?

If you’re unsure about which policy you need to take out, you can give one our specialist agents a call on 0800 812 1000 and they’ll be able to assist you with any questions that you may have. Alternatively, you can request for us to call you at a convenient time.

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Frequently Asked Questions

We understand that taking out GAP insurance can seem quite daunting. That’s why we’ve put together a collection of FAQs to answer any questions that you may have.

The price of new cars depreciate rapidly and a new car depreciates a staggering 20% per year on average. If you purchase a car worth £20,000, it’ll be worth £10,000 in three years. If your car is considered a write-off, your insurer will only pay you the market valuation which is £10,000 in this scenario. Meaning that you’ll be left short of what you paid initially.
GAP Insurance means that you would, in this scenario, get the extra £10,000. Meaning that you don’t have to put your own money into it. So GAP Insurance is worth considering if you’re worried about not getting the price you paid for your car back if it was written off or stolen.
Your car must be confirmed as a total write-off, and you will only receive payments once your claims is successful. However, you will not receive a pay-out if your car was written off as a result of drink or drug driving, nor will it be paid out if someone else was driving your vehicle without a valid licence.
Be careful with modifying your car as well as non-standard modifications you make to the car might not be covered under your insurance. Also ensure to value the car correctly when taking out GAP Insurance as it won’t pay the difference if you underestimate the value of your vehicle.
If you bought a car within the last 100 days on finance, yes you can. GAP policies cover the cost of any existing lending if your car is written off or stolen.
All you need in order to get a quote is:
- The value of your car when you bough it, not including any modifications you’ve made to the vehicle since purchase
- How many years cover you need, ranging from 1-5 years