Customer Service Lines Open Mon-Fri 9am-6pm
This week marks a milestone for the company behind TotalLossGAP.co.uk.
Aequitas Automotive Ltd celebrated its 15th birthday since its founding on August 17th, 2010.
As one of the founding directors, it was the perfect time to write a personal reflection on how far we have come and what we want to do to grow into the future.
From humble beginnings .png "Aequitas Automotive Ltd")
First things first, a confession to make. Aequitas Automotive Ltd was never meant to be a GAP Insurance specialist. The original business idea was to set up as a new car broker online, taking advantage of the years of experience in the motor industry gained by my co-director, Jackie, and I.
Additional products, like GAP Insurance, were meant to be that, additional offers to the primary sale of a new car.
Suitable domain names for a new car broker were bought, and we still own them to this day. But they have remained on the shelf.
So what happened? We realised that the GAP Insurance rates available in the market were much cheaper than those we had seen in motor dealers.
It was a good opportunity to provide a valuable alternative to the motor dealer products that dominated the marketplace.
We rented a small, 120 square foot office space, just enough for two desks, two phones, two computers, a filing cabinet and a printer.
We became an appointed representative of a compliance network (so we were 'legal' to sell GAP Insurance to the public) and got our first, functioning website built for the princely sum of £800. We also set a daily Google marketing budget of £30........oh how wrong we were!
It costs a little more for an e-commerce website in 2025!
We launched our EasyGAP brand in 2010. This was followed by GAPInsurance123 in 2011, Shortfall in 2012 and finally TotalLossGAP in 2015.
Having more than one brand has allowed us to carry multiple insurers' products. This has provided us with the ability to compare a range of products for our customers, and has also given us access to more niche areas like motorbikes, driving schools, and taxis.
Putting down roots
As our business started to grow, we took on staff, invested in new IT systems, and expanded our marketing budgets. .png "Aequitas House 56 Hamilton Square Birkenhead")
We started to get recognition from some household names, too. We are proud that our brands have been featured by the likes of Which?, MoneySavingExpert, AutoExpress, Honest John and more over the years.
I'm even told that data from our products has been discussed within the walls of 10 Downing Street, but that is a story for another day!
It was in 2015 that we decided we wanted to put down some more permanent roots. This led to the purchase of an office building at 56 Hamilton Square, Birkenhead.
Hamilton Square has some history behind it, with it having more Grade 1 listed buildings than anywhere outside Trafalgar Square in London.
Hamilton Square is also the backdrop for many period TV and film productions, including the recent Ipcress Files remake, the film Awaydays starring Stephen Graham, the advert for FIFA 23 and this week scenes from the TV series G Wed were filmed outside our window.
Possibly the most high-profile claim to fame was that our building was seen in the Netflix documentary series 'Harry and Meghan'.
We have also seen a British Prime Minister attend a service in the Square, promotion parties for Tranmere Rovers, and the aforementioned visit from the Duke and Duchess of Sussex.
It is a unique place to work.
The painstaking renovation of 56 took around a year, and saw us move into the new 'Aequitas House' in 2016. In the same year, we completed the purchase of 57 Hamilton Square.
This has allowed us to become commercial landlords, with professional tenants such as accountants, wealth and pension advisors and a mortgage company now sharing our office space.
This investment only underlines our business, providing us with the ability to sail the choppy waters that all companies will see from time to time.
The ups and downs of business
Some of our proudest achievements have surrounded innovation that we have brought to our products. We were the first online to provide the 'best outcome' 3-in-1 Vehicle Replacement GAP Insurance in 2015. Indeed, when Total Loss GAP launched that year, it was the only style of GAP Insurance provided. We also believe we were the first online to provide deposit protection options for our Lease GAP cover. This allowed lease holders to protect their advanced rental payment so they could use this again for a replacement vehicle.
We believe we were the first online to provide the combined SMARTCare 3-in-1 cometic car insurance product. Again, combining elements of traditionally separate products to give the customer a better value proposition. .png "Total Loss GAP logo")
But it has not all been plain sailing. Like all enterprises in the UK, we have had our challenges.
COVID was a test for nearly everyone in the UK for different reasons. For a business that relies on car sales, effectively closing that market meant we had little income and customers to help. We remained open and helped our customers in any way they needed.
Then we had the well-documented FCA intervention into the GAP Insurance market in 2024. Like all providers, that meant a spell of not being able to sell GAP Insurance at all, whilst the FCA took all insurance companies through the process of proving 'fair value'.
Another difficult period.
We have also been through the process of an insurer going into liquidation. Whilst this was not a situation we could have foresseen, having more than one insurer 'on the books' meant we could still provide cover to new customers.
Our priority was to assist in the process of moving all our impacted customers to a new insurer, with the help of our claims administrators and the FSCS. This was achieved, and no customer was left without cover.
Through these difficult times, we have always put the welfare of our customers at the top of our priority list. That will continue to be the case.
Moving forward
Our key focus is always on our customers. For years, we have tried to provide the right balance between premium pricing and product features to ensure we provide the best value possible.
Whilst we are primarily a GAP Insurance specialist, we have expanded our offerings to include more complementary products and services to our customers. We have added Tyre, Alloy Wheel, SMARTCare Car Cosmetic and Motor Excess Insurance products.
There will be more products and services shortly, too, more of which we will announce in due course.
This is also the perfect opportunity to thank those who have helped us grow over the last 15 years also. To the insurers, product providers, advisors and members of staff, current and old, we thank you all.
Finally, we would like to acknowledge and thank the hundreds of thousands of people who have become our customers over the years. Without them, we would not have been able to grow like we have.
What will the next 15 years bring?
About Aequitas Automotive Ltd
- Founded: August 17th 2010
- Company registration number: 07347606
- FCA Authorised & Regulated: Firm Reference Number 821163
- Member of the British Insurance Brokers Association: Member Number 006652
- Brands: EasyGAP, GAPInsurance123, Shortfall, Total Loss GAP
- Customers: Hundreds of thousands served across the UK
- Claims: Millions of pounds paid in claims to our customers
Written by Mark Griffiths, Co-Founder & Director, Aequitas Automotive Ltd