Latest Claims at Total Loss Gap - July 2020

At Total Loss Gap, we genuinely believe our flagship TLG Combined Invoice and Replacement GAP Insurance is the best product available in the market in the UK today. However, we accept that a policy is only truly judged when you need to use it. 

Remember the advantage of taking our TLG Invoice & Replacement cover is that it is a 3-in-1 GAP Insurance policy, allowing you to have the best outcome in the event of a claim. The policy will pay, from the motor insurers settlement to the higher of :

• The outstanding finance settlement (if there is one)

• The original Invoice price you paid

• The cost of the equivalent replacement vehicle at the time you make a claim. 

When you compare our policy with other providers, you may see they ask you to choose which type of these three GAP products you want upfront. We accept you may find this a difficult judgment, and if you get it wrong you could end up losing out on thousands of pounds in the event of a claim. 

The Total Loss Gap Invoice & Replacement GAP will make the decision for you. You get the highest, and therefore best outcome when you make your claim. 

But what happens when you have to claim?

All Total Loss Gap claims are handled by a dedicated Claims Administrator called Spectrum Insurance Services. The team at Spectrum are highly experienced at processing GAP claims. They have also been handling Total Loss Gap claims for the last four and a half years. 

What is more, Spectrum Insurance Services have been accredited and approved by Trading Standards in the UK, under the ‘Buy With Confidence’ scheme. 

Examples of recent claims

Here we share a number of recent claims.

A customer purchased a BMW 6 series in December 2016 and decided to protect it with a TLG Invoice and Replacement GAP. The original vehicle was purchased for £58,000. The customer made a claim in January 2020 following a total loss declaration by their motor insurer. 

The claim they made on their TLG Combined Invoice and Replacement cover had to take into account both the depreciation on their current car (around £27k) but also the increased costs of the equivalent replacement vehicle at the time of claim. This added around another £12k to the claim. The total claim added up to £39,980. 

We saw another BMW owner having to make a claim in June 2020 for a vehicle they purchased in September 2017 for £38,000. This resulted in them having a claim processed for £22,040 to help them purchase a new vehicle. 

We have seen substantial claims processed for owners of other manufacturers also recently. In May 2020 we saw a customer claim for a loss of their Mercedes Benz GLC. The vehicle was purchased in September 2017 for £41,756.

The claim made recently saw the customer topped up by a further £14,496. 

Finally, we have seen a claim processed for the owner of a Land Rover Discovery Sport in March 2020. The used vehicle was originally purchased in August 2017 for £36,000. Following a successful claim with the team, the customer received a payment of £16,345. 

Of course, thousands of customers buy Total Loss Gap Combined Invoice and Replacement Gap in the hope that they never have to claim, and just to provide some peace of mind. To those who have to claim we hope the cover has proved to be tremendous value for money. We think these examples show that it does.