Featured within the Which? Report on Gap Insurance.
Protected by the Financial Services Compensation Scheme.
Recently found out about Gap Insurance and wondering whether you can still buy it?
Like any form of insurance, you have to fit the eligibility requirements before you purchase a policy. Our system is an advanced system that will ask a few questions to find out whether or not you are eligible to purchase a policy. If you answer the questions correctly the system will point you to the correct policy.
There are a number of main criteria that must apply in order for you to purchase Gap Insurance. Different providers will have different criteria for you to meet. However, some eligibility requirements come as standard. The majority of providers will have an inception date of 180 days with the highest levels of cover. This means that if you have recently purchased a vehicle within the last 180 days, providing you fit the other criteria, you should be eligible for the higher levels of cover.
If you have had the vehicle for over 180 days, there may be alternative options for you to consider. Simply click through the quotation process and if the system fails to show you a policy, contact the customer service team on the telephone numbers provided in order to run through any alternative options.
Why do you only have 180 days to buy Gap Insurance?
As your vehicle ages, the rate of depreciation increases. Therefore, after 6 months your vehicle will already have lost a considerable amount of money.
To show you what we mean ... Let's look at an example.
According to Auto Express, if you had purchased an Infiniti Q50 for a purchase price of £34,102. By the end of the third year, your vehicle will have lost an eye watering, £21,718. But depreciation is not limited to expensive or prestige vehicles. For example, If you had purchased a Ford KA and paid the average new car cost of £9,790 again by the end of the third year you could have lost as much as £6,240.
Therefore, the longer you have to purchase the Gap Insurance the more risk it is to the underwriting insurer.
Additional Gap Insurance Specifications
Where have you purchased your vehicle from? We need to confirm that you have purchased the vehicle from a VAT Registered Garage or Main Dealership. We need to ensure that you have a VAT registered invoice in order to guarantee the price you have paid and also the specifics of the vehicle.
What type of vehicle do you have and what will you be using the vehicle for? At Total Loss Gap, we specialise in providing cover for Cars and Vans. Therefore, if you are looking for Taxi Gap Insurance, Motorbike or even Motorhome Gap Insurance, you would need to contact a member of the team or visit our sister brands.
We need to know what you will be using your vehicle for as this can effect your claim. For example, if you are using your vehicle as a taxi or driving school, the high number of miles that you will do and the type of useage means that you are more likely to make a claim. It also means that due to the high mileage, the value of the vehicle will depreciate quicker and therefore we would have to pay more in the event of a total loss. Why not click to go through the questionnaire and find out if you are eligible for Gap Insurance?
Your policy is fully FCA regulated and backed by the Financial Services Compensation Scheme.
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