Featured within the Which? Report on Gap Insurance.
Protected by the Financial Services Compensation Scheme.
It has become a common practice for online retailers to provide discounts or voucher codes in order for you to feel like you are getting a good deal.
We have even noticed some providers in the GAP Insurance market doing the same thing.
At Total Loss Gap, we do not offer discount codes for our policies. Why? well, our approach is a little different, but we feel we can offer much better value for all.
Let us explain.
When comparing premiums with other providers we have seen Total Loss Gap products are already significantly lower in price in many cases.
The likes of the Which? GAP Insurance report has highlighted the disparity in premium prices in the marketplace. It has also shown Total Loss Gap branded products as amongst the lowest premiums consistently over many years.
Even after discount codes are added to our rival's premiums, the Total Loss Gap premium is still lower at our standard, 'first-time' price.
We see some GAP Insurance providers have commercial links, endorsement, or sponsorship deals with other organisations. Often, these deals involve the 'sponsor' to promote deals or discount codes for the GAP provider. In return, they can receive payment from the Gap provider.
Whichever way you look at that, the cost of this ends up being added to your Gap policy. We don't see how that improves the value you receive.
At Total Loss Gap, we are completely independent. We do not have any endorsement or sponsorship deals with other organisations.
There is no question people want the best value they can. But value is not just about price. It is also about the terms and features you get for your money.
We see, particularly when comparing to our premier Total Loss Gap Combined Invoice and Replacement cover, that discounted 'equivalent' products simply offer fewer features. These features, or lack of them, could end up costing you dearly at claim time.
Remember, with our Combined Invoice and Replacement Gap you get the higher of:
the outstanding finance settlement
the original invoice price you paid for the vehicle
the cost of the equivalent replacement vehicle at the time you claim (ie if you bought a new vehicle then the equivalent new vehicle as a replacement, even when the price has increased).
We note that some other 'equal' products will only pay you a cash settlement if you accept the original invoice price as settlement. If you opt for the replacement cost then some will physically replace your vehicle.
Would you want the same vehicle again if you had been in a bad accident? If not would you be happy only getting your original invoice price back when you could get a higher, cash settlement from a replacement TLG Invoice and Replacement policy?
Total Loss Gap settles Gap policies as a cash payment, whether to the invoice or replacement value.
We have seen that even when you apply discount codes the cost of the 'equivalent' competitors products to Total Loss Gap can still be more expensive.
Of course, our competitors will be only too aware of this. They may play on the fact that they have been generous in lowering their prices. In reality, the fact that Total Loss Gap has no paid affiliations to consider in the sales price means we can offer you our best value premium, the first time.
What happens if you find a better price elsewhere?
We will be happy to look at it for you. However, it would have to be a product of equivalent features for us to even think about trying to match or beat the price. Simply put, we do not see that many products in the marketplace that can match ours (in our humble opinion).
Please remember to check the overall value of your policy when you are making a purchase. That is a mixture of policy features, service, and premium price.
With the balance between the three that Total Loss Gap provides, we hope you understand why we do not feel the need to offer discount codes or vouchers at all.
Your policy is fully FCA regulated and backed by the Financial Services Compensation Scheme.
We are here to help! Search our help centre for any questions you may have.