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Gap Insurance | Total Loss GapTotal Loss Gap Insurance

What is Total Loss Gap Insurance and how does it work?

 

Gap Insurance is a form of financial protection that protects you against the effects of depreciation to your vehicle. It can protect either the amount outstanding on finance, the original invoice price you've paid or the cost to replace the vehicle with a 'like for like' model.

 

For Example, the average vehicle is expected to lose approximately 50% of it's value within the first three years of ownership in the UK. If you have paid £20,000 for your vehicle and three years later it's declared a total loss, your own motor insurance company would only give you the value of the vehicle at that point. If it has lost as much as 50%, you would only receive £10,000.

 

With Combined Return to Invoice & Vehicle Replacement Gap Insurance at Total Loss Gap, we can top you up from the £10,000 your motor insurer has paid for the vehicle back up to the higher of either the amount outstanding on finance, the original invoice price you've paid or the cost to replace the vehicle with another 'like for like' model. If you have taken the vehicle on a form of lease/contract hire with no option to own, please see below how Gap Insurance works for you.


Combined Return to Invoice & Vehicle Replacement Gap Insurance

 

Usually with Gap Insurance you have to select either the Return to Invoice or Vehicle Replacement GAP policies, but at Total Loss Gap you no longer have to decide which is going to be best for you. This is a combination policy that simply tops you back up to whichever is physically the highest settlement figure. Therefore, if your invoice price is £20,000 for example, that is the worst case of what we will top you back up to. But if the cost to replace the vehicle has now increased to £22,000, the policy will instead top you back up to that figure.

 

Total Loss Gap Insurance Policy Terms Total Loss Gap Insurance Keyfacts

 

Key Features

No Upper Claim Limit - You don't have to decide how much you would need in the event of a claim, instead we bridge the Gap whatever that is.

£250 Excess Contribution - There is no excess for you to pay, instead we pay the first £250 towards your own motor insurance excess.

Combination Policy - No need to decide which policy is best for you, instead this policy will simply pay the highest figure.


Contract Hire & Lease Hire Gap Insurance

 

If you have taken a vehicle on a form of lease or contract hire agreement with no option to own, this is the most suitable form of Gap Insurance for you. As you have no option to own the vehicle and therefore no invoice, you don't have the ability to protect either the invoice price or the replacement cost. Instead, this form of Gap will protect any shortfall owing to the lease company in the event of a total loss. If the vehicle is declared a write off, your motor insurance will pay the value of the vehicle at that time back to the lease company. The lease company will then issue you with an outstanding settlement figure which is made up of any outstanding rentals or differences in the valuation of the vehicle. 

 

Contract Hire Gap Insurance Terms Contract Hire Gap Insurance Keyfacts

 

Key Features

No Upper Claim Limit - You don't have to decide how much you would need in the event of a claim, instead we bridge the Gap whatever that is.

£250 Excess Contribution - There is no excess for you to pay, instead we pay the first £250 towards your own motor insurance excess.

£3,000 Deposit Protection - If you choose to protect your initital rental/deposit, this policy will pay you upto £3,000 of any initial rental/deposit you put down.


 

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