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How much should you be paying for Gap Insurance? | Total Loss Gap

Why is there such a big difference in price when buying Gap Insurance?

If you have recently purchased a car, van or motorbike, you may have been introduced to GAP protection and how it could help you, should your vehicle be declared a total loss. However, they may have quoted you a figure north of £300 for just 3 years cover, but should you be paying that for Gap Insurance?

Average Gap Insurance Price Information

No, you don't need to paying that much. With everything in life, we are taught that the more we pay for a product or service, the better it is. However, this is not the case with GAP protection. Instead, it's more of an indication of where you have purchased your policy from rather than what it does. Independent suppliers will have the ability to provide a higher volume of products as they are not limited to providing policies for vehicles they've just sold. Instead, whether you've purchased a Ford Fiesta or a Volkswagen Tiguan, they will still be able to offer you a form of protection. Therefore, due to the higher volume of products sold, they can negotiate a better price from the insurer and therefore pass the savings on to you as the customer. 

How do we know? We do the same thing. Being part of Aequitas Automotive, we have access to a number of different underwriting insurers and again due to the sheer number of policies we provide, we can negotiate the best prices and most comprehensive features. A number of independent reports into the sale of Gap Insurance in the UK have been carried out. You may have seen Which? Consumer Magazine and also Martin Lewis Money Saving Expert have each completed a report on the price you should be paying for Gap Insurance. 

Is there a compromise in cover if you pay less for Gap Insurance?

As you will see within the independent reports, there is likely to be no difference at all. If anything, policies provided through independent suppliers may have more comprehensive features or at least the same. There is a small amount of underwriting insurers that provide GAP protection and in some cases it may even be the same policy provided through the main dealership as you'll find online. Below we have listed a number of features that come as standard with comprehensive Gap Insurance which will therefore give you an indication of what you get for your money.

Key Features to look out for ...

Excess Contribution - You shouldn't have to pay an excess when making a claim on Gap Insurance, instead a comprehensive Gap Insurance policy will contribute the first £250 towards your motor insurance excess, sometimes more.

Fully Transferable - A comprehensive form of GAP protection will allow you to transfer your policy completely free of charge to your next eligible vehicle.

Claim Limit - With most Gap Insurance policies you have to select a suitable claim limit (i.e the amount you expect to claim should you need to use the policy). At Total Loss Gap, you will find that you are not limited to a set limit, instead the policy will simply bridge the gap.

Factory Fitted Options - A comprehensive form of GAP protection will cover 100% of all factory fitted options.

Dealer Fitted Options - A comprehensive policy should protect as much as £1500 worth of dealer fitted accessories. However, if you haven't had any dealer fitted extras, this feature won't be applicable to you. 

If you would like to find out more on the policy features at Total Loss Gap, Click Here. Alternatively, if you have any questions or queries you can visit the online Help Centre or contact our award winning customer service team on either 0800 195 4926 | 0151 647 7556 and any member of the team will be more than happy to assist.

As from 19th March 2018 policies are now underwritten by Acasta European Insurance Company Limited.