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We understand that with any form of insurance there are a million and one questions to ask before buying. Working closely with our customer service team, we have outlined the top 5 most frequently asked questions when it comes to Gap Insurance.
The majority of people will have some form of understanding of what Gap Insurance is, however, what you may not know is that there are different types that perform in different ways.
1. What is the difference between Return to Invoice GAP and Vehicle Replacement GAP?
When looking for Gap Insurance online, you will mostly come across a choice between two different policy types, Return to Invoice and Vehicle Replacement, but what is the difference between the two?
Return to Invoice Gap Insurance is designed to bridge the 'gap' between your own motor insurance settlement figure, in the event of a total loss and the original invoice price you have paid for the vehicle. This means that the very maximum the GAP policy would top you back up to is the original invoice price you have paid.
Vehicle Replacement Gap Insurance, on the other hand, has the ability to take you back up and above the invoice price to the cost to replace the vehicle with another 'like for like' model.
For example, if you have purchased a brand new car for £20,000, if we had to purchase that car again in three years' time, another brand new 'like for like' model, the chances are it would cost more than the price you originally paid. Due to inflation, changes in exchange rates, and manufacturers just increasing prices, the chances are that the cost to replace the vehicle with another 'like for like' may be more expensive.
With a Combined Return to Invoice & Vehicle Replacement policy at Total Loss Gap, you don't have to decide which policy is better, instead, we simply top you back up to whichever figure is the highest, the original invoice price or the cost to replace the vehicle.
2. What is a claim limit & which one is most suitable for you?
With most GAP providers online, you will have the ability to select a maximum claim limit, but what is a claim limit and how do you know which one is best for you?
A claim limit is a maximum amount you would ever be able to claim from the Gap Insurance policy. Remember, that this amount is on top of what your own motor insurance company pays for the vehicle. For example, if you have purchased a vehicle for let's say £10,000 and your motor insurance company pay out £5,000 a claim limit of £5,000 would be sufficient to return you back up to the £10,000.
In terms of choosing a claim limit, the average vehicle can depreciate by as much as 50% over a three-year term, however, some will lose more and some will lose less. If you have taken a Combined Vehicle Replacement policy, you always have to consider any inflationary aspect to the cost of a replacement vehicle as well as the rate of depreciation. Unfortunately, no-one can predict how much your vehicle may lose and how much the cost of a replacement vehicle will increase.
However, at Total Loss Gap, we take the guesswork out of Gap Insurance by providing you with a policy with no upper claim limit. Therefore, you no longer have to worry about whether or not the claim limit would be sufficient for you.
3. What price should you be paying for Gap Insurance?
Dealership GAP prices can start at £399 for three years cover whereas online you can get it for less than £99, but what should you be paying?
When buying any product or service, we automatically assume that the price quoted is an indication of quality. However, when buying Gap Insurance it's not quite as easy as that. The price you pay for a policy isn't an indication of quality, instead an indication of where you purchased it from. There have been a number of industry reports carried out into GAP by the likes of Which? Consumer Magazine, Martin Lewis Money Saving Expert, and even the governing body the Financial Conduct Authority themselves. All reports highlight the difference in price when buying GAP and the fact that you should be shopping around in order to get the best deal for you.
Compare the features and the general ability of the product to find out what you should be paying for this form of protection, we are sure you'll be pleasantly surprised.
4. Is Gap Insurance a good idea?
This is really down to whether or not you can see the value in Gap Insurance. If the vehicle was declared a total loss, your own motor insurance company would only ever give you the value of the vehicle at that moment in time. Due to depreciation, the value of your vehicle is likely to be a lot less than the price you have paid. If the vehicle is on a form of finance, this could leave you with a shortfall on the finance and therefore you're left paying for a vehicle you no longer have.
Even if the vehicle isn't on a form of finance, you could still be left short of the original invoice price of the vehicle or the cost of replacing the vehicle with another 'like for like' model. Rather than just getting back the value of the vehicle on the day, you have the ability to protect either the original purchase price of the vehicle or the cost to replace it with another 'like for like' model with Gap Insurance.
5. Is Gap Insurance transferable?
Yes and No. It depends on which policy type you have and where you have purchased the policy from. Our policies are amongst the most comprehensive in the UK today, with our Combined Return to Invoice & Vehicle Replacement policy, you have the ability to transfer the policy over to your next eligible vehicle completely free of charge.
However, other policies may not be as comprehensive or the policy type might be specific to that vehicle or finance agreement and therefore may not be transferable.
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We are here to help! Search our help centre for any questions you may have.
Aequitas Automotive is our parent company.
The telephone number is exactly the same 0800 195 4926
Our company registration number is 7347606.
Our address is, Aequitas House, 56 Hamilton Square, Birkenhead, Wirral, CH41 5AS.
Our FCA Number is 821163
Our ICO registration number is Z2455374.
Total Loss Gap Insurance policies purchased before February 2016 are underwritten by UK General Insurance (Ireland) Limited. Policies purchased between February 2016 and March 2018 are underwritten by Qudos Insurance A/S. Policies purchased from March 2018 are underwritten by Acasta European Insurance Company Limited.
Yes all of our policies are backed by the FSCS.
No providing that you have adjusted the number of years then the price on screen is for the full term of your policy.
No, you can pay using a credit card at no extra charge. You can also pay using American Express at no additional charge.
You can pay for your policy with a credit, debit card or even American Express at no extra charge, PayPal, Bank transfer. If you would like to pay in monthly instalments, simply call a member of the team on 0800 195 4926 | 0151 647 7556.
Yes there is a 10% charge for paying monthly. This means if your policy was £169.00 you would need to pay a £25.00 deposit. There would be an additional charge of £14.40. This would mean that you would then pay 12 instalments of £12.00. The total amount payable would be £183.40.
You will be asked to give your details including your bank account and sort code. Premium Credit the company that provide the funding will then either write or email to confirm that you are aware of the agreement and then normally 10-14 days later your first deposit instalment will be taken. Your regular monthly payment will then be on the same day of the month that you purchased your policy.
If you pay monthly you will need to pay a small deposit payment. Your first instalment will normally be 10-14 days later and then this will be followed by a further 11 equal instalments. This means that there will be a total of 12 monthly instalments however your cover will continue until the end of your policy.
Some gap insurance policies have a claim limit. This means that maximum amount that your gap insurance will pay on top of what ever your insurance company offer you in settlement. But this means that you have to guess how much or how little your vehicle may be worth. At Total Loss we don't think that this is fair so we simply do not have one. You policy will simply pay what ever it needs to.
The maximum length of cover is 5 years. This means that if you are deferring the start date the maximum would be a four year deferred.
No at present Total Loss policies do not cover motorbikes. Please try our other brand Easygap.co.uk
No sorry at present Total Loss policies do not cover motor homes instead please try www.Easygap.co.uk
If you have a contract hire vehicle as full ownership can not pass directly to you should you ever need to make a claim then settlement would be based on the amount outstanding on finance only.
In an ideal world the policy would be the name of the person who own's the vehicle and is the principle insurance policy holder. However this is not always possible so we would request that if this is not the case please contact a member of the team on 0800 195 4926 who will be able to advise the best course of action so as to not invalidate your insurance.
Yes you can cancel at any time, please see our cancellation and cooling off page in the legal section.
No problem simply register your policy using the registration number which is currently on your vehicle. When DVLA give you authorisation to use your number plate simply contact us and we can amend your policy completely free of charge.
No problem simply contact a member of the team who will update your policy. This normally takes just a few minutes and is completely free of charge.
If you are putting a private plate on your vehicle simply let us know when DVLA have said it is "ok" to change your number plates. We can amend your policy and issue new documentation. Please note this is a free of charge service.
No. Once you have claimed on your GAP Insurance the policy is spent. If you replace your vehicle with another, then a new policy would be required if you wished to have GAP Insurance cover for that vehicle.
No problem you can put in the registration box 'TBA' and just call the team when you have your registration number or your private plate has been registered with the DVLA and we can update that for you completely free of charge.
The purchase price of your vehicle is the total cash price after any discounts but before any cash deposit or part exchange allowance. In the case of lease or contract hire vehicles pleas use the P11d.
No providing that you allow us to talk to you insurance company we will pay the difference between your insurance companies settlement regardless of book or market values.
Yes you can transfer your policy to your next eligible vehicle completely free of charge.
You must let us know that your vehicle has been written off within 120 days.
No your claim is dealt with completely inside the UK by Spectrum who are based in Sheffield.
As a perk of purchasing a comprehensive motor insurance policy, some providers will offer a 'new for old' term. If you have purchased a brand new vehicle, within the first 12 months of ownership, if the vehicle was declared a total loss, subject to terms and conditions, your own motor insurer would simply replace the vehicle. Therefore, you may not need/want the Gap Insurance in place during the first year and instead may want to delay the start date until the cars first birthday.
This is impossible to say as it will depend on the purchase price of your vehicle as well as the number of years that you would like cover for. Simply click for a quote and our system will auto generate a price. Or you can call 0800 195 4926 where a member of the team will be only too happy to help.
At present we can not provide total loss cover for vehicles over 3500kg, to be used as a taxi, driving school or other form of hire and reward, racing, rallying, competition, motorbikes or motorhomes. For a full list of eligibly please see your policy documents. For a quote on Motorbikes, Motorhomes, Taxi's & Driving Schools please visit our Easygap.co.uk Site.
No as DVLA will automatically refund any un-used proportion.
You must buy your policy within 180 days of taking delivery. We would however point out that until your policy is live you leave yourself financially exposed.
Yes providing that your own motor insurance company have said it is a valid claim.
Yes you are covered in the UK, Northern Ireland and Scotland as well as any other EU member state. Please see your policy documents for a full list of countries.
No your driving history is not taken into consideration.
No, in fact we pay up to £250 towards your motor insurance companies excess.
No not at all your claim will be dealt with in the UK by a specialist claims team based in Sheffield called Spectrum.
The purchase price is the amount that your garage / dealership have invoiced you for. This is after any discounts but before any cash deposit or part exchange allowance. This does not include any interest.
A deferred policy is a policy where you have elected to set the start date to co-inside with your vehicles first birthday?
Some insurance companies almost as a perk of buying a new vehicle will within the terms of your comprehensive motor insurance policy say that if you buy a new vehicle and your name is first on the V5, if it is written off within the first 12 months, that they will simply go and buy you another.
Hire and reward means that you are paid to use your vehicle to transport people or objects from one place to another.
It means that your own insurance company have looked at the reason as to why your vehicle was declared a total loss and have agreed to settle.
Where your own insurance have decided that the cost of repairing your vehicle is not economically worth while, or it has been stolen and not recovered.
The Financial Conduct Authority.
The Financial Services Compensation Scheme
The organisation who you can complain to if you are not happy and your complaint has not been resolved.
This is the date that you would like your Total Loss Gap Insurance policy to start.
This is the total cost of your policy.
Insurance Premium Tax (almost like VAT on insurance)
The list price of your vehicle - normally only needed if you are buying your vehicle on a contract or lease hire.
This is the amount of money outstanding on your finance agreement. (this does not include any late payments charges, arrears and regrettably can not refer to personal loans)
The cost of a Replacement Vehicle, matching the original Vehicle specification or an equivalent superseding model in the event this is no longer available.
This is any shortfall between your part exchange value and the amount outstanding on finance which you have re-financed on top on the purchase price of this vehicle.
This is a list of countries that your gap insurance policy will cover you in. (a full list is available in your policy terms)
This is the company that you are buying your policy from.
This is the organisation who will responsible for settling your claim.
This is the insurance company who back your policy.
This is a vehicle that you have imported yourself from another country.
This is the amount that your own motor insurance company will deduct from your settlement under the terms of your policy. This will include your voluntary and compulsory excess.
A claim where your motor insurance company have investigated and decided that you were attempting to make a claim under false pretences ( dishonest ).
This is the document from DVLA which will show that you are the legal keeper of the vehicle.
This is a number plate which you have purchased to use on a vehicle often called a cherished number plate.
This is a set time during which you can change your mind and cancel your policy and (providing you have not made a claim) and have a full refund.
Yes as long as your own insurance company are happy to settle then we will cover you if your vehicle is written off by an un-insured driver.
We will cover named drivers, so whoever is driving your vehicle when it is written off as long as your own insurance company are happy to settle then so are we. This is on the understanding that they are over the age of 18 and have a full UK license.
Without seeing your dealership's policy it is impossible to confirm. We can however say that as of yet we have never seen another policy as comprehensive any where in the UK, either online or from dealerships.
No you do not have to buy gap insurance from any one and certainly if you buy a policy from us you have up to 180 days.
No unfortunately we are not based somewhere exotic. Instead we are based in a Hamilton Square in a beautiful Grade 1 Listed Georgian Town House which was converted to offices some time ago.
Yes and no? There are a million and one ways to write a vehicle off and for your vehicle to be stolen. Rather than list each one and still never cover all of them our policy simply says that you own insurance company must be happy to settle. If they are we simply follow suit. So for example if someone steals your car your own insurance will settle and will will follow suit. If however you leave the keys in the ignition, door open and someone then steals it? Your own insurance company would not settle and therefore our hands would be tied.
Spectrum are a specialist claims team who deal with you policy should you ever need to make a claim.
Spectrum are based Sheffield.
Qudos Insurance are the underwriters of any Total Loss Policy purchased between the 02/02/2016 and March 2018.
Yes their FCA number is 571608
Yes Qudos Insurance A/S are also regulated by the Danish FSA, their registration number is 53112.
Yes Qudos are also regulated by the Danish FSA, their registration number is 53112.
The address is Qudos Insurance A/S. Kongevejen 371 , DK 2840, Holte, Denmark.
Contract Hire gap insurance is a a policy which is specific to lease and contract hire vehicles. The most important aspect is that on this type of a contract you have no option to own the vehicle at the end of the contract. Instead your vehicle is collected at a predetermined day in the future regardless if you may or may not wish to own the vehicle.
Contract Hire gap insurance will pay the difference between your own insurance companies settlement on the day that your vehicle is written off and clear your outstanding finance liability.
Your contract hire gap insurance policy will not cover any late payment charges or arrears on your lease as these would be deducted from any settlement.
Without any form of gap insurance for your contract hire / lease car, if it is written off you could be faced with the fact that you no longer have a vehicle to use and also have to pay any financial shortfall. This is because legally you are responsible for any difference between your motor insurance companies settlement and the amount needed to clear your lease.
What is the finance shortfall with respect to a contract hire or lease vehicle? This is the difference between your insurance companies settlement and the amount you need to pay off your lease. This could be made up of a number of factors. Differences in market value, back rentals, outstanding rentals, in fact your lease company may call it something completely different. No matter providing your have no outstanding rentals or late payment charges this is exactly what we clear.
No our contract hire policies are for private vehicles only and can not cover any hire and reward usage.
No,your alloy wheel insurance policy does not cover theft.
The maximum number of claims during the period of alloy wheel insurance shall not exceed: Eight claims under a twenty four month policy. Twelve claims under a thirty six month policy.
Yes,there is a £10 excess payable on each and every claim.
The contact number for the claims team is 0114 321 9877
Accidental damage is a sudden and unforeseen event that has resulted to damage to the alloy wheels.
You can purchase Alloy Wheel Insurance for your vehicle providing it is less than three years old and the recorded mileage on the vehicle odometer is less than 50,000 miles. The vehicle must have been purchased within the preceding thirty day period and must have been supplied by a Franchised Main Dealer.
The policy will not cover any vehicle used at anytime in a public service capacity,such as Military,Police or Ambulance vehicles. Vehicles used for hire and reward,courier and delivery services,and short-term self drive hire.Also,vehicles used for the carriage of passengers,including but not limited to private hire and taxi services.Vehicles used for driving instruction in connection with your occupation are also not covered. The policy will not cover any vehicle used at any time for any type of competition usage,be that any form of rallying,racing,any type of track day,off road,speed testing,pace making or reliability trials. The policy will not cover split rim construction,chrome rim,multi-piece or chrome finished alloy wheels. The policy is not renewable or transferable to any other vehicle. There is an initial thirty day claim waiting period after the start date during which you are not able to process a claim. The policy will not cover any damage which is the result of poor maintenance and neglect.Corrosion of the wheel is not covered.Any previous sub standard previous repair is not covered(unless previously arranged by the Claims Administrator).The policy will not cover manufacturing defects,design faults or any damage resulting in improper cleaning,polishing or adjustment. The policy will not cover any costs to repair the alloy wheel(s) fitted to the insured vehicle that the Claims Administrator does not authorise in advance and provide an authorisation number for. The policy will not cover any costs to repair the alloy wheels(s) where the damage is caused by wear and tear due to age and/or usage.Any damage that occurs when a replacement tyre is fitted,damage that occurs whilst the insured vehicle is driven with an under-inflated tyre or by a road traffic accident involving another vehicle where a motor insurance claim has been made are not covered.The policy does not cover defective,failing or peeling paint or lacquer.The theft of wheel nuts or the the insured vehicle itself are also not covered.
Within the period of insurance,the policy will pay for the cost of repair resulting from accidental damage that has occurred within the geographical limits of the policy.Each claim is handled by an administrator and the repair will be undertaken by an approved repairer who make every effort to repair the wheel to your complete satisfaction. Where more than one alloy wheel has sustained accidental damage each repair will be treated as a claim under the terms of your alloy wheel policy.If a wheel is damaged to such a level that it's integrity has been impaired and it cannot be repaired the policy will contribute up to £150 towards a replacement wheel.This contribution towards the replacement wheel would be classed as two claims as defined in your policy documentation. The maximum number of claims during the period of insurance shall not exceed: Eight claims under a twenty four month policy. Twelve claims under a thirty six month policy.
The policy schedule is the document issued to you by the administrator when you purchase your alloy wheel insurance.It will provide details of the policy holder,the insured vehicle,the length of cover,the policy identification number and the purchase price of the policy.
The policy is underwritten by Qudos insurance and claims are administered by Tobell. From March 2018, policies will be underwritten by Acasta European Insurance Company Limited and the claims will still be administered and handled by Spectrum Insurance Services Limited.
You may require assistance outside of office hours when the claims administrator is not available to provide you with a claim authorisation number.Under these circumstances,or if the repairer refuses to wait for payment,you will be required to settle their invoice and then claim reimbursement.If you pay the repairer then you will be reimbursed up to the repair or replacement cost.You will be required to send the claims administrator the information that is outlined under the heading 'How to make a claim'
Yes in order to keep costs to a minimum we will not honor any claim made within the 1st 30 days of purchasing your policy.
No you the policy will remain will the vehicle and go on to the new owner.
Yes your can cancel your alloy wheel policy at any time. If you cancel within the first 14 days then you will be given a full refund providing you have not attempted to make a claim. After this time you can cancel but there would be no rebate or refund paid.
You can make up to four claims during any twelve month period of the policy term.If you have purchased a Combined Tyre and Alloy Wheel policy then you can make up to four claims during each twelve month policy period on both the tyre and alloy wheel aspects of the policy. A £10 excess is payable on each and every claim.
Yes,there is a £10 excess payable on each and every claim made during the policy period.
Policies purchased between Feb 2016 and March 2018 are underwritten by Qudos insurance and claims are administered by Tobell. Policies purchased after March 2018 are underwritten by Acasta European Insurance Company Limited and claims are still handled by Spectrum.
Accidental damage is a sudden and unforeseen event that has resulted in damage to one or more of your tyres.
The following vehicles are excluded from Tyre Insurance cover: Taxis, self drive hire, driving school, service vehicles e.g Police ,ambulance ,etc. Commercial vehicles or vans with a carrying capacity exceeding 1750kg. Any vehicle used in any sort of competitions ,rallies, pace making or off road use. Left Hand Drive vehicles. Vehicles not listed in Glass's Guide. Any vehicle owned temporarily or otherwise by a motor dealer ,trader or business formed for the purpose of selling or servicing motor vehicles.
Replacing tyres can be extremely expensive. Tyre insurance will pay for the cost of repair or replacement of your tyres which has resulted from damage that has occurred within the geographical limit.
The maximum number of claims during the period of insurance shall not exceed: Twelve claims under a twenty four month policy. Eighteen claims under a thirty six month policy.
Yes, each individual claim is subject to a £10 excess.
If you need to process a claim please contact the administrator on 0114 321 9877. Before making a claim please check that the damage is covered by your policy and provide the claims administrator with your vehicle registration number and details of how and when the damage was caused .It can be beneficial to provide images of the damage and convenient dates of when the vehicle can be inspected/repaired providing your claim is approved. All repairs must be completed by the approved repairer as appointed by the claims administrator .If the claim is authorised then it will be settled directly with the approved repairer.
Subject to terms and conditions, this policy will pay to repair minor cosmetic damage to the insured vehicle. The policy will consider damage up to 15cm in length an 3mm in depth. It will also consider damage that has occurred across two panels providing it is within the 15cm limit. You can access up to six claims during each twelve month period incurring a £10 excess on each and every claim.
Minor damage that occurs within the first thirty days from the policy inception date will not be covered under the terms of the policy. Large flat surface areas are not covered including, but not limited to, the bonnet and roof panels. Anything that cannot be defined as minor cosmetic damage or minor cosmetic damage that extends across more than two body panels. In the event that the damage does extend across more than two body panels then the entire claim will be excluded. For a full list of exclusions please refer to your policy documentation.
The policy is underwritten by Acasta Insurance and claims are administered by Spectrum who are based in Sheffield.
To be eligible for this policy your vehicle must have a standard paint finish which is not self healing, chrome illusion, two tone, matte finish or has been vinyl wrapped.
You can purchase Scratch and Dent Insurance for your vehicle providing it is less than three years old and the recorded mileage on the vehicle odometer is less than 50,000 miles. The vehicle must have been purchased within the preceding thirty day period and must have been supplied by a Franchised Main Dealer.
You can make a claim at any time however in order to keep costs to a minimum we will not honour any claim made within the 1st 30 days of purchasing your policy. (this is to we hope stop fraudulent claims and keep costs to a fair amount for all genuine policy holders)
Financial Services Compensation Scheme FSCS for short is an independent body who are there to help protect you if the underwriter is no longer able to pay our claim.
Return to invoice gap insurance simply means that if your vehicle is written off your policy will top up your own motor insurance companies settlement to either the amount outstanding on finance or the original invoice price you paid which ever is the higher. From this you can clear any finance if necessary, and the balance of funds (the difference between the invoice price you paid and the amount outstanding on finance) is then yours to spend as you see fit.
Yes providing that your invoice shows the cost for the paint protection then it would be covered in the event of a valid claim.
No we do not cover any late payment charges or arrears. Your claim would be calculated exactly the same however any arrears or late payment charges would be deducted from your settlement.
Return to invoice gap insurance protects the original cost of the vehicle you purchased. For example lets say you bought a 1 year old Volkswagen polo for £13500. If it is written off between your motor insurance company and your gap insurance policy this is the amount that you are taken back to. From this you can clear any finance and what ever is left is yours to spend as you see fit. Vehicle replacement would however also take into account inflation and model upgrades. So if on the day that your vehicle was written off to buy another 1 year polo the same as yours was on the 1st day you drove it home, with inflation and model changes now cost £15,000, then as this is the highest amount this is the figure that you would be taken back to. Again any finance would be cleared and what is left is yours to use as you wish.
Yes all of our policies will include an element of insurance premium tax which will be passed on to HMRC. However please don't worry the price you are shown is already inclusive of IPT.
At present (Aug 2020) the current rate of IPT (Insurance Premium Tax) charged on independently purchased gap insurance / supplementary insurance is 12%.
Yes providing that you have set the start date to the date you wish the policy to start you cover will start immediately. (Please remember that if you have a deferred policy this will not start until the date you have chosen)
No sorry we can not cover any vehicles which have already been written off.