Featured within the Which? Report on Gap Insurance.
Protected by the Financial Services Compensation Scheme.
What is Vehicle Replacement Gap Insurance and how does it work?
Vehicle Replacement GAP is said to be the most comprehensive type of Gap protection due to the ability of protecting above the purchase price you have paid. The cost to buy vehicles are always increasing as manufacturers continue to increase prices, especially for new vehicles.
In the event of a total loss, a Vehicle Replacement policy, rather than just getting back to the invoice price you have paid, will top you back up to the cost to replace it with another 'like for like' model, despite the replacement price increasing.
You may have had Gap Insurance previously, maybe Return to Invoice Gap and this time round you want to make sure you are getting the best policy for you?
At Total Loss Gap we have combined the two most comprehensive types of GAP protection into one all inclusive policy. You no longer have to decide which is better for you, Return to Invoice or Vehicle Replacement. Instead, at Total Loss Gap we will simply pay the highest of either the original invoice price you have paid or the cost to replace the vehicle with another 'like for like' model. Therefore, if the vehicle to replace has increased in price, we will top you back up to the inflated figure.
Does Vehicle Replacement Gap Insurance physically replace the vehicle?
No. Not at Total Loss Gap. We give you the cash settlement and the ability to do whatever you want with that cash amount. You may not want the same car again, you might not even want to drive a car again, maybe you've had your eye on a Motorbike, that's why we give you the ability to do with it what you wish. However, with some GAP providers, terms and conditions may be slightly different. Some providers may want to source the replacement vehicle for you.
Which is better, Return to Invoice or Vehicle Replacement?
It's a difficult question, with every different circumstance there will be a different answer and in some cases it's not as clear as you would want. This is why we have taken the guess work away from you and combined the two together in one combined policy. In terms of the ability of the policy, the Vehicle Replacement policy has a lot more ability due to the fact it will take you up and above the invoice price you have paid. Whereas, the most a Return to Invoice policy would get you back to, is the invoice price you have paid. That said, depending on the age, mileage and price you've paid for a particular vehicle, a Return to Invoice policy may be more suitable. But again, that's why we have taken the guess work away from you and combined the policies together.
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.