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0800 195 4926

Do you have a question? or need help?

Customer Service Lines Open Mon-Fri 9am-6pm, Closed Saturday & Sunday & Bank Holidays

0800 195 4926

Customer Service Lines Open Mon-Fri 9am-6pm

Which is the Best Gap Insurance policy to buy?

We would always say that our policy is the 'best', as would any provider. But, we really do believe that this policy is the most comprehensive option as you don't have to decide which policy would be best for you, instead there is one all inclusive policy combining all three different levels of cover.

That said, there are lots of other providers who offer good policies. Some naturally are more feature packed and comprehensive than others. Some are more expensive than others, whilst some are far more reasonably priced. At Total Loss Gap, we consider ourselves to be amongst the best, if not the best, as we genuinely think that we have the balance of both comprehensive policy features and price.

Economies of scale - We have to make money when you buy a policy. In the interests of being completely up front, we would not be in business if we did not. However, as we sell a high volume of products, we work on smaller margins in the knowledge that we will provide a higher volume.

This is a different way of providing policies compared to that of many of our competitors. Similar to any form of product, some companies prefer to provide a product at a much more reasonable price and aim to sell alot more, on the other hand, others may work on higher margins and sell alot less. In fact, over the last few years as rates of insurance premium tax have increased year on year, because of the number of policies we provide, we have been able to, in most cases, keep prices in within the same region. Not a bad achievement when you consider that over the last few years, insurance premium tax has in fact doubled.  

Best Policy features - We spent nearly five years developing the total loss policy and we know it is something very special. Lots of other providers have tried to copy or get close to the policy but so far none have managed it. The reason being that a total loss policy takes all the risk and all the guess work away from both you and us.

  1. We can't ever guarantee how much you car will be physically worth on the day it is written off. Providers can use historical information and estimate and predict what your vehicle may be worth however this is a prediction not a guarantee. 
  2. We can't predict what the replacement vehicle will cost. 

We live in uncertain economic times and there are many different influences, which could affect the car and vehicle markets. With a total loss policy, it makes no difference as the policy can change, alter and adapt to market forces to make sure that you only ever get the factual best financial outcome.

With a Combined Return to Invoice & Vehicle Replacement policy at Total Loss Gap, we pay out whichever is physically the highest out of the amount outstanding on finance (if applicable), the original invoice price you have paid or the cost to replace the vehicle with another 'like for like' model. When we say the policy changes, it doesn't, the policy remains exactly the same, but as you pay your finance off and your liability reduces a different settlement is needed and the same if the cost to replace your vehicle is increasing due to inflation.

We look at which figure is physically the highest, therefore your invoice price is a guaranteed figure and you can always look at that as worst case scenario. However, if the cost to replace the vehicle has increased since you have purchased the vehicle, due to inflation and manufacturers just increasing prices, the chances are that the highest figure will always be the cost to replace it. That said, if the manufacturers have a special promotion on, the cost to replace your vehicle may actually cost less than the price you originally paid. Therefore, settlement would be based on the original purchase price of the vehicle.

You don't have to decide which policy is best for you, Return to Invoice or Vehicle Replacement GAP, instead a combination policy at Total Loss Gap may be the best option for you.