GAP Insurance – Bridge the gap if your car’s written off
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Most cars covered
New and used cars bought from dealerships or private sellers
Cars purchased on loans, PCPs, HP and more accepted
Save up to 70% on dealer GAP Insurance prices
Many motorists don’t consider the reality of a write-off to their vehicle. Even the finest insurers will only reimburse you for the current market value of your car. Meanwhile, the second you drive it off the forecourt a car’s value begins to depreciate.
A GAP Insurance policy tops up an insurer’s payout in the event of a write-off, providing the extra funds to purchase a replacement vehicle or to settle any outstanding finance.
Our GAP Insurance covers write-offs due to:
GAP Insurance for all situations...
Vehicle Replacement Insurance
Brand new vehicles (under 500 miles)
Covers the difference between your insurer’s payout and the balance needed to buy a replacement of a similar vehicle
Return to Invoice
New or used cars purchased within the last 3 months
Covers the difference between your insurer’s payout and either the price you originally paid or the amount needed to settle your outstanding finance balance, whichever is the greater
Return to Value
Used cars purchased more than 3 months ago or from a private seller
Covers the difference between your insurer’s payout (based on current value) and the original value (based on GAP Insurance start date)
“Before I had the accident I couldn’t see the need for GAP Insurance, and something kept nagging me, so I took it out and I'm glad I did!”
Mr D Caller, February 2018
Where’s the GAP?
If you bought outright:
You are covered for the car's value at inception. As your vehicle depreciates over time the value of your GAP Insurance cover increases.
If you bought on finance:
Due to depreciation your insurer payout will be less than you owe the finance company - leaving you to pay the difference. GAP Insurance covers most early on, clearing any finance you owe in full.
What our members say
Other GAP Insurance benefits:
- Up to £500 in Motor Insurance excesses covered
- Up to £1,500 in optional extras and accessories covered*
- European road trips for up to 30 days covered
- Savings on MotorEasy maintenance and repairs
- FREE MotorEasy account
*Where factory or dealer fitted
GAP Insurance Explained
Depreciation means cars lose value very quickly, so if your car is written off or stolen you can be out of pocket.
On average a car loses around 60 per cent of its value in three years (the typical length of a PCP).
So, if your new car costs £12,000 and three years later it was stolen or written off, you’d get just £4,800 from your insurer.
That’s not enough to buy the same car brand new and it’s unlikely to be enough to repay the remaining finance – due to balloon payments and interest on PCP deals.
GAP Insurance will cover the difference between what your insurer pays out and, depending on the type of policy, what you paid for the car or what you still owe on the car.
That’s why GAP Insurance focuses on new vehicles rather than older models as the rate of depreciation is much lower on a used car”.