GAP Insurance Quote
GAP Insurance with a wide variety of cover options available.
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Also cover for Contract/ Lease Hire Vehicles
Excess cover up to £1,000!
Cover for vehicles up to £125,000
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What is GAP Insurance?
Guaranteed Asset Protection (GAP) insurance is a policy designed to protect you from a significant financial shortfall if your vehicle is declared a total loss (i.e., it is written off or stolen and not recovered). It bridges the financial “gap” between what your comprehensive motor insurance pays out and the amount you originally paid or still owe on finance.
When a vehicle is declared a total loss, the primary motor insurance provider pays out its value at the time of the incident. Due to rapid vehicle depreciation, this amount is often much lower than the original purchase price or the outstanding balance on a finance agreement. You would be responsible for paying this difference yourself. GAP insurance works to cover this specific shortfall, protecting your investment and preventing unexpected debt.
Benefits of GAP Insurance
Guaranteed Asset Protection (GAP) insurance offers invaluable benefits for UK drivers, including:
- Financial Protection: In the event of a total loss, GAP insurance helps you avoid being left with a large bill for the remaining balance on your finance agreement or the difference from your vehicle’s original value.
- Peace of Mind: Knowing you have GAP insurance provides peace of mind, safeguarding your investment and protecting you from unexpected financial burdens, especially whilst paying off vehicle finance.
- Lower Risk of Negative Equity: If you’re concerned about being in negative equity (where you owe more on your finance than the car is worth), GAP insurance is a crucial tool to reduce this risk.
- Tailored Policy: At Riviera Insurance, you can tailor your policy to suit your individual requirements.
Types of GAP Insurance
We offer 2 types of GAP insurance, these being:
- Return-to-Invoice (RTI): Covers the difference, between the Total Loss Claim Settlement, and the original Vehicle Invoice paid.
- Finance: Covers the remaining balance upon the Finance Agreement, following the Total Loss Claim Settlement made.
How Does Gap Insurance Work?
GAP insurance works alongside your normal motor insurance policy by topping up the payout amount in the event your car is written off. This is important because the settlement figure you are offered could be lower than the value of a lease agreement or other financial arrangements, leaving you with a shortfall to pay. The GAP policy is designed to insure this sum.
What does a GAP Insurance Policy Cover?
A GAP insurance policy typically covers:
- The difference, between the Vehicle Invoice Payment or Outstanding Finance, following a Total Loss Claim Settlement upon your Vehicle.
- Cover for fire, theft, accident, resulting in a Total Loss Claim, upon the insured Vehicle.
- Excess Covered, up to a maximum of £1,000.
What isn’t covered?
While GAP insurance is comprehensive, it may have certain exclusions, such as coverage limits, specific vehicle age requirements, and restrictions on modified vehicles. It’s crucial to review the policy terms and conditions carefully. Exclusions typically include:
- Vehicles used as Taxis
- Kit cars, invalid carriages, and commercial vehicles weighing over 3,500kg.
- Vehicles not built for the UK market (e.g., American, Australian, or Canadian models).
- Use for competitions, rallies, track days, racing, pace-making, speed testing, or off-road use.
- Use for courier or delivery purposes (unless specifically agreed by us).
- Use for driving tuition (unless specifically agreed by us).
- Use for short-term self-drive hire.
Are there any policy restrictions?
- The vehicle’s net invoice selling price must not exceed £125,000.
- The incident leading to the total loss must occur within the territorial limits and during the period of insurance.
- The maximum amount payable is limited to the figure shown in your policy schedule.
- Cover may be transferable to a replacement vehicle, subject to our agreement and a possible additional premium.
How Much Is GAP Insurance?
The cost of GAP insurance varies depending on factors like the vehicle’s value, the length of coverage, and the provider. However, compared to the potential financial loss, GAP insurance is often very affordable.
How can I get cheaper GAP Insurance Quotes?
To secure cheaper GAP insurance quotes:
Compare quotes from multiple providers.
Consider the length of coverage you need.
Opt for a policy that suits your specific vehicle and financial situation.
Download our FREE app
At Riviera Insurance, we want to help you. That is why we have developed the Riviera Insurance App to help you easily upload documents, view your documents, report claims and much more.
Our reviews
At Riviera Insurance, our customers’ satisfaction speaks for our reliability. Feel free to check our glowing Google reviews that attest to our excellence in provision and service.
& Clearly much better than all the rest!
Very pleased with the quotation I received renewed again this year
Customer service is streets ahead polite, courteous and if they say they will call you back … surprise surprise they actually do- unlike most others
All in all very happy
& Clearly much better than all the rest!
Very pleased with the quotation I received renewed again this year
Customer service is streets ahead polite, courteous and if they say they will call you back … surprise surprise they actually do- unlike most others
All in all very happy
Very Happy with the whole process.
Very Happy with the whole process.
Riviera Insurance stands out as an affordable and reliable car insurance provider. They offer competitive rates, transparent policies, and excellent customer service. With a range of coverage options to suit different needs and budgets, Riviera Insurance ensures you can find the right policy. Their responsive customer service and convenient online tools make managing your policy hassle-free. For affordable and trustworthy car insurance, choose Riviera Insurance.
Riviera Insurance stands out as an affordable and reliable car insurance provider. They offer competitive rates, transparent policies, and excellent customer service. With a range of coverage options to suit different needs and budgets, Riviera Insurance ensures you can find the right policy. Their responsive customer service and convenient online tools make managing your policy hassle-free. For affordable and trustworthy car insurance, choose Riviera Insurance.
I am absolutely delighted with the service I received and also the price I paid, BMW quoted me a figure that was 5 times higher than the amount I paid Riviera for effectively the same product. So for anyone looking for Gap cover all I can say is give Duncan a ring and you won't be disappointed !!
I am absolutely delighted with the service I received and also the price I paid, BMW quoted me a figure that was 5 times higher than the amount I paid Riviera for effectively the same product. So for anyone looking for Gap cover all I can say is give Duncan a ring and you won't be disappointed !!
Keep the good work!
Keep the good work!
Other products that we offer…
Big enough to save, small enough to care.
Our staff are empowered to contact insurance companies and underwriters on your behalf, providing a truly personal service across the UK – with no call centres. We take the time to understand your insurance needs to find you the most suitable policy at a competitive price.
With a range of optional extras available, you can tailor your cover to suit your needs and budget. Finding cheap insurance has never been simpler. If you are local to Torbay, you can even pop in to our high street office on Union Street in Torquay and arrange your insurance with us in person.
