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GAP insurance provides financial protection in the event that your vehicle is declared a total loss (written off) by your primary insurer. It covers the difference between the current market value of your vehicle at the time of the incident and the original purchase price or the remaining loan amount, whichever is higher. This is especially beneficial if you owe more on your car loan or lease than the car’s depreciated value.
The worth of GAP insurance can vary from person to person. If you’re financing a new or nearly new car, or leasing a vehicle, GAP insurance can be particularly useful. This is because cars depreciate rapidly in the first few years, and your regular insurance may not cover the full amount you owe on the loan if the car is written off.
GAP insurance covers the “gap” between the actual cash value of your vehicle and either the remaining balance on your car loan or the original purchase price of your car. In the event of a total loss due to theft, accident, fire, or other covered events, GAP insurance steps in to cover this financial difference.
Yes, GAP insurance does have exclusions. It does not cover any unpaid or overdue lease/loan payments, any financial penalties from your lease agreement, equipment or accessories not permanently fitted to your vehicle, and costs for extended warranties, credit life insurance, or other insurance purchased with the loan or lease.
The cost of GAP insurance varies depending on factors such as the value of your car and the terms of your loan or lease. However, it typically costs a few hundred pounds. We recommend completing an online quote to obtain your tailored quote.
Some ways to get cheaper GAP insurance quotes include shopping around and comparing prices from different insurers, maintaining a good credit score, and keeping a clean driving record. At Riviera Insurance, we strive to provide competitive quotes for our clients.
There are several types of GAP insurance available. These include Return-to-Invoice GAP Insurance (covers the difference between the insurance payout and the original invoice price of the car), Vehicle Replacement GAP Insurance (covers the difference between the insurance payout and the cost of a new vehicle), and Finance GAP Insurance (covers the difference between the insurance payout and the remaining balance on a car loan).
Depending on the provider, there can be several add-ons or optional extras available with GAP insurance. These may include coverage for additional equipment or modifications, cover for your policy excess, and possibly the inclusion of a replacement vehicle service.
Yes, GAP insurance can be particularly beneficial if you’re leasing a car. If the leased vehicle is written off, you might owe the leasing company more than the car’s insurance payout. GAP insurance can cover this shortfall.
No, you can get GAP insurance whether you’re financing a car, leasing a car, or if you’ve bought a car outright. However, it’s particularly useful when you’re financing or leasing a car, as these are situations where the ‘gap’ can be significant if the car is written off.
Benefits of GAP Insurance
Guaranteed Asset Protection (GAP) insurance offers invaluable benefits for UK drivers, including:
Financial Protection: Bridge the Gap, between the Vehicle Invoice Payment or Outstanding Finance, following a Total Loss Claim Settlement upon your Vehicle.
Peace of Mind: Safeguard your investment and avoid unexpected financial burdens.Tailored Policy: Tailor your policy, to suit your individual requirements.
Flexible Terms: Option to pay for your policy by instalments, spreading the cost.
Is GAP Insurance Worth It?
GAP Cover is worth it, for anyone wishing to reduce the potential financial exposure, should you be unfortunate to suffer a Total Loss Claim, upon your Vehicle.
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.
Cover available for both Private & Commercial Use (Taxi/Courier/Business) Vehicles.
Excess Covered, up to a maximum of £250.00.
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.
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.
Types of GAP Insurance Available
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 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.
Does GAP Insurance Have Exclusions?
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.
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Our staff are empowered to contact insurance companies and underwriters on your behalf, giving an entirely personal service across the whole UK with no call centres. We take the time to know your insurance needs to offer you the cheapest insurance policy.
With the added benefit of optional cover, options are to suit you and your pocket. So, finding cheap insurance has never been more simple.
If you are local to Torbay, you can even pop in and see us arrange your insurance at our high street office on Union Street in Torquay.