Our Gap Insurance in Brief
Gap insurance protects the value of your vehicle. There are two types of gap insurance that most insurers provide. These are Return to Value Gap Insurance and Return to Invoice Gap Insurance. Return to value Gap insurance pays out the difference between the amount received from the vehicle insurer in the event of a claim and the value of the vehicle on the day the gap cover is taken out. Back to Invoice Gap insurance pays out the difference between the amount paid out by the vehicle insurer and the value of the vehicle when purchased new.
Do you need gap insurance? With our vehicles representing one of our most expensive assets on average and the rapid rate of vehicle value depreciation it makes a lot of sense to protect your vehicle’s value. In the UK over 500,000 vehicles become a total loss each year. One car is stolen every minute in the UK and insurance companies depreciate cars and bikes by 77% on average over a three year period.
Exclusion Periods
The only exclusion period is that cover commences 24 hours after you take out a Gap insurance policy.
Eligibility
There are different eligibility requirements for the two types of Gap insurance.
