Frequently Asked Questions

My dealer offered me a policy which provides a similar cover as GAP Insurance yet the cost of their policy was more expensive, why is this?

I have purchased my vehicle in a private sale or at an Auction, can I still buy GAP?

I purchased my vehicle more than 2 months ago can I still buy GAP?

Do I have to buy GAP Insurance from the dealership I bought my car from?

What is the maximum claim amount payable under GAP insurance?

Is GAP Insurance available for both new and used cars?

Is GAP Insurance transferable if I decide to sell my car?

Who are the Insurers of GAP Insurance?

What is a ‘Total Loss’?

Which GAP policy do I choose for a leased vehicles?

I want to buy Agreed Value GAP how do I know the current value of my vehicle?

 

 

 

My dealer offered me a policy which provides a similar cover as GAP Insurance yet the cost of their policy was more expensive, why is this?

Firstly by Purchasing GAP Insurance from us you will save 14% in the Insurance Premium Tax (IPT). Motor dealers have to charge 20% IPT because they are selling vehicles as well. Because we do not sell vehicles we can charge our customers the lower tax rate of 6%.

Motor dealers may often include commissions and overhead costs which are incorporated into the premium charged to you. As we offer our coverage online we are able to reduce our overheads and pass these savings onto you.

I have purchased my vehicle in a private sale or at an Auction, can I still buy GAP?

Yes, you can purchase our Agreed Value GAP product.

I purchased my vehicle more than 2 months ago can I still buy GAP?

If you have owned your vehicle for more than 2 months then you can buy Agreed Value GAP. The other GAP products have to be purchased within the first 2 months of delivery of the vehicle to you. Agreed Value GAP is not available to vehicles on lease agreements.

Do I have to buy GAP Insurance from the dealership I bought my car from?

No. GAP is an optional purchase.

What is the maximum claim amount payable under GAP Insurance?

You can choose a claim limit to suit your requirements. The thing to remember is that you don’t need a claim limit equal or higher than your vehicle purchase price. This because you need to remember that you will receive a settlement from your motor insurer and GAP Insurance will cover the shortfall

Is GAP Insurance available for both new and used cars?

Yes, providing used vehicles are no older than 10 years at the time cover starts.

Is GAP Insurance transferable if I decide to sell my car?

If your GAP Insurance is a Purchase Price Protection, Lease or Finance policy the cover will cancel immediately when you sell or transfer ownership of your car. If you have Agreed Value GAP we will allow for a transfer of vehicle and the value of your new vehicle will be reassessed

Who are the Insurers of GAP Insurance?

Our GAP Insurance policies are arranged via a panel of insurers all of whom are covered by the Financial Ombudsman Scheme and the Financial Services Compensation Scheme.

What is a ‘Total Loss’?

A ‘Total Loss’ is where your motor insurer determines that the damage to your vehicle is such that it is beyond econmical repair and as a result they make you an offer for the value of your vehicle and the salavage of your vehicle is forfeited to them.

Which GAP policy do I choose for a leased vehicle?

If you took delivery of your vehicle within the last 3 months, we can offer the protection of Lease GAP.

I want to buy Agreed Value GAP how do I know the current value of my vehicle?

If your vehicle is a car visit the parkers website www.parkers.co.uk/cars/used-prices/ or if your vehicle is a light van up to 3.5 ton GVW please visit www.wisebuyers.co.uk to obtain a valuation”