Which Gap policy is right for me?

What is it?

If your vehicle is damaged beyond economic repair, ‘written off’ or as your insurer would say ‘declared a total loss’, Finance/Contract hire Gap Insurance will pay the difference between your insurer’s payment and any outstanding finance.

Why do I need it?

If your vehicle is written off (‘declared a total loss’) your insurer will pay you its value at the time of the accident. This is the second hand value and won’t be the price you paid for the car when it was new. If this amount is not enough to settle outstanding finance on the vehicle, you will have to cover the difference out of your own funds. Finance/contract hire Gap Insurance will cover the shortfall between your insurer’s offer and the outstanding finance settlement payment.

Why Finance/Contract Hire Gap?

  • Finance/Contract hire will settle the difference between the value of the car and outstanding vehicle finance in the event of the car being written off.
  • Peace of mind that your vehicle finance or contract hire is covered whatever happens.

 

Return to Invoice +

What is it?

Return to Invoice Gap insurance covers the value of your vehicle when you bought it. It ensures that if your car is written off, beyond reasonable repair (or as your insurer would say ‘declared a total loss’) the difference between your insurer’s payment and the the cost of your vehicle when you bought it is covered, including any outstanding finance.

Why do I need it?

If your vehicle is written off (‘declared a total loss’) your insurer will pay you its value at the time of the accident. This won’t be the price you paid for the car when it was new and it often isn’t enough to cover the outstanding amount if you used finance to buy the vehicle.

Our Return to Invoice policy will pay the difference between your insurer’s settlement and vehicle’s value when you bought it, including the outstanding finance balance so that you can settle it.

If you paid cash for your vehicle it will pay you the difference between the insurer’s final settlement and the amount you paid for your car – enabling you to replace it with one of similar value.

Why Return to Invoice / Finance Shortfall?

  • If you have finance on a vehicle, you will have peace of mind that you will be able to pay off the finance whatever happens.
  • If you would like to make sure you have the amount of money you spent on your vehicle to buy the replacement, whatever happens.

Vehicle Replacement +

What is Vehicle Replacement +?

Vehicle Replacement + pays the difference between your insurer’s final settlement and the cost of replacing your car to the same specification as when it was purchased.

Why do I need it?

If your vehicle is ‘written off’ (or as your insurer would say, ‘declared a total loss’) your insurer will pay you the value of the car or van at that point – its second hand value – not the amount needed to replace the vehicle with a new one of similar quality (and often not enough to pay any outstanding finance arrangements).

Direct Gap Vehicle replacement + Gap insurance will cover the difference between your insurer’s payment, and the cost of replacing the vehicle with one to the same specification when you bought it. Any outstanding finance will be covered in the payment.

Why Vehicle replacement +?

  • · You will be able buy a replacement vehicle which matches the original vehicle specification – covering any increase in the car list price.
  • · Direct Gap will pay any shortfall between your motor insurer’s valuation and the value of your replacement car at current prices, covering any outstanding finance.

Agreed value

What is agreed value Gap insurance?

Agreed value Gap insurance pays the difference between the insurer’s final settlement and 105% of the Glasses Guide Retail Price on the day you purchased the policy. It is suitable for vehicles purchased private or have been owned for more than 180 days..

Why do I need it?

If you have a purchased a vehicle privately or have owned the vehicle for more than 180 days and you want to ensure that you are covered for the retail price of car at the time of policy purchase.

Should your car be a complete loss you will be offered an amount by your insurer based on the car’s value at the time of the loss. This is likely to be lower than the value of your car when you bought the policy.  Direct Gap will pay you the difference between that amount and the value agreed when you purchased the policy.  Agreed value Gap insurance insures the value Retail Price of your vehicle.

Why Agreed Value Gap insurance?

  • · The retail value of your car at the time you purchased the policy is covered.
  • · You will have more funds to find a suitable replacement for your vehicle