Agreed Value Transferrable GAP

In the event of your vehicle being declared a total loss, this insurance will pay the difference between the motor insurers settlement and 105% of the Glasses Guide Retail Price on the day you purchased the policy.

Cover will include up to a maximum of £250 motor insurance excess.

  • Covers New & Used Cars & Vans
  • Cover from 1 to 4 years
  • 30 Day Money Back Guarantee
  • Covers All Factory Fitted Optional Extras
  • Covers Loss Of Vehicle through theft of Keys
  • Covers Insurance Excess Up To £250
  • Covers all drivers on your insurance policy
  • Free Transferable Cover

Example

  • Vehicle Retail Price:

    £16,000

  • Car Insurance Pays:

    £12,000

  • Gap pays:

    £4,000

The vehicle has a retail price of £16,000 when you buy the policy.  The vehicle is a total loss 12 months later and your insurer pays £12,000.

The gap insurance policy pays you £4,000 to return you to the full retail price.

FAQ's

  • What cover does Agreed Value Transferrable GAP provide?

    In the event of your vehicle being declared a total loss, this insurance will pay the difference between the motor insurers settlement and 105% of the Glasses Guide Retail Price on the day you purchased the policy.

    Cover will include up to a maximum of £250 motor insurance excess.

  • Who is the insurer of this policy?

    The insurer, AmTrust International Underwriters, is a major insurer in the UK and Europe and is authorised by the Financial Conduct Authority, authorisation number 203014. This can be checked at register.fca.org.uk

    The Insurer is covered by the FSCS. You may be entitled to compensation from the scheme if the Insurer cannot complete their obligations. This depends on the type of business and the circumstances of the claim. For claims against insurers 90% of the claim is covered with no upper limit.

  • What is the claim limit on Agreed Value Gap?

    The Claim Limit is the difference between the motor insurers settlement at the point of total loss and 105% of Glass's Guide retail value of the vehicle when you purchased the policy.

    You need to select a suitable claim limit to ensure adequate cover for the term and price of your vehicle.

    Example

    Vehicle value at the point of policy purchase £20,000
    Motor insurer pays £12,000
    GAP pays £8,000

    You receive a total of £20,000 which represents the retail value of the vehicle when you purchased the policy.

  • What is the vehicle purchase price that I should use to calculate the cost of the policy?

    The purchase price is the net purchase price that you have paid for the vehicle or the current valuation of the vehicle whichever is the lower.

    Ifr you require a vehicle valuation, please call  a member of the team and they will be pleased to offer this service free of charge.

  • When and how do I receive my policy documents?

    Policy documents together with confirmation of payment are sent by email as soon as you make the payment.

  • What is total loss?

    Only your insurer can declare the vehicle a total loss which in general can result from accidental damage, your fault or third party fault, fire, theft or vandalism.

    Total loss means that you have claimed under your motor insurance, your claim has been agreed, your vehicle has been forfeited (title of the vehicle transferred to the motor insurer) and a payment made following the incident.

  • How can I pay?

    It can either be a single one off payment with the use of a credit/debit card without any card charges or alternatively we can arrange for credit payments over 12 months. Please note that the payments are collected by a third party agency and a small administration fee applies.

  • Whose name should the policy be in?

    The policy should always be in the name of the owner/ hirer or registered keeper of the vehicle.

  • Does it cover my motor policy excess?

    Yes; up to £250 in the event of a total loss claim.

  • Can this policy be transferred to a replacement vehicle?

    Yes; it can; You can make one transfer during the period of insurance.

    if you sell your vehicle, provided that no claim has been made under this insurance, you may transfer the remaining cover to the replacement vehicle, subject to our agreement. No fee will apply for this transfer. A new schedule will be issued confirming the replacement vehicle details. Where the replacement vehicle is deemed to be of a higher value an additional premium may be required.

    Cover will not include any refinancing.

    In the event of bereavement, the remaining benefits of this Insurance may be transferred to the policyholder's spouse or partner.

  • Am I covered for theft of vehicle with keys?

    Yes; you are covered when keys are stolen from your home or office which results in vehicle theft. However you must exercise due diligence and take appropriate steps to safeguard both the keys and the vehicle.

    No insurer, including your motor insurer, will provide cover for wilful negligence. For example if you leave the keys in the vehicle and you go off to pay for fuel which results in the vehicle being stolen.

  • Why would this policy not pay out?

    Please see the policy terms and conditions for a full listing, however the main exclusions are:
    The vehicle becoming a total loss whilst the driver is under the influence of non prescription drugs or under the influence of alcohol, involved in illegal activity, fraud or an act of wilful negligence, eg leaving keys in the ignition whilst the vehicle is unattended.

  • Why is Direct Gap so much cheaper than motor dealers quote?

    We are an internet based provider and as such we have lower overheads than motor dealers.

    As a result of the high volume of GAP insurance that we sell annually, we are able to provide quality policies at the keenest prices.

    You can be confident that our prices are lower than those quoted by dealers and many other web sites.

    Paying less than you have been quoted elsewhere in no way means that you are buying an inferior product, it just means that they are making more profit from your purchase!

  • Can anyone drive my vehicle and still be covered by GAP?

    Yes; GAP insurance will include all drivers provided that they are covered on your comprehensive motor insurance policy to drive the vehicle as a named driver.

  • Am I covered to drive my vehicle abroad?

    You are covered not only in England, Wales, Northern Ireland, Scotland, Isle of Man and the Channel Islands but also in member countries of the European Community and any other country for which an International Motor Insurance Certificate (Green Card) is effective on your vehicle at the point of Total Loss up to 120 days in any one trip.

  • Is this a one off or annual payment?

    All premiums are single one off payments to cover you for the selected term.