Finance & Contract Hire GAP Insurance Protection

In the event of your vehicle being declared a Total Loss, our Finance Gap insurance and Contract Hire Gap Insurance will pay the difference between the outstanding finance balance and the motor insurers settlement.

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

  • Pays Finance and Settlement Charges
  • Suitable for Contract Hire, HP, PCP and Leases
  • Protect your Deposit of up to £3,000
  • Cover from 1 to 5 years
  • 30 Day Money Back Guarantee
  • Covers ALL Factory Fitted Options
  • Covers £1,500 Dealer Fitted Accessories
  • Unlimited Claim Limits on vehicles up to £50k
  • Covers Insurance Excess Up To £250
  • Covers all drivers on your insurance policy

Example

  • Finance Owing:

    £20,000

  • Motor insurance pays:

    £14,000

  • Gap pays:

    £6,000

You have a shortfall of £6,000 which is paid by the Gap Insurance.

This sum can include interest charges, early settlement fees and would include all contract hire payments if the vehicle is hired.

 

FAQ's

  • What cover does Finance Shortfall GAP provide?

    In the event of your vehicle being declared a Total Loss, finance gap Insurance will pay the difference between the outstanding finance balance and the motor insurers settlement.

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

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

    The purchase price is the actual invoice price that you pay for the vehicle, deduct any discounts but do include all factory fitted accessories and up to £1,500 of dealer fitted accessories and paint protection applications up to £500, OR the vehicle value (whichever is the lower).

    You should exclude any additional payments for warranty charges, insurance premiums, finance charges, road fund licence fee, cost of fuel and negative equity from a previous vehicle.

  • 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 169384. 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 a Finance Gap?

    The Claim Limit is the "top up" difference between the vehicle value at the point of total loss and the amount required to settle the outstanding finance.

  • Is Deposit Protection Available?

    YES, we will insure your initial deposit up to £3,000.  This is an optional add on.

  • 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.

  • How long can I have owned the vehicle for and still buy the policy?

    This policy can be purchased at any time.

  • 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.

  • 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.

  • Are Contract Hire Vehicles covered by this policy?

    Yes , our finance and contract hire gap insurance policies are extremely flexible and cover all types of finance contracts.

    Contract hire is specifically covered under this policy as it recognises you may not be the registered keeper of the vehicle, but the hirer.