Transferable Vehicle Replacement / Finance Shortfall GAP Insurance +

In the event of your vehicle being declared a total loss, this insurance will pay the difference between the motor insurers settlement and the cost of a replacement vehicle matching the original vehicle specification.

If You purchased your vehicle under a finance agreement (except where the policy is transferred) and the outstanding finance balance at the point of total loss is greater than the replacement vehicle cost, this insurance will pay the difference between the vehicle value at the point of total loss and the outstanding finance balance.

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

  • Covers New & Used Cars & Vans
  • Cover from 1 to 5 years
  • Covers Dealers Discounts
  • Covers Increase in Car List Price
  • 30 Day Money Back Guarantee
  • Unlimited Claim Limits on vehicles up to £50k
  • Covers All Factory Fitted Optional Extras
  • Covers Insurance Excess Up To £250
  • Covers all drivers on your insurance policy
  • Free Transferable Cover

Example

  • Vehicle Retail Price:

    £25,000

  • Car Insurance Pays:

    £15,000

  • Gap pays:

    £10,000

With VRI+ Gap Insurance you get back the full £25,000 replacement price of the vehicle!  Even if the price of the car has increased in price.

  • Vehicle Retail Price:

    £25,000

  • Motor insurance pays:

    £15,000

  • Gap pays:

    £10,000

You receive £25,000 in total.  The finance company are owed £17,000.

You keep the £8,000 balance after the finance has been settled.

FAQ's

  • What cover does Transferable Vehicle Replacement/Finance Shortfall 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 the cost of a replacement vehicle matching the cost of the original vehicle specification.

    If you purchased your vehicle under a finance agreement (except where the policy is transferred) and the outstanding finance balance at the point of total loss is greater than the replacement vehicle cost, this insurance will pay the difference between the vehicle value at the point of total loss and the outstanding finance balance.

    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 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?

    The Claim Limit is the the difference between the motor insurers settlement and the cost of a replacement vehicle matching the original vehicle specification.OR to settle the finance shortfall, whichever is greater.

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

    The policy can be purchased provided that you have owned the vehicle for less than 180 days.

  • 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.

  • I have new for old cover for 12 months on my motor insurance; can I defer this policy?

    Yes; you can defer the start date for up to a maximum of 12 months but the cover must be taken within 180 days of purchasing the vehicle.

    The policy start date must not exceed the anniversary of the vehicles first registration.

    It is entirely your responsibility to ensure that you have the appropriate cover provided by your motor insurer during the first 12 months.

  • Does this settle my outstanding finance?

    Yes; in the event that your finance settlement exceeds the purchase price of the vehicle this policy will settle the outstanding finance shortfall and release you from the finance contract. This excludes negative equity carried forward from any previous finance agreement and arrears on the contract.

  • 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.