Simple Gap provides a fixed level of cover which will be dependent on what you purchased the vehicle for or the market value. We calculate the level of cover for you based on average depreciation rates and current market value.
GAP Asset Protection, more commonly known as GAP insurance or GAP coverage is an insurance that sits alongside your comprehensive car insurance to cover the shortfall if your car is written off or declared a total loss.
The majority of comprehensive motor insurance policies only offer new car replacement during the first 12 months of vehicle ownership. Thereafter, the insurance settlement figure for stolen or written off vehicles is on a current market value basis, meaning that a difference between this figure and the original purchase price may occur. GAP insurance is intended to cover this difference.
When buying a car it’s a common belief that a Comprehensive Motor Insurance provides cover in an event where a vehicle is written off. Unfortunately this is not the case and consumers often find themselves left short when their insurer only reimburses them for the current market value of their car.
Another factor to consider is the second you drive off the forecourt your car’s value begins to depreciate also. A factor we are all aware of, but do we appreciate how much a car depreciates?
1 to 5 years cover
Cover between £5,000 to £30,000
Includes motor insurance excess up to £250
Includes Finance cover (optional with Simple RTI GAP)
30 day money back guarantee
Mr. Harris, 37, bought a new car for £25,000.
He had a no fault accident after three years and the car was written off by his insurance company. They pay him an insurance settlement of £10,000.
Fortunately for him he had bought a 3 year Return to Invoice policy for a premium of £93.71 which paid another £15,000.
RTI GAP insurance will pay out if your car is stolen or damaged beyond repair. This will pay the difference between what your car insurer pays out and the invoice price you paid for the car. This type of GAP insurance is suitable for new cars or cars less than 5 years old. Our RTI Gap cover also pays out for any outstanding finance remaining.
New and used vehicles
Vehicles purchased through a dealer or hire purchase company
Vehicles used for private purposes
A vehicle purchased using cash
A vehicle purchased using finance
A vehicle less than 5 years old with no more than 60,000 miles at the start of the policy
A vehicle with a purchase price of no more than £50,000.
As with RTI, Return to Value GAP insurance also pays out if your car is stolen or damaged beyond repair. This reimburses the difference between what your car insurer pays out and the value of the car when it was first purchased. This type of GAP insurance is ideal if you have a second hand car.
New and used vehicles
Vehicles purchased through a dealer or hire purchase company
Vehicles used for private purposes
A vehicle purchased using cash
A vehicle purchased using finance
A vehicle less than 5 years old with no more than 60,000 miles at the start of the policy
A vehicle with a purchase price of no more than £50,000.