GAP Insurance

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Vehicle Replacement GAP Insurance


What is Vehicle Replacement Plus GAP Insurance?

POLICY WORDING POLICY SUMMARY

A Vehicle Replacement Insurance policy will, in the event of a total loss (accident, theft fire or flood damage) pay the difference between the comprehensive insurer’s settlement and the cost of replacing your vehicle new for old (or with a vehicle of a similar age to the one originally bought, if it was not new at the time of purchase)* or the outstanding finance, whichever is higher at the time.

As well as depreciation, it could be that a vehicle matching the one you bought originally costs more – you might have had a discount which is no longer available or the manufacturer might have increased the cost following a change to the model.

With Vehicle Replacement GAP you are protecting against this possibility. Any settlement is paid directly to you, so if you have finance, this can be paid and anything remaining is yours to use as you wish. If you own the vehicle and have no finance, the full settlement is yours to use as you wish.

*If the car is bought privately and no VAT invoice is present, we will pay back to the Glass Guide value of the vehicle at the time of purchase. In this instance, we would suggest the Back to Invoice Plus policy as it provides the same cover but at a reduced price.

Mind the GAP! Avoid a potential shortfall...

On the road price: £
Anticipated length of ownership (years):

Recommended and awarded by

Do I need Vehicle Replacement Plus?

The answer to this is yes, if you want to:

  • Protect against the depreciating value of your vehicle
  • Protect the value of your vehicle, not just what you paid for it
  • Protect against rising costs of new vehicles and/or any discount you received at the time of purchase
  • Have enough money to clear any outstanding finance AND be left with any money remaining once this has been paid
  • Between the motor insurer and GAP cover, receive the replacement cost of your vehicle – if you do not have any finance, this amount is yours to use as you wish

Can I buy Vehicle Replacement Plus?

  • I have bought a new vehicle, or a used vehicle under 10 years of age with less than 80,000 miles
  • My vehicle was collected within the last 365 days
  • My vehicle is owned outright OR I have a Hire Purchase or Personal Contract Purchase finance agreement
  • My vehicle was bought from a VAT registered dealer OR private seller
  • My vehicle is not excluded

    Vehicles used in any sort of competitions or rallies. Vehicles used for racing, pace making, speed testing or in reliability trials; Vehicles not listed in Glass's Guide; kit cars; invalid carriages; commercial Vehicles of more than 3500kg gross weight. Any, taxi, mini cab, driving tuition vehicle, courier or delivery vehicle of any type or any private or public rental vehicle.

Vehicle Replacement Plus GAP Insurance Features:

  • Vehicle Replacement cover can be purchased for vehicles owned outright or on finance
  • The policy can be bought for up to 5 years
  • Your policy will be underwritten by UK General Insurance Limited on behalf of Great Lakes Insurance SE, an A rated underwriter, so it is protected under the Financial Services Compensation Scheme
  • We pay up to £250 of your motor insurance excess
  • We do not include "Market Value" and "Glass's Guide" claim reduction clauses
  • Vehicle Replacement Insurance is available for vehicles up to 10 years of age with less than 80,000 miles on the clock and delivered within the last 365 days
  • Policy transfer – pro rata transfer of unused premium if you change your vehicle, with no admin fees
  • All settlements are paid to the customer not the dealer!
  • FREE of charge amendments to policy details
  • We guarantee to beat any comparable online GAP quote

Vehicle Replacement Plus Example

Vehicle Replacement Plus Example (With Finance)

*Example shows the amount covered by your Comprehensive Vehicle Insurance (based on average depreciation rates and current market value) and the potential shortfall if your vehicle is written off.

Your purchase price: £20,000
Replacement cost at time of claim: £21,500
The amount owed to the finance company at the point of claim: £23,000
Your comprehensive market value insurance payout: £15,000
Our Vehicle Replacement Plus payout: £8,000
Comprehensive Insurance payout + ALA GAP Insurance payout = £23,000
(Leaving you clear of any owed finance on your vehicle)
QUOTE ME

How does this policy compare to Return to Invoice Plus?


VEHICLE REPLACEMENT
Pays up to replacement cost of a vehicle matching the original or your finance settlement figure if that is higher.
Protects from manufacturer price increases or discounts that are no longer available.
Settlement paid to you in the event of a claim.
For vehicles bought outright or on finance.
For vehicles up to 10 years old with less than 80,000 miles.
No ongoing age or mileage limit.
Available for vehicles up to £125,000
RETURN TO INVOICE
Pays you back to the price you paid for the vehicle or your finance settlement figure if that is higher.
You get back the money you paid for your vehicle to use as you wish.
Settlement paid to you in the event of a claim.
For vehicles bought outright or on finance.
For vehicles up to 10 years old, no upper mileage limit.
No ongoing age or mileage limit.
Available for vehicles up to £250,000

Vehicle Replacement Plus FAQ

This should be the price of your vehicle before deducting any discounts you have received from the dealer or manufacturer. These are sometimes VAT free offers or shown on your invoice as a deposit contribution. For new vehicles you can use the list price and include any factory or dealer fitted extras.

If the vehicle is pre-registered, you would use the net price for the vehicle rather than the list price. If you have had any extra discounts these can be added back on.

Other add ons and on-the-road costs like extended warranty, paint/upholstery protection, road fund licence or fuel are not included as part of the price of the vehicle.

If you would like any assistance with a quote, please contact our team on 01653 916304

Return to Invoice Plus will cover the difference between your motor insurer's settlement and either your invoice price or outstanding finance - whichever is greater at the time of a write off.

The Vehicle Replacement Plus policy would pay the difference between your motor insurer's settlement and either the replacement cost of a vehicle of the same make, model, age and specification as the original vehicle or the outstanding finance, again whichever is greater at the time of a write off.

If your vehicle is new or up to 10 years old and it was purchased within the last 365 days, we are able to offer you Vehicle Replacement Insurance (for vehicles with less than 80,000 miles on the clock) or Return to Invoice (no mileage restriction).

The Vehicle Replacement Plus policy covers the difference between your motor insurer's settlement and the replacement cost of a brand new vehicle, if your vehicle was new at the time of purchase. Alternatively, if your vehicle was not brand new, it covers the difference up to the cost of a vehicle which matches the age of the vehicle that you originally insured.

The Return to Invoice Plus policy pays the difference between your motor insurer's market value settlement and your original invoice price.