Gap Insurance

We can offer gap insurance on any car for up to 60 months to both personal and business drivers.

Gap Insurance Key Benefits

• Underwritten by Hitachi Capital Insurance Europe Ltd
• Cover available for vehicles up to 7 years old
• Covers cars valued at up to £250,000
• Cover available for up to 5 years
• Covers write off's from Fire, Theft and Accidents

What is Lease or Finance Gap?

If your vehicle is declared a write off by your vehicle insurer in the event of an accident or theft there is likely to be a shortfall between the insurers market value of the vehicle and the amount required to settle any lease or finance agreement. This is Gap Finance, gap finance will bridge any shortfall. This shortfall may be quite significant depending on the cars depreciation and the outstanding period on the lease or finance agreement and you will be responsible for this shortfall by the finance or lease company. In the event of this occurring, a Gap Insurance policy would pay the finance or leasing company any shortfall.

Who would benefit from a Gap Finance policy?

Any individual or business that is leasing or contract hiring a vehicle.

Lease / Finance Gap Example

A customer leases a Ford Mondeo which had an original purchase price of £18475.00. 12 months later the car is involved in an accident and written off. The finance company is owed £13713 for the vehicle but the insurance payout is for only £12462.00. Gap Insurance pays the £1251.00 shortfall between the payout from the Insurance Company and the amount owed to the finance / leasing company in settlement.

What is Payment Price Protection or Return to Invoice Gap?

In the event of your vehicle being declared a write off because of an accident or theft there is likely to be a shortfall between the current market value of your vehicle and the original purchase price. This difference could be a significant figure depending on the depreciation rate of your car. This is Payment Price Protection / RTI (Return to Invoice) Gap Insurance. PPP or RTI Insurance will bridge this gap or shortfall.

Who would benefit from a PPP / RTi Gap Policy?

Any customer financing a vehicle with the option to gain ownership of the vehicle either through a Hire Purchase, Lease Purchase Personal Contract Purchase PCP agreement.

PPP / RTi Gap Example

A customer buys a Ford Mondeo for £18475 and 12 month later the car is written off. The Insurance Company pays out £12700 and the RTi Gap insurance pays the difference of £5775 between the insurers settlement and the original cost price of the car.

Gap Insurance FAQs

How do I calculate my car’s purchase price?

The purchase price is the amount you paid after any discount you received. Road tax and additional warranties are excluded. If you leased your vehicle then your lease provider will be able to provide the correct purchase price.

How long do I have to buy Gap after I bought or leased my car?

Within 6 months of leasing / financing / buying your car.

Is there an age limit on used cars?

All cars must be less than 7 years old when the policy starts.

What type of vehicles do you insure?

All cars with up to 7 seats with the following exceptions: Aston Martin, Bentley, Bristol, Cosworth, De Tomaso, Dorchester, Ferrari, Ginetta, Lamborghini, Lancia, Rolls Royce & any left hand drive manufactured American vehicle. All light commercial vans up to 3500kg are also insurable for Gap.

Are there any restrictions on the type of finance used?

No, Gap Insurance is available on all finance products although finance agreements must be no longer than 60 months.

Can I cancel my policy and do I get a refund on the premium paid?

Yes. Provided you cancel within 30 days and no insurance claim has been made. No refunds are available after 30 days.

Who is the Insurance Policy provider?

The policy is underwritten by Grouprama Capital Insurance Europe Limited.

What is the maximum insured vale of the vehicle?

Gap Insurance will cover vehicles up to £250,000 for PPP/RTI Gap and £75,000 for Lease/Finance Gap.

What is the claim limit?

The maximum gap amount available.

How can I pay for a policy?

Customers can pay securely online by debit or credit card or by 12 monthly direct debit (subject to a 9% service charge).