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What is Gap Insurance?
GAP stands for Guaranteed Asset Protection.
Gap Insurance covers the difference between your insurance offer at the point your car is written off or declared a total loss and the value of your car when you bought it. It will also cover any outstanding finance payments, plus – for some enhanced policies – any additional costs needed to get you back on the road with a car to the same specification as when it was purchased.
Taking out Gap Insurance can be important because cars depreciate over time. If your car is written off, your motor insurance policy only covers your vehicle to its value at the point it is declared a total loss. This can be substantially less than outstanding finance commitments, the price you paid for your car and the cost of getting back on the road in a car with a similar specification.
How does Gap Insurance work?
Let’s assume you purchased a car for £20,000 and it was worth £8,000 at the time it was written off or stolen.
Your Gap Insurance would cover the shortfall of £12,000, meaning you won’t be left significantly out of pocket.
If you paid for the vehicle via a finance agreement, your Gap Insurance policy would cover the outstanding amount. That means you’re not left repaying the finance company for a car that you can no longer use.
Only £ would be covered by your comprehensive car insurance leaving a gap of £.
Get Gap Insurance today to protect yourself and drive with peace of mind.
Direct Gap insurance policy benefits
Choosing the right Gap Insurance provider is just as important as choosing the right policy.
At Direct Gap, we focus solely on delivering specialist cover, backed by experience, strong policy features and a service designed to work when you need it most.
We also offer additional insurance
Should I buy Gap Insurance?
Gap Insurance may not be suitable for everyone, but it could be more than worthwhile if:
You're concerned about your vehicle's value depreciation
Car depreciation refers to the difference between the amount your car was initially worth when you first bought it and the amount it’s worth now. Our research suggests that new vehicles depreciate by between 60% and 70% in just five years.
If you were to suffer a total loss, its value may be dramatically reduced from the point of purchase, meaning your motor insurer’s pay-out would leave you with a significant cash shortfall, and you’d be unable to replace the vehicle on a new-for-old basis.
Gap Insurance covers this shortfall, ensuring that you are not left in a financially disadvantaged position.
Use our Free Depreciation Calculator to see how much value your vehicle could lose.
You’re on a long-term finance, lease or contract hire
If you’re paying back your debt over several years, the payment you receive from your motor insurer following a total loss may not be enough to cover the amount you owe to the hire company.
A Direct Gap Insurance policy would settle any outstanding finance or lease balance, so you're not left out-of-pocket.
You owe a balloon payment
Sometimes, the details of your finance deal might mean you are left with a large lump sum to pay to the finance company at the end of the agreement. This is known as a balloon payment, and taking out a gap insurance policy can help you to cover this without falling into financial difficulty.
You made a large initial rental payment on your leased vehicle
When leasing a new vehicle, some providers require you to make an initial rental payment. This can be the equivalent of up to 12 monthly payments.
With our Contact Hire / Lease Gap Insurance, you're protected for up to £3,000 of the initial rental payment.
What are the different types of Gap Insurance?
Here at Direct Gap, we pride ourselves on our ability to offer a range of policies that should suit you and your needs.
Lease / Contract Hire
Lease & Contract Hire Gap Insurance will pay the difference between your insurer’s payment and any outstanding finance on the vehicle.
If your vehicle is declared a total loss, your insurer will pay you its value at the time of the accident. This is the second-hand value, not what the vehicle was worth when you took delivery.
If this amount is not enough to settle outstanding finance on the vehicle, you will have to cover the difference out of your own funds.
Our Lease & Contract Hire Gap Insurance also covers your initial rental of up to £3,000 and contributes £500 towards your motor insurance excess.
Return to Invoice
Our Return to Invoice Gap Insurance policy will pay the difference between your insurer’s settlement and the vehicle’s value when you bought it. This includes settling any outstanding finance balance.
If your vehicle is declared a total loss, your insurer will offer a settlement in line with its value at the time of the accident. This won’t be the price you paid for the car when it was new.
Our Return to Invoice Gap Insurance also contributes up to £1,000 towards your motor insurer's excess.
Vehicle Replacement
Vehicle Replacement Gap Insurance (VRI) pays the difference between your insurer’s final settlement and the cost of replacing your car to the same specification as when it was purchased.
If your vehicle is written off, your insurer will pay you in line with its value at that point, not the amount needed to replace the vehicle with a new one of similar quality.
Our Vehicle Replacement Gap Insurance also contributes up to £1,000 towards your motor insurer's excess.
How much is Gap Insurance?
There is no set fee for gap insurance, your quote will vary depending on several factors such as:
- the original value of your vehicle
- your vehicle's make & model
- the length of your policy
What we can guarantee at Direct Gap is that your policy will come at a highly competitive price and the service you’ll receive from our UK-based team will be second to none. Backed up by over 14,000 independently verified reviews.
Over 160,000 customers protected
with Gap Insurance
Here's how Gap Insurance helps drivers just like you:
Saving drivers nearly £5000 on average
On average, our Gap Insurance pays out £4618 to drivers like you. Without it, our customers would be liable to find that amount to cover the difference between their settlement figure and outstanding finance.
Cover up to £50,000
With our generous cover, we’ve helped protect drivers in all situations, including one payout of £28,374. If your car is written off, could you afford to cover that sort of cost?
Over £4,000,000 paid out
Over the years, we’ve helped 1000’s of customers cover their shortfall. Unfortunately, Gap Insurance is needed more often than you think. With cover available in minutes, it makes sense to stay protected.
Why choose Direct Gap as your Gap Insurance provider?
So, you’ve purchased your new car and you’re seeking a robust gap insurance policy at a reasonable cost.
Here are just some of the many reasons why Direct Gap will let you DRIVE with peace-of-mind.
Trusted Since 2009
Since 2009, we’ve helped more than 160,000 customers protect vehicles worth over £4 billion.
With an average rating of 4.9 out of 5 from more than 14,000 reviews across Google, Feefo and Trustpilot, we’ve built a reputation for dependable cover and consistently excellent customer service.
Regulated Insurance Products
We only offer regulated insurance products, giving our customers important safeguards and peace of mind.
We’re authorised and regulated by the Financial Conduct Authority. Our FCA authorisation number is 1050283.
Eligible customers can also refer complaints to the Financial Ombudsman Service and may benefit from Financial Services Compensation Scheme protection.
Your Interests First
Our team aren’t paid commission for selling policies, so there’s no incentive to recommend additional cover or a more expensive policy unnecessarily.
Instead, they’ll take the time to understand your circumstances, answer your questions honestly and give you the relevant information so you can choose cover that genuinely meets your needs.
Flexible Policy Options
Our policies are designed to adapt to real life rather than take a one-size-fits-all approach.
From different types and levels of protection to free vehicle transfers and the option to defer selected policies for up to a year, we give you the flexibility to choose cover that works around your circumstances.
Gap Insurance Experts
Our UK-based team consists of professionally trained specialists with extensive knowledge of cars, motor finance and Gap Insurance.
Whether you need help understanding your options, choosing suitable cover or managing an existing policy, you’ll speak to someone who knows the subject without being passed around a generic call centre.
Get your Gap Insurance today
You want to be able to take to the road with complete confidence, and a Gap Insurance policy from Direct Gap can offer that all-important peace of mind.
You can get a quote in a matter of moments via our simple form, and if you have any questions, please don’t hesitate to give us a call on 01422 756 100.
Our friendly, expert team will be more than happy to help you find the perfect cover for your pride and joy.