Lexus Gap Insurance
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You can’t go wrong with a Lexus. This supremely luxurious Japanese brand is the perfect blend of sport and style. With attention to detail shining through in every part of these incredible vehicles, they truly are modern classics. Whether you own the sporty LC or you have your eye on the roomy IS, you’ll want to make sure your prized possession is properly protected.
Should the worst happen and your Lexus is stolen or written off due to a fire, flood or accident, your insurance settlement may only cover the current market value, rather than the original purchase price. That will leave you with quite a significant hole in your personal finances. Luckily, Lexus Guaranteed Asset Protection (GAP) insurance is here to fully cover that for you.
Why choose Direct Gap to protect your Lexus?
What is Lexus Gap Insurance?
Lexus gap insurance covers the difference between the initial market price and the value of your vehicle when it is declared a total loss. With luxury cars like these, that disparity can run into the many thousands of pounds. This form of cover is especially valuable if you are paying off your car on finance or leasing, because you will still need to pay the outstanding amount and won’t have a car to show for it. With Lexus gap insurance from Direct Gap, you will be comprehensively covered.
For further information, check out our detailed guide to gap insurance.
Get a Lexus Gap Insurance quote today.
How does Lexus Gap Insurance work?
If you buy a Lexus for £40,000, it will depreciate over the time that you own it. Let’s say that a few years later, your car is stolen or written off – but by this point, its value has dropped to £25,000.
Your motor insurers will pay out in line with that value, which means you’ve lost out by £15,000. With Lexus gap insurance, you are covered for that difference between its purchase price and its value when it was declared a total loss.
Get a Lexus Gap Insurance quote today.
Lexus Gap Insurance Reviews
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Additional cover for your Lexus
It’s not only Lexus Gap Insurance that we offer. We can also provide protection for specific elements of your pride and joy, such as the bodywork, tyres and wheels.
Lexus Gap Insurance Calculator
Only £ would be covered by your comprehensive car insurance leaving a gap of £.
Lexus: FAQs, Statistics & General Information
Lexus Depreciation
Like most car brands on the market, Lexuss will lose value over time, typically depreciating between 15-35% in year one, to 50% within three years of ownership (usually, regardless of whether you buy new or used).
Try our free Car Depreciation Calculator for more information on model-specific depreciation and to estimate the value your Lexus could lose.
Gap Insurance Payout Examples
BMW 320 D
Our BMW gap insurance policy paid out £4,558 to a customer who initially bought their BMW 320D for £20,000. Following a total loss, their motor insurer offered a settlement figure of just £15,442; we covered the difference.
Ford Kuga
Our Ford gap insurance policy paid out £14,565 to a customer who initially bought their Ford Kuga for £36,168. Following a total loss, their motor insurer offered a settlement figure of just £22,053; we covered the difference.
Dacia Sandero Stepaway
Our customer wrote their Dacia Sandero Stepaway off and received a final settlement from their insurer of £15,390. This was much lower than their original purchase price of £18,644, following a 17% depreciation.
We paid the difference of £3,565 thanks to their Gap Insurance policy.
Audi Q2
Our customer bought their Audi Q2 for £30,245, which depreciated at a rate of 13%. When it was written off, their motor insurer paid a final settlement of £26,297.
With an Audi Gap Insurance policy, we covered the difference of £3,823.
What Types Of Gap Insurance Are Suitable For Lexus
There are three common types of GAP Insurance available for most cars, including Lexus. Which is most suitable typically depends on your finance type, car ownership status and individual cover needs.
The main types of Lexus Gap Insurance we provide are:
- Lease & Contract Hire Gap Insurance: Lease & Contract Hire Gap Insurance pays the difference between your motor insurance settlement figure and the amount outstanding on your lease finance balance. This policy is suitable for lease or 'PCH' cars only.
- Return To Invoice Gap Insurance: Return To Invoice, or 'RTI' as it's also known, pays the difference between your motor insurance settlement figure and the original invoice price of your vehicle.
- Vehicle Replacement: Vehicle Replacement Insurance, or 'VRI' covers the difference between your motor insurance settlement and the cost of replacing your vehicle.