Volvo Gap Insurance
Buy 5* Rated Gap Insurance With A 30 Day Money Back Guarantee
Swedish companies have a reputation for innovation. From IKEA to Spotify, this is a country that likes to think outside the box, and there is no better example than Volvo. The brand has been pushing the boundaries ever since it invented the three-point seatbelt in 1959, saving countless lives in the process.
Volvos are known for their reliability, but things can still go wrong. If you are involved in an accident and your car is written off, you may find that you can't claim as much as you thought. Cars lose their value over time, and many insurers will only offer a settlement for the value of your car at the time you make a claim. This can be considerably less than the original price, leaving you out of pocket.
Luckily, there is an easy way to protect yourself with Guaranteed Asset Protection (GAP) insurance.
Why choose Direct Gap to protect your Volvo?
What is Volvo Gap Insurance?
Following a write-off, Volvo gap insurance covers any difference between your motor insurance settlement figure and the amount you paid for your vehicle, or any outstanding finance, depending on the policy you choose. Typically, the 'current market value' (the amount your insurer pays) is much lower than the vehicle's purchase or finance price, due to depreciation.
For further information, check out our detailed guide to gap insurance.
Get a Volvo Gap Insurance quote today.
How does Volvo Gap Insurance work?
If you buy a Volvo 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 insurer will pay out in line with that value, which means you’ve lost out by £15,000. With Volvo gap insurance, you are covered for that difference between its purchase price and its value when it was declared a total loss.
Get a Volvo Gap Insurance quote today.
Volvo Gap Insurance Reviews
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Additional cover for your Volvo
It’s not only Volvo 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.
Volvo Gap Insurance Calculator
Only £ would be covered by your comprehensive car insurance leaving a gap of £.
Volvo: FAQs, Statistics & General Information
Volvo Depreciation
Like most car brands on the market, Volvos 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 Volvo 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 Volvo
There are three common types of GAP Insurance available for most cars, including Volvo. Which is most suitable typically depends on your finance type, car ownership status and individual cover needs.
The main types of Volvo 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.