- What is Gap Insurance?
- Which Gap Insurance?
- Why buy Gap Insurance?
- Who can buy Gap Insurance?
- Why choose Easy Gap?
What is Gap Insurance and how can it help protect you?
The idea of gap protection is nothing new and the concept itself is very easy to understand in that you are simply protecting yourself against any financial loss if your vehicle is written off. Simply making sure that if your vehicle is written off that you are not left financially out of pocket.
With an estimated 600,000 vehicles written off in the UK alone each year without any level of cover you could be left having dig deep into your savings, take on additional financial commitments or even worse being left to pay for a vehicle you no longer have.
Which type of Gap Insurance is best for you?
Before you buy online or consider a form of cover please take a few minutes to think about what you want your policy to do when you vehicle is written off.
We all buy different vehicles for different reasons and even pay for them in a multitude of ways, so it stands to reason that what may be the best level of cover for one may be completely inappropriate for another. You may simply want to protect the invoice price of your vehicle, perhaps just the financial shortfall or even the full replacement cost either way why not click for an instant quote or contact a member of the team who will help explore your options.
Your vehicle is a depreciating asset! This means that over a period of time it will go down in value. No matter how well you look after it or how well you maintain your vehicle it will fall in value as the years pass by.
If your vehicle is written off your own motor insurance company is only liable to settle what ever your vehicle was worth on the day it was written off. With average rates of depreciation this settlement can be as much as 50 % less than the original price you paid all those years ago, without any form of protection your insurance companies settlement is the only amount that you would have (without using savings) to clear any finance or replace your vehicle.
Is Gap Insurance only for new cars ?
The policies of today are far more diverse as almost anyone who owns a vehicle which is under 10 years of age or 120,000 miles can chose to protect themselves with a form of Gap protection.Our fully automated system is designed to find out about you, how old your vehicle is, how old it was on the day that you collected it and even how you have fund the purchase.
It will then eliminate levels of cover that you are not eligible for and highlight levels of cover for you to consider or call 0800 195 4926 and speak to a amember of the team.
Not all Guaranteed asset protectionpolicies (GAP) are the same. Small differences in policy wordings can make a massive difference in when and how much any settlement is based on.
At Easy Gap we have designed our policies with you in mind with the least amount of exclusions possible and our honored to have been mentioned in the Which money gap insurance two years running. You will be pleased to know, all of our policies have been awarded an independent Defatqo 5 Star rating so why not compare our policies and see just how easy and expensive gap insurance really can be.
- Car Gap Insurance
- Van Gap Insurance
- Motorhome Gap Insurance
- Motorbike Gap Insurance
- Taxi Gap Insurance
- Driving School Gap Insurance
- Price Promise
Do you know what is Car Gap Insurance and what can it do for you?
You may be buying a new or perhaps a nearly new gap insurance policy for your car.
Car Gap Insurance is just like any other form of gap insurance in that it protects you financially if and when your car is written off.
Please remember, if your car is written off your own insurance company is only ever legally obliged to offer you the market value of your car on the day it was written off. The average vehicle along with average usage is estimated to lose up to 50% within just three years.
This would mean that without any level of protection, the amount that your own insurance offer you in settlement could be thousands and thousands of pounds less than you optimally paid. Worse you could be left paying for a car that you no longer have.
Car Gap Insurance can help as depending upon the level of cover you chose you can protect the difference between your own insurance companies settlement and either the amount outstanding on finance, the invoice price or even the replacement cost.
Van gap insurance is very similar to standard levels of gap protection. You can still chose to protect your van with forms of finance gap insurance, return to invoice gap insurance or even vehicle replacement but there are two major additional factors that you need to consider.
In most cases, in order to be able to take advantage of higher levels of van gap insurance your van will have to weigh no more than 3500 kg. This is because anything over this amount is not classed as a Light Commercial Van (LCV) and you will need specialist cover.
With this in mind please check your vans gross weight before you buy any level of protection.
You will also need to be aware that if you are VAT registered and have already claimed back the VAT proportion of the Vans invoice price that this will be deducted from any settlement. This is because otherwise in theory you would be claiming back something that you did not pay and have already claimed back.
Simply click for a quotation and our system will eliminate levels of van gap insurance for you to consider based on how much your van cost, how long you have owned your van for, the age and mileage and even how you have funded the purchase.
With motorhome residual values unlike any other vehicle why should you consider a form of protection?
It is true motorhomes depreciate unlike any other vehicle. The average vehicles depreciation rate can be up to 50% within the first three years alone, however, this is considerably lower when we are thinking about motor homes.
The problem is that as they tend to be very expensive ,so, even a modest 25% depreciation rate can amount to a huge sum of money and without any form of cover the market value of your motorhome on the day it was written off will be the only amount that you will have to replace your motorhome.
Just like any form of gap insurance there will be terms and conditions but in particular your motorhome must have started life as a motorhome and been built for the UK market. it must also have been first registered in the UK and can not be a grey import. Please read your policy for full terms and conditions.
That said if you can choose to protect your motorhome with varying degrees of cover from classic finance gap insurance, to return to invoice and vehicle replacement with claim limits up to a massive £50,000. If you have just bought a new motor home or a motorhome new to you why not click or call and member of the team and explore your motorhome gap insurance options.
Motorbikes whether we like to admit it or not are just like any other vehicle. This means that your bike will lose value over time and depending upon the manufacturer and the mileage you have done this could be up to 50% before your bikes third birthday.
As a result if your bike is written off, your own insurance company may offer thousands and thousands of pounds less than you originally paid as settlement.
Statistically you as a motorbike owner are also more likely to make a claim. This is not your fault, it is simply just that bikes are a lot easier for criminal elements of society to target for theft. Also if your bike is involved in even a minor accident, it is much more likely to sustain damage which will mean that it is written off.
Gap Insurance can help as it can protect you against this unexpected financial loss by protecting the difference between your insurance companies settlement and either the amount you still have outstanding on your finance agreement, the original invoice price you paid and even the replacement cost.
This is because most insurance companies feel that the risk to them with taxi and private hire vehicles is too high. So why is this? To understand why, you first need to understand what gap insurance does and how it works. Taxi gap insurance is there to protect you should your taxi or private hire car be written off. Don't forget that if your taxi joins the estimated 600,000 other vehicles written off in the UK each year your own insurance company will only ever pay you what your taxi is worth at that time.
With the usage and sheer mileage that taxi drivers can achieve, this means that you car will be worth a lot less than Mr & Mrs Joe Average. The standard rates of depreciation can result in your vehicle losing nearly 50% within the first three years alone are based on average mileage which is in the region of £12,000 to £15,000 per year.
We talk to a range of taxi drivers who can clock up this mileage in a matter of months. This means that when you make a claim, your own insurance company is paying a lot less and your taxi gap insurance policy is now paying the larger share. Combine this with the fact that because of the length of time that you are on the road you are more like to be involved in an accident.
Without any form of Taxi Gap Insurance this is the only amount (without using savings) you have to clear any finance or buy another car. Don't forget time is of the essence as your Taxi is your mobile office and an essential tool of trade. So, why not click or call 0800 195 4926 and speak to a member of the team and see just how easy and cheap taxi gap insurance can be.
The type of work you will do in your car combined with the sheer amount of miles your car will clock up means that you are more likely to make a claim and when you do it will cost the insurance company a lot more. Don't forget that the whole idea of gap insurance is that if your vehicle is written off that you are not left our of pocket.
The problem is that your own motor insurance company are only liable to pay you what your car is worth on the day it was written off and as your car will have done considerably more miles than Mr & Mrs Average their settlement will be a lot less. Now this is no bad thing after all you need to use your car in order to be able to give lessons and we know of some driving school instructors who can cover nearly 70,000 in one year alone. But this means that when you need to make a claim your car will be worth a lot less and in turn your own insurance company will have to pay a lot less. Your gap insurance policy will instead paying the lions share.
As you will spend more time on the road you are also statistically more likely to have an accident.These two factors means that most standard gap insurance policies simply will not cover you or even more strangely they will not cover you if you are giving a lesson when your vehicle is written off.
The good news is that providing you select the driving school option from our drop down menu when you are building a quote our policy will. You can still enjoy of the benefits of feature rich cover and not be limited to specialist cover which may not include all the additional features.
We guarantee that you will not pay more for one of our 5 star rated poalicies than you will from anywhere else.
We know that in todays climate we all want to make sure that our money works hard for us.
We all want to know that we are getting real value for money and at Easy Gap we totally understand. After all, while policy terms and conditions have to be the main criteria when comparing policies lets be completely frank price has to be as well.
No - one has an unlimited bank account and every penny really can make a difference! That is why we price check on a regular basis and monitor the gap insurance market to ensure that you are always quoted out best price 1st time each and every time.
No vouchers, no codes absolutely no gimmicks!
Just real value for money. That said if you do find a cheaper gap insurance quotation we guarantee to beat it. No drama, no small print, no get out clauses, no gimmicks and no fuss, simply call 0800 195 4926 quote price match and speak to a member of the team.
We make a promise that you will not pay a penny more for our hand picked feature rich polices than you would from any of our competitors.
Our Gap insurance price promise does not affect your 30 day cooling off , cancelation or statutory rights.