- 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 insurance 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.
With an estimated 600,000 vehicles written off in the UK alone each year should you ever find yourself in the unenviable position you may find that the financial implications can be devastating.
Lets take a closer look at what gap insurance does.
Vehicles are expensive and no-one likes to think that they will lose money. Your vehicle is also most likely to be the second most expensive item you buy second only to your home. Unlike your home however it will not appreciate in value and will instead start to lose value the moment that you have driven away from the show room.
Vehicle depreciation is simply are harsh fact of life and one that we all already accept. No-one would expect to pay the same amount for a brand new Range Rover as you would for a 4 year old model with 50,000 miles on the clock so without knowing we already accept that the vehicles we buy today will be worth just a fraction of the cost in a few years time.
This drop in value is called depreciation and normally is not a problem as normally you as the vehicle owner decide where and when you dispose of your vehicle and how much you accept in part exchange. But if the decision is taken away form you because your vehicle has been stolen or involved in and accident and written off having no protection have huge financial ramifications.
The amount that your vehicle will depreciate will depend not only on the amount of miles you do but also the manufacturer you have and even the model and even what you will use the vehicle for. No-one knows for sure and no-one can guarantee exactly what your vehicle will be worth at the end of a set period of time in the future as there are too many market forces. From the manufacturer itself who may improve or upgrade the model, to public opinion, from the economic climate to fashion and trends, factors such as these will effect how much your vehicle is worth. However a rough estimation is that your vehicle will be worth approximately 50 % of its original value in just three years.
Please remember also that your own insurance company is only ever legally obliged to pay you the value of your vehicle on the day it was written off.
This could mean that even after your own insurance company have settled your claim you are left thousands and thousands of pounds out of pocket or worse be left paying for a vehicle that you no longer have.
Gap Insurance can help and depending upon the level of cover you chose you are protect the difference between your vehicles valuation the day it was written off and either the amount outstanding on finance, the invoice price you have paid or even the replacement cost of another vehicle the same age mileage and condition as yours was on the day that you first drove it home from the dealership.
Why are online dealership gap insurance prices so different from on-line suppliers?
When you consider that online gap insurance prices can be up to 90 % less than main dealership quotes surely there has to be a reason?
Being part of Aequitas our primary concern will and always has been your policy, what happens when you make a claim and how you are looked after however we also know that price is important. Value for money has to be important.
There are legal reasons that your local dealership will never and can never be as competitively priced as online gap insurance suppliers and it is nothing to do with the policy performance or levels of customer service.
Instead variances in rates of insurance premium tax, ( if you buy gap insurance directly from your local dealership they are legally bound to charge you IPT at 20 % where as if you buy independently the rate is just 6%), reduced supplier rates ( gap insurance is just like any other form of business volume matters , some online gap insurance suppliers can supplier a dealerships yearly quota in a matter of days ) and staff wage structures ( none of our team members are paid any commission and have no financial incentive for you to buy a policy ) means that the prices really can be so different with no dilution of cover.
Why not explore the world of on-line gap insurance and see just how easy and inexpensive gap insurance really can be.
Which type of Gap Insurance is best for you?
Before you buy online or consider a form of gap cover please take a few minutes to think about what you want your policy to do when you vehicle is written off.
So what would you like to happen when your vehicle is written off, what is important to you and how aspects would you like to protect?
Please remember that an advantage of buying gap insurance on line is that you can not only save up to 90 % against the cost of dealership prices but that you also have lots more choice. Your local dealership may have only offered one form of protection however with Easy Gap you are are in the driving seat about what aspects of cover you want.
After all we are all different. We all buy different cars, vans and vehicles for different reasons, use them differently, and pay for them differently so it stands to reason that what may be the best policy for one customer may be completely inappropriate for another.
So lets think about a real life situation. You wake up to find that your vehicle has been stolen. Your own insurance company offer to write of your vehicle and make you and offer.
So lets now think about the different levels of cover and how they perform.
Finance gap insurance - Would you simply like your policy to pay the difference between your vehicles valuation and your outstanding finance or rentals ?
Combined return to invoice gap insurance - Perhaps you would prefer your policy to top up your own vehicles valuation back to the original invoice price your paid?From this you could clear outstanding finance if any and then the rest , the deposit and any equity is yours to do with as you see fit?
Combined Vehicle Replacement - If you want complete cover then perhaps you should consider Vehicle Replacement Insurance? This is the latest as most comprehensive form of protection in that this policy would pay the difference between your vehicles valuation and the amount of money you would need to spend to buy another vehicle the same age, mileage and specification as yours was on the day you drove it home from the dealership.
Why not click for a quote or read more about the different levels of protection and how thy can help you?
There are several basic types of Easy Gap cover for you to choose from and all are available for your to buy online.
Finance Gap Cover, or Finance Shortfall Gap can cover the difference between your vehicle's market value, and the amount you have outstanding on the finance agreement.
Contract Hire Gap is similar to Finance Gap, but is specifically designed for Contract Hire or Lease vehicles.
RTI Gap Cover or Return to Invoice Insurance can cover the difference between the vehicle market value and the original invoice price you paid. This type of Guaranteed Asset Protection is the style often offered by your vehicle dealer. This can be a good form to consider if you only have paid a small deposit on the finance agreement.
VRI Gap Protection, or Vehicle Replacement Insurance can cover the difference between your vehicles valuation on the day it is written off and the cost of replacing the vehicle with an equivalent vehicle on a like for like basis, which is the same age, mileage, specification and condition as yours was on the day that you first drove it home from the dealership. If that model is no longer available then settlement is based on the superseding model.
Our Easy Gap Insurance standard cover is available for many types of vehicles, such as cars, vans, light commercial vehicles, motorbikes and motor homes .
We also offer specialist Easy Gap Insurance solutions for Driving School and Private Hire Taxi's. You can buy gap protection within 180 days of your vehicle purchase from a VAT registered dealer or internet broker.
Quite an array and selection of cover we know, but Easy Gap is a Gap Protection specialist. We are aware that 'one size fits all' is not necessarily the case when you purchase a vehicle, hence the variety and choice of cover.
This way we hope that you can find the Easy Gap Insurance policy to suit you and your circumstances.
Making a gap insurance claim is never nice!
No matter how hard we try to make the whole process as stress free as possible something horrible will have just happened, either your vehicle has been stolen or worse you have been involved in an accident.
We would are here to support you through every step of the way and we think that it is really important that you understand how your policy will perform, who will get paid and when before you need to make a claim so that making your gap insurance claim is as easy as possible.
To completely understand why you should consider Gap Insurance you first have to accept two very real but very harsh facts of life.
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.
Gap Insurance is designed to protect you against this potential financial time bomb!
With more flexible levels of cover than ever before you can chose from levels of cover that simply protect your financial liability, invoice price or even inflationary increased costs.
As we have always advocated we want to be completely up front and fair in all we do so please remember that gap insurance is not legally required in the UK at the moment and as always it is your choice as which level of protection you choose if any.
Ultimately it is your vehicle, your money your choice and you who would have to deal with the financial implications.
So what are the chances of your vehicle being written off?
Accidents happen and vehicles are stolen so what are the statistics behind the claim?
It can take an experienced car thief less than 10 seconds to steal a car!
An estimated 88,103 vehicles where stolen in the UK during 2013 however these figures do not include vehicles stolen as a result of burglary. If theses vehicles where included it is thought that the figures would be closer to 146,838!
An estimated 30,000 motorbikes are stolen each year that equates to approximately 80 bikes every day!
There are an estimated 450,000 accident related writes off's each year!
No one ever plans to have an accident or to have their vehicle stolen but it happens day in and day out throughout the length and breath of the UK and even the best driver can not guarantee to never come across black ice or other hidden obstacles. Even the best driver still has to share the road with other motorists.
Yes insurance is all about risk and how that risk will affect you, however with gap insurance from as little as £39.00 is it a risk you really want to take?
Is Gap Insurance only for new cars ?
No gap insurance is 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 Insurance.
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.
Attentively you can call our free phone number where any member of the team will be able to assist you.
The main criteria for any form of gap insurance is that your vehicle must be listed in Glass's guide. This is because should you ever need to make a claim as part of our claims process we will need to know how much your vehicle is worth. This is simply because we want to make sure that everyone pays their fair share. Also in the case of vehicle replacement we will need to know how much it will cost to replace your vehicle.
Your vehicle must also not be ....
It must not be a grey import.
It can not be left hand drive.
We can not cover Kit Cars.
Unfortunately we can not cover vehicles used for rally, competition or stunt purposes.
We can not cover vehicles modified from the manufacturers specification (unless agreed by the Motor Insurer), used as a taxi or minicab (unless additional premium has been paid), emergency vehicles, heavy goods vehicles over 3,500 kg GVW, mini-buses over 19 seats.
Please also remember that not gap insurance is the same and as always the devil is in the detail.
Small differences in policy wordings can have a massive impact in how your claim is handled and therefore how much you are ultimately paid. So before you buy and form of cover from anyone at any price please make sure that you read your policy in full.
Please note that mud flaps, mats dealer and factory fitted options are not classed as modifications.
To benefit from the higher levels of protection in most cases you will of had to of bought your vehicle within 180 days from a VAT registered dealership.
Outside this time frame or if you have bought your vehicle privately you will still be able to protect your vehicle with an Agreed Value Gap Policy. Instead of choosing between protecting your financial liability, invoice price or replacement cost your vehicle would be re-valued on the day that you buy the policy. This valuation would be based on 105% of the Glass's Guide Dealer Retail valuation for your vehicle.
We understand that this is not something that you will readily have access to so we would ask that you contact a member of the team on 0800 195 4926 who will be able to assist you further.
We are proud to be part of Aequitas Automotive Limited.
We are proud that Easy Gap Insurance has recevied a 5 star rating for our vehicle replacement, finance and contract hire and retuirn to invoice gap insuarcne policies.
Our company philosophy and ethos is based on our name sake "Aequitas" the God of
We are fair, open, transparent and honest in all we do. No gimmicks, no fuss just
genuine policies and real value for money.
Our company was started with one aim in mind - to offer what we consider to be genuinely the best policies directly to the general public and small business's in a safe environment at real market leading prices with absolutely no compromise. We take our company ethos very seriously and have structured our business to ensure that this has been done. From the underwriter to the administrators, security systems through to protecting your personal data, Easy Gap protects you every step of the way.
We are very proud that Easy Gap Insurance policies are underwritten by UK General on behalf of Ageas Insurance. This is an honor as they currently underwrite insurance polices for other house hold names such as Tesco's and Kwik Fit Insurance to name but a few for a full list of Ageas insurance policies please visit Ageas.co.uk. Their pedigree (formerly known as Fortis, their heritage can be traced back over 100 years), customer service record and reputation within the industry is unrivaled. They are based within the UK and as such are fully regulated by the FSA.
All of our policies are covered by the Financial Services Compensation Scheme (FSCS). This is to provide protection to customers who buy a product from a company who fail or become insolvent.
Aequitas Automotive Limited is an appointed representative of Automotive Compliance Limited which is authorised and regulated by the Financial Services Authority (FSA Register number is 497010). Automotive Compliance Ltd.’s permitted business is to act as Principal for a network of Appointed Representatives who sell and arrange non-investment insurance contracts, acting on behalf of the insurer. You can check this on the FSA's Register by visiting the FSAwebsite www.fsa.gov.uk/register/ or by contacting the FSA on 0845 606 1234.”
You will be pleased to know that EasyGap.co.uk is secured by Verisign, this security on line system is in common with 97% of the worlds leading financial institutions. Verisign scan our site on a daily basis to ensure that it is clear of any security issues associated with the internet.
Aequitas Automotive Ltd is a member of the British Insurance Brokers Association (BIBA registration 006652). We are very proud to have been accepted to such a prestigious organisation, as the support and 'up to date' information it provides enables us to stay at the forefront of regulation and legal changes.
Aequitas Automotive Ltd are also a Registered Data Controller with the Information Commissioners Office (ICO Z2455374). Our customers can be assured we handle their sensitive data with systems complying with the latest UK rules and regulations.
We have taken this one stage further and have never and will never cold call or contact a customer unless they ask us to. None of your data is sold on, passed or given to any third party company or organisation for any marketing purposes.
We are also registered with the Office of Fair Trading and our consumer credit license number is 651686.
As you can see, Aequitas Automotive Ltd, trading as EasyGap.co.uk, takes your security and peace of mind as seriously as we take the quality of product we offer.
- Car Gap Insurance
- Van Gap Insurance
- Motor Home 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?
Even if you understand Gap Insurance which level of protection is best for you?
If you are reading this the chances are that your local dealership will have just offered you a gap insurance policy for your car.
The national average dealership price is £395.00.
That said we do know of a manufacturer who regularly quotes over £700 and a finance house who quoted cover, when calculated out over the five years, with interest equates to over £1200.
So while you may think that it is a good idea the price can sometimes be prohibitive.
Like a vast majority of the general public today if you want more information or carry out research you have searched the internet.
Our system is designed to make sure that it will eliminate cover which you are not eligible for so simply click for an instant quote and our automated system will walk you through.
Alternatively you can call our free phone number where a member of the team will be happy to explain your options. No pressure, no jargon and no gimmicks. Instead just plain English.
So why is car gap insurance so important and how does it work?
Car gap insurance is just like any other form of gap insurance in that it protects your financially if and when your car is written off.
Please remember that 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. With the average vehicle vehicle with average usage estimated to lose up to 50% within just three years this means that the amount that they offer you can and often is thousands and thousands of pounds less than the price that you originally paid or even the amount that you still have outstanding on finance.
So what does this mean to you?
Lets look at an example and see what happens when we buy one of the nation's favorites and a car not normally known for loosing value quickly the ever popular Volkswagen Golf.
According to What Car you will have paid in the region of £17295 for a base model 1.4 3 door TSI.
So all is well and your are enjoying your Volkswagen, which is after all a fantastic car until one day your car skids on black ice.
It is no-ones fault and thankfully no-one is hurt however your Volkswagen is written off. Your VW has performed exactly as it should and has protected you and your passengers, after all cars can be replaced you can not. So what happens now?
Again according to What car your car will now be worth an estimated £7081 towards the end of the third year.
Please remember that you own insurance company are only liable to pay you what your car is worth on the day it was written off. This means that you now have just £7081 to clear any finance or replace your car.
You could re-finance any shortfall, you could dig very deep into any savings you may have, you could carry on making personal loan payments for a car you no longer have?
If you had taken a form of car Gap Insurance this financial worry could of been avoided. Depending upon the level of cover that you chose you could of either protected the financial shortfall, the invoice price you paid or even the replacement cost.
Car Finance gap Insurance would simple pay the difference between your cars valuation on the day it was written off and the amount outstanding on finance or your contract hire agreement.
Combined return to invoice would pay the difference between your cars valuation at the point of loss and the original invoice price you paid or the amount that you have outstanding on finance which ever is the greater. ( less your road fund which you could claim back from DVLA )
Vehicle replacement insurance would pay the difference between your cars valuation on the day it was written off and the amount of money you would need to spend to buy another vehicle the same age mileage and condition as yours was on the day that you collected it from your dealership or the amount outstanding on finance which ever is the greater.
Type Gap Insurance into Google and you will see within seconds thousands of results. So why is it best to start shopping on line for your gap insurance ?
Within seconds you will be able to quotations from a number of gap insurance suppliers which can be in some cases up to 90 % less than your dealership or finance companies quotation.
So why are the prices gap prices online so different?
There are legal reasons that your local dealership will not be as competitively priced and while we understand that price is important (but for us our first concern is always your policy terms and conditions) however surly with the prices differences so drastic you would be forgiven for thinking that our policies must in some inferior.
After all we all know that you only ever get what you pay for and that real quality cost?
In most cases this is completely true however in the world of gap insurance this not the case. Instead there are factual legal reasons that you local dealership will never be as competitive and they have nothing to do with the quality of your policy, the level of customer service, features or even the way your claim is handled.
Instead variances in rates insurance premium tax and supplier rates ( which your dealership can not control ) means that the prices will always be more competitive buying independently.
Van gap insurance is very similar to standard levels of protection. You can still chose from protecting yourself with form 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 ill 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.
So please remember that if your van cost you £15,000 & vat and you claim the VAT element back any settlement will be made less the vat. If you are not VAT registered then naturally this will not apply.
As always why no click or call and speak to a member of the team about how easy protecting your van.
It is true motor homes 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 even a 25 % depreciation rate can amount to a huge sum of money. Don't forget that if you have bought a motor home it is not unreasonable to pay anywhere in excess of £25,000 to £50,000 in fact the sky is almost the limit.
Just like any form of gap insurance there will be terms and conditions but in particular your motor home must have started life as a motor home 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 motor home 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.
So if you have just bought a new motor home or a motor home new to you why not click or call and member of the team and explore your motor hoe gap insurance options.
Motorbikes whether we like to admit it or not are just like any other vehicle. Over time they will lose value.
This means that should your motorcycle be written off and your own insurance company make settlement this could be thousands and thousands of pounds less than you originally paid.
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.
So what does this really mean to you in cold hard money terms?
Lets say that you have just bought a new bike Diavel Ducati Carbon Red which according to Ducati UK would cost you in the region of £16495.
Two years later your bike is stolen and you insurance company pay you what you bike is worth on the day it was written off. Again using prices advertised by Ducati UK your bike is now worth in the region of £10250.
Without any form of motorbike gap insurance the £10250 is the only amount ( unless you want to use savings ) that you would have to be able to buy another bike or clear any outstanding finance.
Depending upon the level of motor bike gap insurance you had chosen you could of protected yourself against the difference between your bikes valuation on the day it was written off and either the amount outstanding on finance, the original invoice price you paid or even the replacement cost of a like for like bike which is the same age mileage and condition as your was on the day you picked it up from the dealership.
With a standard three year return to invoice gap insurance policy from as little as £68.00 is it really worth taking a gamble? Why not click or call and speak to a member of the team and explore your gap insurance options.
This is because most insurance companies feel that the risk to them is too high. So why is this?
To understand why you need to understand what gap insurance does and how it works.
The official term is that 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 do this means that you car will be worth a lot less than Mr & Mrs Joe Average. The standard rates of depreciation the magic 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 some 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 lions 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.
All this means that you are more likely to make a claim and when you do it will cost the insurance company a lot more than normal.
Ok so what does this really mean in cold hard money terms?
Lets say that you have just bought a Skoda Octavia to use as a private hire taxi. it is a 1.6 diesel estate and with the current VAT offers you paid just £13500.
Four years later your car is written off. It is no-ones fault and thankfully no one is hurt. Based on just 60,000 miles per year this means that your Octaiva is now worth just £4000.
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 toll of trade you need to be able to earn a living.
This is exactly where taxi gap insurance can help.
In fact depending upon the level of cover that you have chosen you could choose to protect the difference between your Taxi's valuation on the day it is written off and either
- The amount outstanding on finance
- The original invoice price you paid. ( from this you can clear any finance and the deposit and any equity you have is yours to do with as you see fit)
- The replacement cost of another car the same age, mileage and condition as yours was on the day that you picked it up. ( from this you can clear any finance and the deposit and any equity and now inflationary increased cost you have is yours to do with as you see fit)
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.
So why is this what is the difference whether you use your car for personal reasons or as a driving school?
The answer is simple the type of work you will do in you car and 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.
So why is this?
Well don't forget that the whole idea of gap insurance is that when you vehicle is written off it will pay the difference between your own motor insurance companies settlement and either the amount of money outstanding on finance, the original invoice price you paid or even the replacement cost, depending upon which level of cover you have chosen.
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.
So why not click or call 0800 195 4926 and speak to a member of the team about your driving school gap insurance options and make an informed choice.
After all it is your car, your money, your livelihood and you would will have to live with the financial consequences.
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.