Easy Gap Insurance

Exceeding Customer Service Expectations for over a decade.

If you want to buy independently rated 5 Star policies
Which are covered by the Financial Services Compensation Scheme (FSCS)
At Market leading genuine value for money prices,
It has to be Easy Gap

Do cars really lose that much money in just three years?

So, the simple answer is yes; your vehicle can lose much of its original value in a relatively short period of time.

No one ever likes to think that they have just agreed to buy a car which they know will be worth a fraction of that amount in just a couple of years. We all work and save too long and too hard for that to happen. But it does happen, and we already accept it as a natural part of life. After all, you would not expect to pay the same amount for a brand new car as you would for a four-year-old vehicle with 40,000 miles on the clock. So, we accept depreciation as a natural part of motoring, and it is never normally an issue. We looked at some of our staff cars and price-checked them to see how much they had lost, to illustrate the point.

For example, did you know that BMW 4 Series, 2.0 (184bhp) 420i M Sport (s/s) Gran Coupe 5d Auto has a new RRP of £35,170. Less than two and half years later, it is valued at between £16,180 and £19,120. (prices are taken from Glass's Guide website Jan 2020)

A two and half-year-old Audi, A3 Cabriolet, 1.4 TFSI (150ps) S Line Nav (CoD) (s/s) Cabriolet 2d with a new price of £30,410 with very low mileage of just 12,000 miles is now worth between £16,930 and £19,270.

Less than 12 months old Vauxhall, Astra, 1.6i Turbo (200ps) Elite Nav (s/s) Hatchback 5d with just 1,300 miles (yes, we know they really do have to use it more!) has an RRP of £23,670 according to Glass's guide the vehicle is now valued at between £12,130 and £14,110.

Now imagine what would happen if any of the cars were written off. Luckily for us, we all, as you would expect, have gap insurance. Without it either member of the team could be faced with, at best, losing thousands of pounds, at worst having to continue paying for something that they no longer have. Even worse, having to take on extra financial commitments to clear the debt.

So yes, it is your car, your money and most definitely your choice. But is it really worth the risk?

Frequently Asked Questions

What can EasyGap provide GAP Insurance cover for?

• Cars
• LCV's under 3500kg
• Motorhomes under 5000kg
• Motorbikes
• Taxi/Private Hire/Minicabs (not Black Cabs)
• Driving School vehicles

EasyGap can also provide the following products (eligible vehicles)

• Tyre and Alloy Wheel Insurance (cars only)
• Tyre Insurance (cars only)
• SMARTCARE Cosmetic Insurance (cars only)
• Motor Excess Insurance (cars and motorbikes)

At present, we can not offer the following types of Gap Insurance

• Negative equity gap Insurance
• Agreed value Gap insurance

Eligible products can be purchased individually, so there is no requirement for you to purchase a GAP Insurance policy from us in order to buy an additional product.

Who are the Financial Conduct Authority?

The Financial Conduct Authority (FCA)are the body that regulates all financial services in the UK with a strong focus on fair value to customers.

When can you buy GAP Insurance?

GAP Insurance is normally available within a short time frame of buying or leasing your vehicle.EasyGap Combined Return to Invoice Gap and Lease/Contract Hire Gap must be purchased within 180 days of the vehicle purchase or the start of the lease.

What does 'written off' mean?

The phrase 'written off' as a total loss means that your motor or car insurance provider deems your vehicle beyond economic repair or that it has been stolen and not recovered. Instead of repairing or replacing your vehicle, the motor or car insurance company offers you a sum of money in replacement of your vehicle.( market value settlement)

Why do cars depreciate in value?

You will often hear the phrase "a brand new car loses value as soon as it leaves the garage forecourt". This initial depreciation can be, in large part, attributed to the VAT charged on a new vehicle. Vehicles will, however, continue to lose value as you cover more miles, the condition deteriorates, and the manufacturer's warranty runs down.

Do I need Gap Insurance if I have a new car replacement with my motor insurer in year one?

Some motor and car insurance providers will, in your first year of ownership and providing certain criteria are met, provide you with a brand new replacement vehicle if your vehicle is declared a 'write off' in year one.

However, there can be a number of reasons why you may not meet the criteria required to qualify for this. Often, you will need to be the first registered keeper for the vehicle, so 'pre-reg' vehicles may not qualify. Also, the insurer may have a set time frame within which they must be able to supply the replacement vehicle. A 6-month wait for a 'factory order' may not qualify. If the plan 'b' for your motor insurer is to settle at the market value then having GAP Insurance also can make up the difference.

You must also remember you can only buy GAP Insurance within a set time frame of buying the vehicle. With EasyGap, this is the first 180 days. If you wait a year from the time you purchase your car then you may struggle to find suitable GAP Insurance for further years.

Do I have to buy GAP Insurance from the motor dealer?

No. Often the first time you will be told about GAP Insurance will be by the dealer who sells you the vehicle. The decision on whether you buy GAP Insurance from the dealer or from an independent provider like EasyGap is entirely up to you.

Why is GAP Insurance more expensive at motor dealers?

There are a number of reasons for this, and a dilution of cover or poor levels of customer service is not one of them.

Gap Insurance policies and supplementary products at Motor Dealers attract a higher rate of Insurance Premium Tax (20% as of January 2020) than the standard rate you pay at independent brands like EasyGap (12% currently).

Commission structures, longer supply chains, and volume of business can all be contributing factors as to why GAP Insurance policies are more expensive at motor dealers.

Who underwrites the EasyGap products?

The insurer who has underwritten EasyGap products since January 2020 is Acasta European Insurance Company Ltd. Acasta is well known in the GAP Insurance field in the UK, both with independent providers like EasyGap as well as underwriting GAP Insurance for one of the best-known prestige car manufacturers in the UK market.

Depending on your policy, claims are handled by Spectrum Insurance Services Ltd, based in Sheffield or by Acasta Europe Limited, based in Cheadle Hulme.

Products are backed by the Financial Services Compensation Scheme in the UK also.

How does Gap Insurance work?

The market value you are offered is the amount your motor insurance provider thinks you will have to pay to replace your vehicle with another exactly the same as yours was on the incident that happened for them to decide to write your vehicle off.

This can leave a big gap between the amount you originally paid and the outstanding balance on your finance, contract hire or lease agreement.

Gap insurance covers the gap left behind after your fully comprehensive motor insurance settlement and ensures you are not left out of pocket or, worse, left paying for a vehicle you no longer have the use of.