- 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 cover is nothing new. The concept itself is very easy to understand; your vehicle will depreciate in value,and you are simply protecting yourself against any financial loss if your vehicle is written off as a total loss. Therefore it may be important to you to make sure that you are not left financially out of pocket.
An estimated 600,000 vehicles written off in the UK alone each year. If this was to happen to you, what would this mean? No vehicle? A finance settlement to make? of course you need a replacement vehicle too! This is where Gap Insurance can offer a practical solution, and peace of mind
If you are looking at Gap Insurance companies with a cost effective solution, EasyGap.co.uk can help.
Which type of Gap Insurance is best for you?
Before you buy online, or consider any type of cover, please take a few minutes to think about what you want your policy to do when you vehicle is written off. Easy Gap can offer can offer the following Gap Insurance comparison:
Finance and Contract Hire Gap - to clear a shortfall on a finance or lease agreement
Combined Return to Invoice - to cover the original invoice price you paid for the vehicle, or the upstanding finance, whichever the higher
Combined Vehicle Replacement - to cover the cost of an equivalent replacement vehicle, or the outstanding finance, whichever the higher
Agreed Value Gap - to cover back to 105% of Glass' Guide Retail Value on the day you bought the policy
Which type is best for you? Simply click for a quote, or call out team on 0800 195 4926. We will be glad to run through, and advise you, on 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 or stolen, your own fully comprehensive motor insurance may only be liable to settle what ever your vehicle was worth on the day it was written off. With average three year rates of depreciation this settlement can be as much as 60-70% 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 from your bank account) to clear any finance or replace your vehicle.
Remember your Gap Insurance payout pays the difference between you fully comprehensive motor insurers settlement up to the finance settlement, the invoice price, or the replacement cost, depending on which type of Gap Insurance you take.
Is Gap Insurance only for new cars ?
It is a common question, and the answer is no! GAP Insurance, or Guaranteed Asset Protection, is available on a range of vehicles through Easy Gap.
The policies of today are far more diverse as almost anyone who owns a vehicle which is under 8 years of age or 80,000 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 member of the team. The cost of Gap Insurance has never been lower either. Surprise yourself with a quote today!
Easy Gap has been featured on the Which? report on Gap Insurance since 2012
Easy Gap are one of a number of brands owned by Aequitas Automotive Ltd in the UK. Other well known Gap Insurance brands are GapInsurance123 and Shortfall.co.uk, both also featured by Which?
Easy Gap policies are underwritten by UK General on behalf of Ageas. Your policies are backed by the Financial Services Compensation Scheme in the UK, and well as the Financial Ombudsmen Service.
Easy Gap policies have been independently 5 Star rated for 2015, as well as the previous two years.
So why not compare our policies and see just how easy and inexpensive 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 and Peace of Mind
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, whether it is a lease car, on hire purchase or owned outright.
Please remember, if your car is deemed a 'total loss', your own insurance company may only ever 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 60-70% 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 motor home residual values unlike any other vehicle why should you consider a form of protection?
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 ,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 motor home on the day it was written off will be the only amount that you will have to replace your motor home or campervan.
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 £25,000. If you have just bought a new motor home or one new to you why not click or call and member of the team and explore your motor home 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 50-60% 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 Easy Gap cover than you will for an equivalent policy in the current market.
If you are comparing the different types of Gap Insurance protection, then Easy Gap is a great place to look. After you have had all the types of products explained, we hope you will agree that Gap Insurance is worth it. You can choose from a range of products, from back to invoice Gap to full replacement Gap. We have done the homework for you, and got both the policy features and premiums right first time
No vouchers, no codes absolutely no gimmicks! 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 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 products than you would from any of our competitors.
There is one further aspect you will want to be assured of too, your protection. Easy Gap is owned by Aequitas Automotive Ltd, and regulated by the Financial Conduct Authority in the UK. Our insurers are UK General on behalf of Ageas Insurance, both authorised and regulated by the FCA. Ageas Insurance are also registered with the Prudential Regulation Authority.
Your Easy Gap policies are also covered by the Financial Services Compensation Scheme in the UK, as well as the Financial Ombudsmen Service.
Do you need any more convincing? If you are unsure on any aspect discussed here, please call our team on 0800 195 4926 today.
Our Gap insurance price promise does not affect your 30 day cooling off , cancellation or statutory rights.