Vehicle Replacement Insurance from

Do you already know everything about Vehicle Replacement Gap Insurance and know which claim limit you want?

If you do, why not click for an instant vehicle replacement gap insurance quotation and buy online, your documents will be sent within seconds and your cover will start the moment that your payment has been processed.?

Vehicle Replacement Insurance will pay the difference between your insurance companies settlement and the amount of money that you would need to spend to buy another vehicle the same age, mileage and condition as yours was on the day that you first drove it home from your dealership. 

If that model is no-longer aviliable then settlement is based on the superceeding model.

What is Vehicle Replacement Insurance?

Vehicle Replacement Insurance probbaly the most comprehensive level of cover available in the UK today. This is became instead of simply protecting any financial amount you have outstanding on finance or the  physical amount that you paid you are now protecting the future cost of a replacement.

Vehicle Replacement Insurance pays the difference between your insurance companies settlement for your vehicle on the day it was written off and the amount of money that you would  need to spend to buy another vehicle the same age, mileage, conditions and specification as yours was on the day that you collected it from your dealership. 

If that model is no longer available then settlement will be made on the cost of the superceding model.
Lets say that you have just bought a new Mini and paid £14295. this includes, metallic paint, TLC pack and sunroof. A few years later your Mini is stolen. As fantastic as your Mini may be, they will lose value over time and your motor insurance company offer you what your Mini was valued at on the day it was stolen. According to What car depreciation calculator this would be ( based on a mini One 1.6 )  your mini is anticipated to be worth£5776 by the end of year four. Your Mini was low mileage and had some extras so your insurance company offer you £6500. But to buy another Mini the same as yours was on the day that you collected it, with all the factory extras you had would now cost £15125.

Without any form of gap insurance the £6500 from your own insurance company would be all the funds you have to replace your mini or clear any outstanding finance. Even with a form of return to invoice simply getting all your money back ie. £6500 from your insurance company then £7795 from your gap insurance you would still have a shortfall. Vehicle Replacement would pay the difference between the £6500 and the replacement cost of another mini the same age, mileage and specification as yours was on your first day of ownership, i.e £15125.
If your local dealership, garage or finance house has just quoted you for their level of gap insurance you may be some what surprised to see such a price difference for gap insurance policies online. So, why is this? 

A perfectly normal and natural reaction would be that our policies are simply not as good. They must as one customer explained "have lots of get out clauses" , either that or you have entered something wrong or that we have miss-quoted you. That is simply not the cases there are factual tangible reasons as to why on line gap insurance prices are so different from your dealership quote and it is absolutely nothing to do with your policy, what it will and will not cover and how your claim is handled. It is also something which your local garage can not control.

If you buy gap insurance directly from the dealership or finance house that is supplying your vehicle that they are legally bound to charge IPT at 20%. When you buy online this is just 6%. Also gap insurance is just like any other form of business volume matters. On average we would supply your local dealerships yearly gap insurance target within a matter of days. This means that we would our expertise and buying power to keep prices low.
When you are looking at other Vehicle Replacement policies in the market, you may think that they are all very much of a much-ness. Unfortunately this is not true as each policy even ours will have terms and conditions can preform very differently. We live in the real world and completely understand that having a vehicle written off is never nice. You will either of been a victim of theft or perhaps even worse been involved in an accident in which your vehicle was written off.  Nether scenario is something that anyone would wish for. We also understand that while are policies as good as they are can never stop this from happening that best and only way we can really help is to ensure that your claim is handled quickly, efficiently and that any funds are paid at hyper speed.

With this in mind you will be pleased to know that providing you give our claims team all the information that they need your claim will be settled in no more than 14 days. We will also never pay a nominated dealership or attempt to source a vehicle for you. After all depending upon how your vehicle was written off you may not want exactly the same vehicle again. Also by paying you the funds you are back in control over where, when and on what you money is spent.
No vehicle replacement is not just for new vehicles and in some if not most cases can still be the most comprehensive level of cover available for many used cars, vans, motorbikes and motor homes.  There is also a lot of misunderstanding regarding a term in our policy which refers to what your policy will cover. 

The term states that "your policy will pay the difference between your insurance companies settlement and the cost of another vehicle matching the vehicles original age, mileage and specification."

The terms simply means that if you have bought a brand new vehicle then a replacement cost will be based on the value of a brand new model. If however you have bought a three year old vehicle with 20,000 miles on the clock then settlement would be based on the cost of a two year old vehicle again with 20,000 miles. For example you have just bought a 2012 registered Audi A1. In  2018 your Audi is stolen. Replacement cost would therefore be calculated on the cost of a  2016 plated vehicle as that would means that you have the funds to buy a two year old Audi.
How is the replacement cost of your vehicle calculated and who gets paid if and when you make a claim on your vehicle replacement policy. 

The replacement cost is very simple. Our claims team will call at random three dealerships and ask for exactly the same vehicle as as yours was on the day you collected it from your dealership. At that time they would either be given a price or told that the model and changed etc and given a price for the equivalent replacement model. The claims team will then take the average of the three prices. This amount is normally then paid by bank transfer directly into your account.

The rational is that if you do want exactly the same vehicle again you will have the funds to do so. Please remember that if you have purchased your vehicle using a form of finance then your finance will have to be cleared before any surplus funds are paid to you. E.g replacement cost is £28000 ampount on finance is £20,000, amount paid to you would be £8,000.