What is the Vehicle Price?

Which figure do you use for the vehicle price?

If you are looking for a Gap Insurance quote on EasyGap, you will be asked a series of qualifying questions. These are in place to allow you to get a quote for Gap Insurance policies that only apply to you. Few online brokers employ a system like this, but we think that we should stick to our principles and make life as 'easy' as possible for you!

Once you have answered all the questions, you are taken to a quote page, at which time you will be asked for three bits of information to build your quote:

1 - Price of Vehicle

2 - Length of Cover

3 - Claim Limit


The length of cover is simply how long you want your Gap Insurance cover to last, and the 'claim limit' is important, so we deal with it on another page. Please find out more on helping you decide your Gap Insurance Claim Limit.

However, what price for the vehicle do you put in?

Price of Vehicle

If you are looking at Finance Gap Insurance, Return to Invoice or Vehicle Replacement Insurance. the correct figure to place in here is the actual cash price of the goods, before any part exchange or deposit, but after any dealer or manufacturer discount has been taken away.

Let's look at an example to illustrate the point:

You buy a Ford Fiesta for £12,000.

The original price was £14,000 but the dealer has given you a discount of £2,000.

You have put a further cash deposit of £1,500 and part exchanged a vehicle for a further £2,500.

This leaves you a balance on the finance of £8,000.

The finance agreement states your 'total amount payable' is £14,800.

So you have lots of different figures but to generate a quote you need to know:

What should the 'Price of Vehicle' be for the quote?


In fact it is the very first line of information we have, the cash price for the vehicle, in this case £12,000.

The importance of the vehicle price is that it forms one of the factors that actually generate your premium price. Remember, the vehicles are not 'insurance rated' like your motor insurance underwriter would do, more the financial value that you wish to cover. Clearly the purchase price and the amount the vehicle is likely to lose in value are the important factors.

Vehicle Price and Agreed Value Gap Insurance

The value you need to enter for Agreed Value Gap Insurance is slightly different. As you have bought the vehicle outside the 180 day limit required for RTI or VRI Gap Insurance, the value is not set by the purchase price or replacement value of the the vehicle.

Instead, with Agreed Value Gap Insurance the vehicle price is set by the 'Glass' Guide Dealer Retail' value on the day you buy the policy.

If you have to make a claim, the insurers would simply get a value for the vehicle on the day of cover purchase and this is the value you can protect back to.

If you need help finding a valuation for your gap insurance quote please do not hesitate to call a member of the team on 0800 198 4926.