What is Agreed Value Gap Insurance

Agreed Value Gap Insurance really is a catch all policy which can provide protection in many ways however unlike protecting the invoice price you paid (return to invoice gap insurance) or replacement cost (vehicle replacement insurance) or even the financial shortfall (finance and contract hire gap insurance) the price that you can protect is based on 105% of Glass' Guide Dealer retail for your vehicle on the day that you buy the policy.

Agreed Value Gap insurance is therefore a good choice for customers who have owned your vehicle for over 180 days or purchased their vehicle privately or perhaps from an auction. You can choose from one to four years and can buy your policy at any time providing your vehicle is still under 80,000 miles and 8 years of age. Simply click the quote button at the top right of the screen, answer the questions and see just how easy and inexpensive the additional peace of mind that an agreed value gap insurance can offer.

If you have only just bought your vehicle from a VAT registered garage, main dealership or internet broker and it is listed in Glass's guide, made for the UK market etc, you may wish to consider other levels of gap insurance protect such as return to invoice, vehicle replacement insurance or perhaps finance and contract hire cover.

When would agreed value gap insurance be the best option?

Not everyone buys their vehicle from a garage! Not everyone decides to buy gap insurance straight after buying their vehicle (outside 180 days of purchase)! Some people get to the end of their standard 3 year cover and decide to keep their vehicle! Some members of the public are offered new for old gap insurance directly from their own motor insurance company and only then find that it is too late to protect themselves with gap insurance. There are lots and lots of other circumstances, however, if the way you have purchased your vehicle means that you are not eligible for other levels of protection but your vehicle is then agreed value may be the best solution.
In 2012 Mr and Mrs French buy a Ford Focus from their next door neighbour. Their next door neighbours are happy as they are getting two hundred pounds more than their dealership offered them and Mr and Mrs French are happy as they are buying a three year old Focus at almost trade price.

Even though it is not a brand new car it is still a lot of money and Mr and Mrs French want to protect it.  According to glass's Guide Dealer Retail the value of their Focus is £9800 on the day that they buy the policy. Three years later Mr & Mrs French become one of the estimated 600,000 other vehicle owners in the UK today and their Focus is written off. The exactly circumstances do not matter except to say that their insurance company are happy to settle. Mr French's insurance company offer him the market value of the Ford on the day that it was written off which based on current rates of depreciation would be in the region of £5000. In this example Mr French would then receive another payment from this agreed value gap insurance policy for £4800. This means that between this two insurance companies Mr French now has the full agreed value price back as well as £250 towards his own motor insurance excess.
Agreed value gap insurance can offer protection, it cannot protect the deprecation that you vehicle may have already experienced however it can stop and freeze any future loss. Simply put you are drawing a line in the sand and agreeing an amount that your vehicle is worth on the day that you buy your policy and protecting against any further loss in value.

This means that then should you ever need to make an agreed value gap insurance claim, between your own insurance company (who will still offer you the value of your vehicle on the day it was written off) and your gap insurance policy, you are returned to the value of your vehicle as it was on the day that you bought your policy. 

We do not expect most members of the general public have access to Glass' Guide so in order to obtain a valuation why not call a member of the team. They will provide a valuation for you based on your vehicle's registration number and approximate mileage. If you then proceed to buy a policy we will then pay for a full certificate of valuation to be produced and sent to you for your records.

Why should you buy an Easy Gap Agreed Value Gap Insurance Policy?

Just because you may not be protecting the original invoice or list price of your vehicle does not mean that you should not buy an Agreed Value Gap insurance policy packed with many additional features.

In fact we work really hard with our insurers and administrators to ensure that our policies offer tried and tested reliability.

Easy Gap policies purchased prior to 1st January 2017 are underwritten by UK General on behalf of Ageas Insurance. Easy Gap policies purchased after 1st January 2017 are underwritten by AM Trust International Ltd.

Our Policies are backed by the Financial Services Compensation Scheme. 

Before you buy Agreed Value Gap Insurance form anyone else, why not compare our policies terms and conditions?