What is Gap Insurance?
Gap Insurance covers the difference between the insurance offer at the point your car is written off or declared a total loss and the value of your car when you bought it. It also covers any outstanding finance payments and, for some enhanced policies, additional costs needed to get you back on the road with a car of the same specification.
How does Gap Insurance work?
Gap Insurance works by covering the shortfall between the purchase price of your car and its value at the time it is written off or stolen. If you financed the vehicle, the policy will also cover the outstanding amount.
What other insurance options does Direct Gap offer?
Direct Gap also offers Scratch & Dent Insurance, which covers the cost of repairing minor accidental damage to the bodywork, and Tyre & Alloy Insurance, which covers the cost of repairing accidental damage to your alloy wheels.
Is Gap Insurance suitable for everyone?
Gap Insurance may not be suitable for everyone, but it can be worthwhile if your car is expected to depreciate quickly, if you're on a long-term contract hire, or if you owe a balloon payment at the end of your finance agreement.
When wouldn't I need Gap Insurance?
Gap Insurance may not be necessary if your car is brand new and your motor insurer offers a replacement within the first 12 months of ownership. However, it may still be worth considering a Gap Insurance policy with a deferred start date.
What are the benefits of a Gap Insurance policy from Direct Gap?
Direct Gap offers 5-star rated insurance with a 30-day money-back guarantee, unlimited claim limits on vehicles up to £50,000, free policy transfer on Return to Invoice (RTI) and Vehicle Replacement Insurance (VRI), and a commitment to settle claims within 10 days.
Are there any restrictions on Direct Gap's Gap Insurance policies?
Direct Gap policies have no mileage restrictions during the life of the policy and cover all named drivers on the policy. Policy amendments for registration number and address changes are also available.
Can I pay for my Gap Insurance policy in monthly installments?
Yes, Direct Gap offers monthly payment options. You can pay in 12 monthly instalments. Contact the payments team at 01422 756100 for more information.
Is Direct Gap a regulated company?
Yes, Direct Gap is regulated by the Financial Conduct Authority (FCA).
How much can I save with a specialist Gap Insurance policy from Direct Gap?
With a specialist policy from Direct Gap, you can save up to 75% compared to other providers.
What types of Gap Insurance does Direct Gap offer?
Direct Gap offers three main types of Gap Insurance: Finance/Contract Hire Gap Insurance, Return to Invoice Gap Insurance, and Vehicle Replacement Gap Insurance. They also offer additional cover options like Agreed Value Gap Insurance, Free Gap Insurance, Scratch & Dent Insurance, and Tyre & Alloy Insurance.
What does Finance/Contract Hire Gap Insurance cover?
Finance/Contract Hire Gap Insurance covers the difference between your motor insurer's settlement and your outstanding finance balance. It is suitable for vehicles on hire purchase (HP), personal contract purchase (PCP), lease, and contract hire.
What does Return to Invoice Gap Insurance cover?
Return to Invoice Gap Insurance covers the difference between your motor insurer's settlement and the invoice price or the amount outstanding on finance, whichever is highest.
What does Vehicle Replacement Gap Insurance cover?
Vehicle Replacement Gap Insurance covers the difference between your motor insurer's settlement and the cost of a replacement vehicle that matches the original specification, age, mileage, or the amount outstanding on finance, whichever is highest.
What is Agreed Value Gap Insurance?
Agreed Value Gap Insurance covers the difference between your motor insurer's settlement and the retail price of your vehicle at the time of policy purchase.