If the worst happens and your car is written off, most motor insurers will only pay out the current market value of the car, not the original price you paid for it. This means you may not receive enough to replace your car, or even pay off any outstanding finance.
With GAP Insurance, you can make sure that you're covered for the whole cost of your car.
GAP Insurance is an entirely optional form of insurance and may not be suitable for everyone, but some people will have a greater need for it than others. If you have sufficient funds at your disposal to afford the combined cost of clearing any outstanding finance and replacing your vehicle if it's written off, then GAP Insurance is probably not for you. However, if that's not the case or you'd simply prefer to protect your finances from that kind of loss, then GAP Insurance could be for you. Take a look at our Why GAP Insurance? section for further information.
For example, GAP Insurance can help with:-
Most of us have either had a vehicle written-off ourselves, or know someone who has. Each year, UK insurers declare more than 450,000 vehicles as written-off for various reasons e.g. accident damage, fire, stolen vehicles not recovered, vandalism etc. and pay the insurer the market value of the vehicle at the time of write-off, which can be a lot less than you need to get back on the road in a similar vehicle. GAP Insurance pays the difference between the market value settlement and the amount required to purchase a similar vehicle, giving you complete peace of mind.
View Policy Wording and IPID (Insurance Product Information Document) for GAP Plus Insurance below
Asset Secure - GAP Plus - IPID
Asset Secure - GAP Plus - Schedule of Insurance - PASSENGER CAR
Asset Secure - GAP Plus Insurance - Schedule of Insurance - LIGHT COMMERCIAL VEHICLE