Replacement GAP Insurance
GAP insurance policies don't come much better than this.
Replacement GAP insurance is the highest level of GAP insurance cover available today. It's a combination of the three main types of GAP insurance: Finance GAP insurance, Invoice GAP insurance and Replacement GAP insurance - which means it provides the best of all cover levels.
In the event of your vehicle being declared a Total Loss (written off) through accident, fire, theft, or flood, Replacement GAP insurance aims to pay the difference between your Motor Insurance payout and THE GREATER OF either:
- The amount (if any) outstanding on finance at the time of claim EXCLUDING any Negative Equity brought forward from a previous vehicle (unless the optional "Negative Equity Cover" was purchased), OR
- The ORIGINAL PURCHASE PRICE that you paid for your vehicle first time around, OR
- The cost of REPLACING YOUR VEHICLE with one of the same Make, Model, Age, Specification and Mileage (or nearest equivalent) as your original vehicle was when you first bought it - even if the replacement vehicle cost is MORE than you bought the vehicle for first time around.
It's available for vehicles that (at the time of purchasing the policy) are less than 3 months old, that were bought from a VAT Registered Motor Dealer, within the last 90 days, for a purchase price of up to £150,000.
Claim Limits range from £5,000 to the full original purchase price of your vehicle and durations from 1 to 4 years are available.