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Cover all of your original invoice price in the event of write-off.

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What is Invoice GAP insurance?

Invoice GAP insurance is the most commonly purchased type of GAP insurance in the UK today (if not only because it's usually the highest level of cover offered by Motor Dealers). It's a combination of both Finance GAP and Invoice GAP, thereby providing the best of both cover types.

In the event of your vehicle being declared a Total Loss (written off) through accident, fire, theft, or flood, Invoice 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.

Am I Eligible For Invoice GAP insurance

You can buy Invoice GAP insurance to cover a New or Used car that:

  • Is covered by a comprehensive motor insurance policy.
  • You are the owner or registered keeper of.
  • Is less than eight (8) years old at the start date of this policy.
  • You have not yet taken delivery of or, you took ownership/delivery of within the last 3 months.
  • You have NOT changed in any way from the vehicle manufacturer's standard specification, unless the vehicle has been modified for mobility purposes. This would include changes to the bodywork, such as spoilers or body kits, changes to the suspension or brakes, and changes affecting performance such as engine management. Graphics applied to your vehicle are acceptable.
  • Has not been declared a Total Loss before the start date of this policy.
  • Is registered in the UK.
  • Was bought for no more than £200,000.
  • Is not a commercial vehicle.
  • Is not being used for rallying, racing, any competitive events or for emergency use or hire (including private hire, taxis and chauffer) or for driving school tuition.
  • Is not already covered by a GAP insurance policy.
  • Was bought cash outright, personal loan (secured or not), or financed by way of a HP, PCP or Conditional Finance Agreement.
  • Is not a specifically excluded vehicle.
  • Is not a van, car derived van, motorcycle, motorhome or campervan.

So long as you:

  • Are a permanent resident in the UK or a UK registered company.
  • Bought the vehicle from a VAT registered motor dealer.

You can NOT buy Invoice GAP insurance for a vehicle that:

  • Is not covered by a comprehensive motor insurance policy.
  • You are not the owner or registered keeper of.
  • Is more than eight (8) years old at the start date of this policy.
  • You took ownership/delivery of more than 3 months ago.
  • You have changed in any way from the vehicle manufacturer's standard specification, unless the vehicle has been modified for mobility purposes. This would include changes to the bodywork, such as spoilers or body kits, changes to the suspension or brakes, and changes affecting performance such as engine management. Graphics applied to your vehicle are acceptable.
  • Has been declared a Total Loss before the start date of this policy.
  • Is not registered in the UK.
  • Was bought for more than £200,000.
  • Is a commercial vehicle.
  • Is used for rallying, racing, any competitive events or for emergency use or hire (including private hire, taxis and chauffer) or for driving school tuition.
  • Is already covered by a GAP Insurance policy.
  • Is the subject of a Contract/Lease Hire Agreement.
  • Is a van, car derived van, motorcycle, motorhome or campervan.
  • Is a specifically excluded vehicle.
How Invoice GAP insurance Works

How does Invoice GAP Insurance work?

In the event of your vehicle being declared a Total Loss (aka "written off") as a result of an accident, fire or theft, your comprehensive Motor Insurance policy would normally only pay out the market value of the vehicle at the time of loss.

Now, imagine that you'd bought the vehicle, two years ago for £22k and imagine that the current Market Value of the vehicle is only £10k.

If your Motor Insurance policy only pays you £10k, you're going to be able to only buy a vehicle of the same age, mileage and condition as the one that was written off at the time it was written off.

Invoice GAP Insurance however, would in this example, pay the £12k difference between the Motor Insurance payout and the £22k you originally bought the vehicle for, or (if higher) the difference between your Motor Insurance payout and the amount outstanding on finance at the time of loss.

Key Features of Invoice GAP Insurance

  • A combination of Finance and Invoice GAP Insurance - Covering up to the greater of either the outstanding finance at the time of claim or the original invoice price.
  • Available for Cars up to 8 years old, purchased within the last 90 days from an authorised dealer or finance house.
  • NO Market Value clauses.
  • Ability to cancel the policy at any time and receive a daily pro-rata refund of unused premium (a cancellation fee may apply).
  • CASH payout to you rather than to a nominated dealer, leaving you free to choose the provider of your replacement vehicle.
  • Available for Cars bought for up to £200,000.
  • OPTION to include cover for up to £2,000 of negative equity brought forward from your previous vehicle.
  • Underwritten by DTW 1991 Underwriting Limited on behalf of Syndicate DTW1991 at Lloyd's.
  • Pays up to £250 towards the excess on your Comprehensive Motor Insurance policy.
  • FREE transfer of any unused premium on to a new policy on a replacement vehicle
  • NO right to revalue the purchase price of your vehicle at the time you bought it.
  • Policy durations of up to 4 years available.
  • Claim Limits of up to £75,000 available.
  • FREE policy amendments.

What Claim Limit Do I Need?

The most frequently asked question... The honest answer, is that it very much depends how much your vehicle is going to depreciate by over the duration of the Invoice GAP Insurance policy.

Guess!

Considering that nobody knows for sure how much your vehicle is going to depreciate, it's a little bit of guess work. A common perception is that the average vehicle will depreciate by between 40% and 70% over a three year period; and indeed lots do - it's not a bad starting point for selecting a Claim Limit.

The issue with this perception though, is that it's never a steady rate of depreciation. Vehicles depreciate faster (a greater %'age) in their earlier years (in terms of the age of the vehicle) than they do in their later years. So, whilst your vehicle might well only depreciate by say 50% over a 3 year duration, it could well be that perhaps 30% (or more) of that, was in the first year alone!

When choosing a Claim Limit for any GAP Insurance policy, you have to try to predict the potential depreciation over the entire duration of the policy. If, for example, for a £15,000 vehicle you chose a 3 year policy with a Claim Limit of £5,000 (33%), this may well be sufficient for the first year, but with the potential for the vehicle to depreciate by up to 50%, 70% or even more, a £5,000 Claim Limit would likely be woefully inadequate as you approach the end of the policy.

Still guessing?

But this is all still guess work. We want to flip it on it's head a little. Read on...

10 Of Our Invoice GAP Insurance Claims - What claim limit would you have chosen?

What we're showing you below are details of actual claims that have paid out on some of our Invoice GAP Insurance policies, along with the vehicle details including the original purchase price and the length of ownership.

From this, we can calculate the rate of depreciation as a cash value per month and also reflect the total depreciation over the same duration as a percentage of the original purchase price.

You might be surprised at how well (little depreciation) some vehicles performed and how bad (considerable depreciation) others did.

It makes for some very interesting reading, but that aside, whilst it doesn't entirely remove the element of guess work for you, we're confident that being able to see the vehicle types, values and durations of ownership alongside the payout/depreciation figures, will surely be of great help in you choosing a claim limit that you feel most comfortable with.

Volkswagen Golf

Volkswagen Golf
Vehicle Purchased
Invoice Price
GAP Claim
GAP Payout
June 2019
£7,800
November 2019
£890
Length of ownership:
5 Months
Rate Of Depreciation:
An average of £178.00 per month
Total Depreciation:
11.41% of its original Invoice Price during the 5 months it was owned.
Policy Cost:
The policy cost £120.79 (just 13.57% of the amount the policy paid out.)

BMW 3 Series

BMW 3 Series
Vehicle Purchased
Invoice Price
GAP Claim
GAP Payout
September 2015
£31,305
November 2019
£16,111
Length of ownership:
50 Months
Rate Of Depreciation:
An average of £322.22 per month
Total Depreciation:
51.46% of its original Invoice Price during the 50 months it was owned.
Policy Cost:
The policy cost £200.25 (just 1.24% of the amount the policy paid out.)

BMW 4 Series

BMW 4 Series
Vehicle Purchased
Invoice Price
GAP Claim
GAP Payout
December 2018
£27,000
November 2019
£480
Length of ownership:
11 Months
Rate Of Depreciation:
An average of £43.64 per month
Total Depreciation:
1.78% of its original Invoice Price during the 11 months it was owned.
Policy Cost:
The policy cost £137.12 (just 28.57% of the amount the policy paid out.)

Vauxhall Corsa

Vauxhall Corsa
Vehicle Purchased
Invoice Price
GAP Claim
GAP Payout
June 2019
£12,874
October 2019
£3,320
Length of ownership:
4 Months
Rate Of Depreciation:
An average of £830.08 per month
Total Depreciation:
25.79% of its original Invoice Price during the 4 months it was owned.
Policy Cost:
The policy cost £157.61 (just 4.75% of the amount the policy paid out.)

BMW 1 series

BMW 1 series
Vehicle Purchased
Invoice Price
GAP Claim
GAP Payout
June 2018
£23,995
October 2019
£3,315
Length of ownership:
16 Months
Rate Of Depreciation:
An average of £207.19 per month
Total Depreciation:
13.82% of its original Invoice Price during the 16 months it was owned.
Policy Cost:
The policy cost £186.19 (just 5.62% of the amount the policy paid out.)

BMW 6 Series

BMW 6 Series
Vehicle Purchased
Invoice Price
GAP Claim
GAP Payout
November 2018
£49,467
October 2019
£11,848
Length of ownership:
11 Months
Rate Of Depreciation:
An average of £1,077.13 per month
Total Depreciation:
23.95% of its original Invoice Price during the 11 months it was owned.
Policy Cost:
The policy cost £190.21 (just 1.61% of the amount the policy paid out.)

Audi A3

Audi A3
Vehicle Purchased
Invoice Price
GAP Claim
GAP Payout
July 2017
£13,684
September 2019
£4,758
Length of ownership:
26 Months
Rate Of Depreciation:
An average of £182.99 per month
Total Depreciation:
34.77% of its original Invoice Price during the 26 months it was owned.
Policy Cost:
The policy cost £148.23 (just 3.12% of the amount the policy paid out.)

Volkswagen Golf

Volkswagen Golf
Vehicle Purchased
Invoice Price
GAP Claim
GAP Payout
August 2016
£10,900
September 2019
£5,317
Length of ownership:
37 Months
Rate Of Depreciation:
An average of £143.70 per month
Total Depreciation:
48.78% of its original Invoice Price during the 37 months it was owned.
Policy Cost:
The policy cost £104.59 (just 1.97% of the amount the policy paid out.)

Hyundai i20

Hyundai i20
Vehicle Purchased
Invoice Price
GAP Claim
GAP Payout
November 2018
£4,700
August 2019
£600
Length of ownership:
9 Months
Rate Of Depreciation:
An average of £66.67 per month
Total Depreciation:
12.77% of its original Invoice Price during the 9 months it was owned.
Policy Cost:
The policy cost £176.54 (just 29.42% of the amount the policy paid out.)

BMW 4 Series

BMW 4 Series
Vehicle Purchased
Invoice Price
GAP Claim
GAP Payout
May 2019
£24,842
July 2019
£456
Length of ownership:
2 Months
Rate Of Depreciation:
An average of £228.00 per month
Total Depreciation:
1.84% of its original Invoice Price during the 2 months it was owned.
Policy Cost:
The policy cost £191.61 (just 42.02% of the amount the policy paid out.)