Buy Replacement GAP insurance Today

Cover the full replacement cost of your vehicle in the event of write off.

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What is 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 pay-out and THE GREATEST 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 a brand new version of the same (or nearest equivalent) as your original vehicle - even if the replacement vehicle cost is MORE than you bought the vehicle for first time around.

Brand New Vehicles Only

If the original vehicle was brand new, the replacement vehicle price at the time of claim will be calculated based on the price of a brand new version of the same (or nearest equivalent) vehicle - even if the new vehicle costs more than you paid for your original vehicle!

Backed Up By Invoice Price Protection:

What's more, is that our Replacement GAP insurance policies are backed up by what we call, "Invoice Price Protection". This means that if the Replacement Vehicle price at the time of claim has fallen LESS than you bought the original vehicle for, the policy will revert to an Invoice GAP insurance cover-level, ensuring that unlike some other Replacement GAP insurance policies available elsewhere that would only pay out to the then lower cost of the Replacement Vehicle at the time of claim, our policy will always aim towards the higher of the two figures.

Am I eligible for Replacement GAP insurance?

You can buy Replacement GAP insurance to cover a New car that:

  • Is covered by a comprehensive motor insurance policy.
  • You are the very first and only registered keeper of.
  • Is less than three (3) months 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 previously been declared a Total Loss and is not already the subject of a previous incident or existing motor insurance claim which could yet result in it being declared a Total Loss.
  • Is registered in the UK.
  • Was bought for no more than £150,000.
  • 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 Replacement GAP insurance for a vehicle that:

  • Is not covered by a comprehensive motor insurance policy.
  • You are not the very first registered keeper of.
  • Is more than three (3) months 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 previously been declared a Total Loss or, is already the subject of a previous incident or existing motor insurance claim which could yet result in it being declared a Total Loss.
  • Is not registered in the UK.
  • Was bought for more than £150,000.
  • 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 Replacement GAP insurance Works

How does Replacement 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 brand new, two years ago, for £20k. It's now been written off and your Motor Insurer is only prepared to pay out £10k. This would leave you £10k short of being able to buy the same (or nearest equivalent) vehicle brand new, today. But not only that, imagine that the brand-new vehicle today is on sale for £2k more than you originally paid for yours.

In this scenario you'd have a "gap" of £12k - this being the difference between your motor insurance pay-out and the £22k cost of replacing the vehicle new-for-old today. Replacement GAP insurance would aim to pay this £12K.

Key Features of Replacement GAP insurance

  • Combined Finance, Invoice & Replacement GAP - Covering up to the greater of either the outstanding finance, original invoice price or replacement vehicle price
  • Available for Cars, up to 3 months old, purchased 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 £150,000.
  • 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?

Our Underwriters automatically set the Claim Limit (the maximum the policy will pay out on top of your motor insurance pay-out) at the same level as the invoice value of the vehicle (up to a maximum of £75,000), so there’s likely to be plenty of cover available in the event of a claim.

If you need any help with this, please do get in touch.

Ten recent Replacement GAP insurance claims

BMW 4 SERIES

BMW 4 SERIES
Vehicle Purchased
Invoice Price
GAP Claim
GAP Payout
October 2017
£42,000
May 2020
£18,537
Length of ownership:
31 Months
Rate Of Depreciation:
An average of £597.97 per month*
Total Depreciation:
44.14% of its original Invoice Price during the 31 months it was owned.*
Policy Cost:
The policy cost £212.03 (just 1.14% of the amount the policy paid out.)

Mazda 2

Mazda 2
Vehicle Purchased
Invoice Price
GAP Claim
GAP Payout
August 2017
£6,000
May 2020
£3,289
Length of ownership:
33 Months
Rate Of Depreciation:
An average of £99.66 per month*
Total Depreciation:
54.81% of its original Invoice Price during the 33 months it was owned.*
Policy Cost:
The policy cost £102.04 (just 3.10% of the amount the policy paid out.)

Kia Ceed

Kia Ceed
Vehicle Purchased
Invoice Price
GAP Claim
GAP Payout
April 2019
£24,806
April 2020
£3,576
Length of ownership:
12 Months
Rate Of Depreciation:
An average of £298.02 per month*
Total Depreciation:
14.42% of its original Invoice Price during the 12 months it was owned.*
Policy Cost:
The policy cost £205.27 (just 5.74% of the amount the policy paid out.)

BMW 5 Series

BMW 5 Series
Vehicle Purchased
Invoice Price
GAP Claim
GAP Payout
July 2017
£23,861
April 2020
£9,095
Length of ownership:
33 Months
Rate Of Depreciation:
An average of £275.61 per month*
Total Depreciation:
38.12% of its original Invoice Price during the 33 months it was owned.*
Policy Cost:
The policy cost £147.62 (just 1.62% of the amount the policy paid out.)

Land Rover Range Rover Evoque

Land Rover Range Rover Evoque
Vehicle Purchased
Invoice Price
GAP Claim
GAP Payout
May 2017
£40,400
April 2020
£12,910
Length of ownership:
35 Months
Rate Of Depreciation:
An average of £368.86 per month*
Total Depreciation:
31.96% of its original Invoice Price during the 35 months it was owned.*
Policy Cost:
The policy cost £225.00 (just 1.74% of the amount the policy paid out.)

Porsche Cayman

Porsche Cayman
Vehicle Purchased
Invoice Price
GAP Claim
GAP Payout
March 2018
£52,000
March 2020
£14,630
Length of ownership:
24 Months
Rate Of Depreciation:
An average of £609.58 per month*
Total Depreciation:
28.13% of its original Invoice Price during the 24 months it was owned.*
Policy Cost:
The policy cost £254.58 (just 1.74% of the amount the policy paid out.)

Land Rover Range Rover Sport

Land Rover Range Rover Sport
Vehicle Purchased
Invoice Price
GAP Claim
GAP Payout
October 2017
£71,328
March 2020
£33,047
Length of ownership:
29 Months
Rate Of Depreciation:
An average of £1,139.55 per month*
Total Depreciation:
46.33% of its original Invoice Price during the 29 months it was owned.*
Policy Cost:
The policy cost £350.10 (just 1.06% of the amount the policy paid out.)

Audi A4

Audi A4
Vehicle Purchased
Invoice Price
GAP Claim
GAP Payout
January 2018
£12,200
February 2020
£4,950
Length of ownership:
25 Months
Rate Of Depreciation:
An average of £198.00 per month*
Total Depreciation:
40.57% of its original Invoice Price during the 25 months it was owned.*
Policy Cost:
The policy cost £126.30 (just 2.55% of the amount the policy paid out.)

Volvo XC60

Volvo XC60
Vehicle Purchased
Invoice Price
GAP Claim
GAP Payout
June 2018
£29,576
February 2020
£9,150
Length of ownership:
20 Months
Rate Of Depreciation:
An average of £457.50 per month*
Total Depreciation:
30.94% of its original Invoice Price during the 20 months it was owned.*
Policy Cost:
The policy cost £240.30 (just 2.63% of the amount the policy paid out.)

Mercedes-Benz E Class

Mercedes-Benz E Class
Vehicle Purchased
Invoice Price
GAP Claim
GAP Payout
April 2018
£36,000
February 2020
£15,850
Length of ownership:
22 Months
Rate Of Depreciation:
An average of £720.45 per month*
Total Depreciation:
44.03% of its original Invoice Price during the 22 months it was owned.*
Policy Cost:
The policy cost £196.64 (just 1.24% of the amount the policy paid out.)

* - The Replacement GAP insurance rates of depreciation figures shown above reflect not only the depreciation of the original vehicle, but also the potential for the cost of the replacement vehicle to have been greater than the original purchase price paid.