Simple GAP Insurance

About Simple GAP

Simple Gap provides a fixed level of cover which will be dependent on what you purchased the vehicle for or the market value. We calculate the level of cover for you based on average depreciation rates and current market value.

What is GAP

GAP Asset Protection, more commonly known as GAP insurance or GAP coverage is an insurance that sits alongside your comprehensive car insurance to cover the shortfall if your car is written off or declared a total loss.

The majority of comprehensive motor insurance policies only offer new car replacement during the first 12 months of vehicle ownership. Thereafter, the insurance settlement figure for stolen or written off vehicles is on a current market value basis, meaning that a difference between this figure and the original purchase price may occur. GAP insurance is intended to cover this difference.

Why GAP

When buying a car it’s a common belief that a Comprehensive Motor Insurance provides cover in an event where a vehicle is written off. Unfortunately this is not the case and consumers often find themselves left short when their insurer only reimburses them for the current market value of their car.

Another factor to consider is the second you drive off the forecourt your car’s value begins to depreciate also. A factor we are all aware of, but do we appreciate how much a car depreciates?

When a write off occurs you lose out and have to raise the funds for any short fall
A vehicle is stolen every minute, 33% of which are never recovered
Car insurance settlements are always less than the price you pay for your car
Cars depreciate by an average of 60% over a 3-year period

Cover My Benefits

  • 1 to 5 years cover

  • Cover between £5,000 to £30,000

  • Includes motor insurance excess up to £250

  • Includes Finance cover (optional with Simple RTI GAP)

  • 30 day money back guarantee

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How GAP works

Mr. Harris, 37, bought a new car for £25,000.

He had a no fault accident after three years and the car was written off by his insurance company. They pay him an insurance settlement of £10,000.

Fortunately for him he had bought a 3 year Return to Invoice policy for a premium of £93.71 which paid another £15,000.

Cover Options

Return to Invoice (RTI Insurance)

RTI GAP insurance will pay out if your car is stolen or damaged beyond repair. This will pay the difference between what your car insurer pays out and the invoice price you paid for the car. This type of GAP insurance is suitable for new cars or cars less than 5 years old. Our RTI Gap cover also pays out for any outstanding finance remaining.

View our A Quick Glance document for full criteria

RTI GAP insurance is suitable for:

  • New and used vehicles

  • Vehicles purchased through a dealer or hire purchase company

  • Vehicles used for private purposes

  • A vehicle purchased using cash

  • A vehicle purchased using finance

  • A vehicle less than 5 years old with no more than 60,000 miles at the start of the policy

  • A vehicle with a purchase price of no more than £50,000.

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Return to Value (RTV Insurance)

As with RTI, Return to Value GAP insurance also pays out if your car is stolen or damaged beyond repair. This reimburses the difference between what your car insurer pays out and the value of the car when it was first purchased. This type of GAP insurance is ideal if you have a second hand car.

View our A Quick Glance document for full criteria

Reach RTV GAP Insurance is suitable for:

  • New and used vehicles

  • Vehicles purchased through a dealer or hire purchase company

  • Vehicles used for private purposes

  • A vehicle purchased using cash

  • A vehicle purchased using finance

  • A vehicle less than 5 years old with no more than 60,000 miles at the start of the policy

  • A vehicle with a purchase price of no more than £50,000.

Get a Quote
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