Common Questions
- If I buy Gap Insurance would I be insuring my car twice?
By purchasing Return To Invoice gap insurance you would be simply insuring it fully rather than partially. Your motor insurer will be covering a reducing risk in line with depreciation, whilst we provide cover for the risk, they will not take the increasing depreciation that time and mileage creates. From a risk vs value point of view, you might for example pay your insurer three annual premiums of say £400, a total of £1200 for a reducing level of cover. Our cover by comparison could be just £130 for three years of cover of that increasing risk.....food for thought?.....
- Can I pay monthly as I do with my motor insurance policy?
No. Unfortunately not. You may however pay by credit card to help spread the cost, using our secure on-line credit and debit card payment facility.
- Am I covered by your policies abroad?
Yes, you are covered in all member countries of the European Community and any country for which a Green Card is effective at time of loss.
- What is the difference between Finance Gap Insurance and Return to Purchase Price cover?
It is easier to explain and understand using an example. Mr Green buys a car for £20,000.00. Mr Green’s insurer declares his car a total loss and agrees to payout £11,000.00. At that time, Mr Green still owes his finance company/bank £14,000.00. In this example, Finance Gap Insurance would pay £3,000.00 to clear his finance agreement. Return to Purchase Price cover would pay £9,000.00 of which £3,000.00 would be paid to clear his finance, and £6,000.00 would remain as Mr Green’s deposit for his replacement car.
- What is the difference between your cover and the cover offered to me by my supplying dealer?
Mainly the price. We aim to be the cheapest on the internet and to help us maintain that position we carry out regular competitor price watch comparisons. We also offer a unique Price Promise under which we commit to refund the difference if a comparable product is found advertised on the internet within 28 days of purchase. We have also been able to tailor our on-line product to suit the sometimes wider needs and circumstances of our internet customers.
- Everyone expects their car to depreciate, why insure the depreciation?
Generally we all have an expectation to keep our car for a given period or until we can afford to buy another. When we do sell it or part exchange it we accept it has depreciated. However, theft or road traffic accidents cannot be planned or budgeted for and these perils impose an early forced and unexpected financial loss which we may not have funds to meet.
- I have a tracking system fitted to my car, so why do I need to worry about theft?
Professional car thieves will not necessarily be deterred by tracking systems. They have developed the means to find them, remove them and in some cases de-code them. A substantial number of car theft cases involve the theft of car keys first and in those cases most tracking systems will not trigger an alert. Often by the time some owners realise their car has been stolen it is too late for an effective tracker recovery. Our Gap Policies not only pay out for write off resulting from theft, but road traffic accident and fire write off too.
- My motor insurance provides new for old cover in the first year. Can I purchase a cover with you that starts from year two onward?
No. Cover must be purchased and effective within 180 days of purchasing your car. Our policies are designed to give motorists protection in the first year too, where there may be circumstances where your insurer may not agree to settle on a new for old basis. Some insurers also reduce claims due to high mileage use or poor condition.
- If someone else is driving my car when it is written off, will your Gap policy payout?
Yes, providing that person is a named driver on your fully comprehensive motor insurance policy.
- Can policies be transferred?
Policies are specific to the insured and the insured vehicle and cannot be transferred.
- Is there a maximum claim limit within your policies?
Yes there is. We offer a choice of claim limits to enable you to choose what is most appropriate for your car and your budget. See details of each on our product pages.
- I have a protected No Claims Bonus on my motor insurance policy. If I make a claim on one of your supplementary policies, will I lose my No Claims Bonus?
No. Claims on our policies do not affect your insurance claims record for that purpose and are not taken into consideration when taking future vehicle insurances.
- I live in an area where car crime is high. Will I be accepted for cover?
According to Police statistics, car crime accounts for nearly one third of all crime. Our underwriters do not discriminate against those who live in high car crime areas. You will be accepted providing your car meets the eligibility criteria.
- I am in the process of buying a new car. My last car was written off due to theft. Under these circumstances will I be accepted for a gap insurance cover?
Yes. Our underwriters have no interest in your past insurance claim record. You might think lightening is unlikely to strike twice, but we have seen it strike three times to one customer - in a two year period !
- Is Gap Insurance the same as Return To Invoice Cover ?
There are many different terms used within the motor industry such as; Gap Insurance, Return To Invoice Cover, Vehicle Replacement Protection, Shortfall Cover, Total Loss Gap Insurance, Finance Gap Insurance and many more. Gap Insurance is available in four forms; Finance Gap Insurance - which in the event of a total loss, will pay the difference between your motor insurer's settlement and the outstanding sum owed to your finance company up to your chosen level of cover. Return To Invoice cover will pay the difference between your motor insurers settlement and the purchase invoice price of your vehicle. Some Gap Insurances go a little further and will pay the replacement value even if the vehicle has increased in price since your purchase. Another form of Gap Insurance is Return To Value cover. This is available to those who have owned their car for more than 120 days. This product will pay the difference between what your motor insurer agrees to pay and 110% of Glasses Guide valuation of your vehicle at the time of buying cover.
