Award WinningGap Insurance

The details of your GAP Insurance policy depend on the type of cover you pick, but the idea is the same across the board: it steps in to cover the difference between what your insurer pays out for a write-off or total loss and the original value of your vehicle.

Let's say you buy a new car for £30,000. A couple of years later, if it's written off or stolen, its value might have dropped to around £10,000. That's the amount your insurance company would pay out, leaving a significant gap. If you're still paying off finance, dealing with a lease agreement, or planning to replace your car with the same model, you could end up seriously out of pocket without GAP Insurance to bridge the difference.

You can find your GAP Insurance claim limit in your quote or schedule document. If you think your car might be written off, make sure to check the claims process in your Policy Document, which you can access through your MotorEasy account. It's important to do this before agreeing to any settlement offer from your motor insurer.

MotorEasy GAP Insurance has you covered in all sorts of situations where your car might be written off, including theft, accidents, fire, or water damage. With this protection, you won't be left out of pocket, the policy bridges the gap between your insurance payout and either the price you originally paid for the car or the remaining finance balance.

With MotorEasy, you're also covered for optional extras and accessories if they're installed by the factory or dealer as well as up to £500 towards your insurance excess.

The coverage details of GAP Insurance depend on the type of policy you select, but there are a few common exclusions that apply across all GAP policies. Here's what to keep in mind:

• Before you buy GAP Insurance, double-check that you have the right kind of car insurance in place. GAP coverage requires a comprehensive car insurance policy to work effectively.
• GAP Insurance only covers you if your vehicle is declared a write-off or total loss. If it's not, you won't be covered.
• GAP Insurance covers your car when it's being used for regular road driving, as long as it hasn't been modified. However, if you're involved in competitive driving or have made modifications to your car, there may be exceptions to your coverage.

The cost of your GAP Insurance will depend on factors like your vehicle, the type of cover you choose, and how long you need it for. On average, policies typically range from £100 to £300. However, buying directly from MotorEasy could save you up to 75% compared to dealer prices, making it a more affordable option.

Want to know how much GAP Insurance will cost for your vehicle? It's quick and easy - just apply for a MotorEasy quote and find out in seconds.

GAP insurance can be a smart investment, especially if you're worried about the financial impact of your car being stolen or written off. However, it's important to shop around, as dealer-sold GAP policies can be up to three times more expensive than those from independent providers like MotorEasy.

Since a 2015 FCA regulation, car dealers are required to offer a two-day cooling-off period before selling GAP insurance, although you can choose to waive this if you wish. When considering a GAP insurance policy, it's important to carefully review what the policy covers, including any limitations, exclusions, or potential excess charges. If anything is unclear, don't hesitate to ask us for more details to ensure you fully understand the coverage.

Whether GAP Insurance is right for you depends on your personal situation. However, it's generally a good idea if you have a new or low-mileage vehicle, especially in the event of a write-off or total loss. This is because new cars can lose around 60% of their value within the first three years.

If you're leasing or financing a vehicle, GAP Insurance can be a lifesaver. If your car is written off, you'll likely still have some hefty fees to pay, and GAP Insurance can help cover that gap, so you're not left out of pocket.

Depending on your insurance, you might already be covered for incidents within the first year, but this can vary based on your insurer and the type of cover you have. It's a good idea to double-check your policy before purchasing additional GAP Insurance, and set a reminder to get a new policy once your current cover expires.

If your car is written off or stolen, your regular car insurance will usually only pay out the current market value, which can be much lower than what you originally paid or still owe. GAP Insurance steps in to cover the difference, ensuring you're not left with a financial shortfall.

Another great reason to consider GAP Insurance is the peace of mind it brings. This can be especially helpful if you're leasing a car or have a long-term finance agreement, as the remaining payments can add up quickly. Without GAP Insurance, you could end up in a tough spot, financially, having to cover that gap on your own.

GAP Insurance can be really helpful, but it's not always necessary for everyone. If you've bought your car outright and aren't financing it, you might not need it. In these situations, the market value of the car at the time of an incident could cover your losses, and you won't have to worry about any outstanding debt. So, if you're not tied to a loan or lease, you may not need the extra coverage.

If you've already built up equity in your car or your insurance policy offers a "new car replacement" option, you might not need GAP Insurance. Many insurers provide coverage that will pay for a brand new vehicle replacement within the first year or two, which could serve the same purpose as GAP Insurance. It's also worth thinking about how quickly your car will lose value. For older vehicles or those with higher mileage, GAP coverage may not be necessary since their depreciation tends to slow down, and their market value might still be fairly close to what you paid for them.