Gap Insurance

With a choice of either Valuation Gap of Finance Gap, this insurance provides cover in the event of the insured vehicle being classed as a total loss by the motor insurer following a motor accident.

Our Valuation Gap policy pays the difference between the motor insurer’s settlement and the market valuation of the vehicle, ensuring that the insured is able to replace their vehicle with a like for like model should they choose to do so.

Our Finance Gap insurance policy pays the difference between the amount of the early settlement figure on the vehicle’s finance and the settlement received by the insured from their motor insurer, ensuring that the insured isn’t left with a shortfall that they must pay themselves.

 

Motor Gap – Finance

 

Coverage

If an incident occurs which results in the insured vehicle being classed as a total loss by the motor insurers, this policy pays the difference between the amount received from the motor insurers* and the balance payable to the financier of the vehicle including any interest owed.

Benefits

  • The policy provides cover for events occurring in England, Scotland, Northern Ireland, Wales, Isle of Man and the Channel Islands
  • Cover extends to: The European Union, Croatia, Iceland, Norway, Switzerland, Liechtenstein and Andorra for a maximum of 90 days in any 12 months of cover, providing the cover provided by the insured’s motor insurer is of an equivalent level of cover as they would enjoy in the United Kingdom
  • Making a claim does not affect the insured’s ‘no claims bonus’ on their other insurance policies

 

Technical

  • Benefit payable is as shown on the policy schedule
  • £50,000 maximum vehicle price
  • Nil excess
  • Underwritten by a strong rated UK insurer

 

Motor Gap – Valuation

 

Coverage

Provides cover for the difference between the valuation of the vehicle at the time the insured takes out their GAP insurance policy and the primary motor insurers payout at the time of a claim.

 

Benefits

  • The policy provides cover for events occurring in England, Scotland, Northern Ireland, Wales, Isle of Man and the Channel Islands
  • Cover extends to: The European Union, Croatia, Iceland, Norway, Switzerland, Liechtenstein and Andorra for a maximum of 90 days in any 12 months of cover, providing the cover provided by the insured’s motor insurer is of an equivalent level of cover as they would enjoy in the United Kingdom
  • Making a claim does not affect the insured’s ‘no claims bonus’ on their other insurance policies

 

Technical

  • Benefit payable is as shown on the policy schedule
  • £50,000 maximum vehicle price
  • Nil excess
  • Underwritten by a strong rated UK insurer
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