What is GAP Insurance?
Guaranteed Asset Protection, commonly known as GAP insurance, serves as a financial safety net. It covers the shortfall between the amount you paid for your car and the payout from your insurer in case of theft or a write-off. This difference, driven by the depreciation of your vehicle’s value over time, can be substantial.
During the first year, your car’s value might drop by 15-35%, and by the fifth year, it can plummet by as much as 70%. For instance, if you purchased a car for £20,000, and a year later it’s written off with a 25% depreciation, the market value becomes £15,000, resulting in a loss of £5,000. GAP Insurance steps in to cover this £5,000 gap.
Why Choose One Call for GAP Insurance?*
At One Call, we understand the value of your hard-earned money. Our standard GAP insurance offers:
• Cover for factory-fitted options, ensuring you don’t lose out on specifications.
• No excess to pay out in the event of a claim.
Types of GAP Insurance:
1. Return to Invoice:
2. Vehicle Replacement:
3. Contract Hire:
4. Agreed Value:
5. Finance Cover:
Do I Need GAP Insurance?
If you wish to:
• Avoid losing money on vehicle depreciation.
• Ensure coverage for outstanding lease or finance payments.
• Guarantee a payout that matches your car’s value when new.
GAP insurance could be a valuable addition for you.
What to Consider:
• GAP insurance is an additional cost separate from your motor insurance, but at One Call, we offer a convenient 12-month payment option.
• Policies may have exclusions based on the vehicle’s age or circumstances of the incident.
• Check your motor insurance if your car is under 12 months old, as it may already include new vehicle replacement cover.
How to Claim:
If you opt for GAP insurance with One Call and need to make a claim:
1. Confirm the settlement offer from your motor insurance provider.
2. Gather relevant information for your claim.
3. Call us at 0330 2020 660 within 30 days of the incident, quoting ‘combined GAP insurance’ and providing detailed claim information.
Written by: Benjamin Bell
*One Call Insurance introduces business to Complectus. When you take out a policy with Complectus we will receive a commission for the introduction to them. This could be a percentage of the premium or a fixed fee depending on the cover taken. If you have any issues with the cover you have purchased via Complectus please contact them directly.
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