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Upto 75% cheaper than competitors

Upto 75% cheaper than competitors

Based on 10,911 Genuine Testimonials

Based on 10,911 Genuine Testimonials

Add negative equity cover to your Gap Insurance cover

You may have heard the term 'negative equity' being associated with many forms of financial agreement. For example you may be in negative equity on your house where you are in a position whereby the current value of the house is less than the outstanding mortgage on the property. It can also happen in the same way for a vehicle, where you may have an outstanding finance settlement that is higher than the current vehicle value. If this were to be the case when you decide you want to part exchange the vehicle then you may find that the difference between the part exchange value and the amount you still owe on finance (the negative equity) can be carried over on to your new vehicle's finance agreement.

Let us explain by way of an example.

You look to part exchange your old vehicle against a brand new one. Your new vehicle price is £20,000. The old vehicle is valued at £10,000, however you still have finance outstanding on the old vehicle of £12,000. This means that you have negative equity of £2,000. The motor dealer may arrange a new finance deal for the new vehicle at £22,000 (ie £2,000 above the purchase price), meaning your negative equity has been carried over to the new vehicle for you.

Most Gap Insurance products will NOT cover negative equity carried over in this way. However at GapInsurance123 we always look for a solution.

That is why we can offer an additional option to our policies, that for an additional premium paid you can cover up to £2,000 of negative equity carried over from your previous finance agreement. You will see the option on the quote page, and by simply clicking the 'Add negative equity' check box on the quote you can provide yourself with this extra cover should you require it. 

If you need any further information on this please contact us by email or call us on 0800 195 4926.


Absolutely amazing. Simple, straightforward and easy to get a quote. I wish I used this provider for my last car, I would have saved over £200.
5 out of 5
Mr Stephen Mackay
Excellent - good choice of cover - great price - clear English and documents sent straight to my email address. I tried 3 quote engines or at least what I thought were quote engines and was told I'd get a call back with the quote -- it never happened. Very pleased.
5 out of 5
Mrs Tracey Collen
After researching various different outlets I chose GAP Insurance 123 as it appears to give the best value for money, just hope I never have to claim on the cover I have taken out.
5 out of 5
Mr Frank Wilson
I was nervous about finding GAP insurance for my self but when the dealer I bought my used car from wanted over £350 for GAP I looked around and got cover from gapinsurance123 for less than half the price. Great website with explanations of what the different types of GAP cover helying you to decide which is the most suitable product for you.
5 out of 5
Mr Nicholas Joel Hancock
Very simple process, terms and conditions clear and easy to understand. Saved 60% of the premium Dealer was offering. Well Recommended
5 out of 5
Mr david shuttleworth
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