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Gap Insurance
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UK Based Claims & Customer Service

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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

Gap Insurance that is transferrable, deferrable, cancellable and refundable

Gap Insurance is evolving, and as ever GapInsurance123 is leading the way! Over the last few years, the insurance industry has focused on 'Treating Customers Fairly'. This means trying to give clear and concise information and policy features that ensure value for money for the consumer. Aequitas Automotive Ltd, trading as GapInsurance123 are committed to this too, and our approach to 'TCF' is TCD!!

GapInsurance123 and TCD

At GapInsurance123, we have carefully constructed our policy features to allow for the best level of flexibility to the consumer, whilst allowing for the best value for money.

Our Treating Customers Fairly approach had lead to us producing policy features (Transfer, Cancel, Defer) to reach our aim. These includes:

Cancellation and Refund - You can cancel your policy within the first 30 days (the 'cooling off' period) and receive a full refund of your purchase price. After the 30 day period has elapsed, you can cancel the policy and receive a pro-rata refund of any unused premium. So if you buy a 5-year policy and sell your vehicle after 3 years, then you can apply for a refund of the 2 years that remain (please note that the insurer has a £35 administration fee, which will be deducted from your refund).

Deferred Gap Insurance - If you have 'replacement' cover on your own motor insurance in the first 12 months of your ownership, then having a Gap Insurance during this period could mean you have 'double cover' for your vehicle. We can defer the start date of either a Return to Invoice or a Vehicle Replacement Insurance policy for up to 12 months. This means you could buy a 2-year policy for 3-year cover, up to a 4-year policy for 5-year cover. Please note we do not allow deferred start dates for Finance Gap or Agreed Value Gap, as with these levels of cover you can buy at any time during your ownership (within policy terms and conditions). This means that is you were looking at Finance Gap, and you have replacement cover already, you could simply buy your policy in 12 months time.

Gap Insurance Transfer - you can transfer a Return to Invoice, Vehicle Replacement Insurance or Agreed Value Gap Insurance policy to another vehicle. So if you do change your vehicle, and you have a period of Gap Insurance still to run, then you could transfer the remainder to your replacement vehicle. As the 'finance' element of any policy cannot be transferred, then stand alone Finance and Contract Hire Gap cover does not have the transfer option.


Ok, but what does this mean in the real world?


Let us take the following example :

Let us say you buy a car for £15,000, you are looking for £10,000 cover for a total of 4 years, and you have replacement cover on your motor insurance for 12 months.

Let us compare GapInsurance123 and two other Gap Insurance providers online (we are not going to name them, so let us call them Gap A and Gap B

  Gap123 Gap A Gap B
Deferred Start Date? Yes 3 years+1 No 4 year cover Yes 3 years+1
Premium Cost  £97  £169  £158
Cancellable Pro Rata Refund Yes Yes No
Admin fee for refund £35 £40 N/A
Refund Due after 2 years  £64.66  £84.50  None
 Total Cost of Gap Insurance  £67.34  £124.50  £158
 Gap123 Advantage    £57.16  £90.66
 
So let's look at that line by line:

Deferred Start Date? Can you defer the start date of the Gap policy if you have replacement cover on your motor insurance? If so, then you would only need 3 years Gap to cover you for 4 years (3+1).

Premium Cost - these prices were generated on GapInsurance123 and two other leading Gap Insurance providers on 21/5/2012.

Cancellable Pro Rat Refund - Can you cancel the policy outside the 'cooling off' period' and get a pro rata refund?

Admin Fee for Refund - If you can get a pro rata refund, how much does the Insurer charge to do this?

Refund due after 2 years - Exactly what refund would be due after 2 years of your vehicle ownership (before any admin fee is deducted)

Total Cost of Gap Insurance - the total cost of the used premium plus any admin fee charged 

Gap123 Advantage - the amount it would cost you above the GapInsurance123 policy if you chose one of the other providers.

So by taking this as a typical example, you would be better off with a GapInsurance123 policy by between nearly £60 to £90 over the period of cover.

Other GapInsurance123 advantages

Remember that GapInsurance123 have been recognised by well-known publications, such as Which Magazine, in providing the lowest Gap Insurance premiums in the UK today. Indeed in the example above, even if we had got 4 years, nondeferred policies from all 3 sites, the GapInsurance123 policy would still be the lowest premium.

GapInsurance123 policies will cover the cost of Paint and Fabric Protection, which is extremely popular purchases at dealerships these days, many other Gap providers will not.

GapInsurance123 will give you 5 years Return to Invoice and Vehicle Replacement Insurance cover, one of the very few providers who will do so in the UK today. Remember if you do have replacement cover on your vehicle insurance for 12 months, you could buy a 4-year policy and defer it for 12 months. This could mean a full 5 year cover for a lower price than you can get 4 years elsewhere.

So when you are comparing GapInsurance123 to another Gap Insurance provider, they may say they are all for Treating Customers Fairly, which is great and as it should be. However, take a look at the policy terms, as our view of TCD can save you an awful lot of money over your period of cover.

Gap Insurance as simple as 1-2-3!
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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