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Who is underwriting your gap insurance policy?


To understand what role a specialist gap insurance broker such as Aequitas can play in the purchase of your policy you must first understand the chain of command and how your policy will be structured.

The Gap insurance Company.

The gap insurance underwriters are ultimately the company who will be accepting underwriting and paying for any settlement you make. It is important to know who they are so that you can make a real comparison. Who are they, what is their track record, what is there field of expertise? More important in todays un certain times are they in the gap insurance world for the long haul?

For example the underwriters who provide the policies for Gap Insurance 123 are Enterprise Insurance Company PLC. They underwrite policies for major household names and even sponsor a football team. The have a wealth of experience and a proven track record with an estimated five million insurance clients in the UK today.

The insurance company then delegates all claims handling , pay outs and general administrative duties to an Administrator. In the case of Gap Insurance 123 this is Motorway Direct PLC. Again their expertise, pedigree and wealth of experience is un questionable and again look after the same functions or many many household names and brands.

The gap insurance broker is your contact and the person who negotiates the specific terms and conditions of your policy of with the administrators. Lets be clear the broker can not change or alter any terms and conditions and instead any alternation or amendments must be authorized and passed by the administrators.

In fact we recently upgraded our polices from a 14 day cooling off period to a standard 30 period as well as including a pro rata refund. In order for us to be able to do this we had to liaise with the administrators who had to agree and pass the terms. The documents where then changed accordingly and only when they and us where satisfied that they where correct.

This is because nothing but the terms and conditions written into a policy will be used when a claim is made. No matter what the promises, marketing gimmicks or slick systems only these terms and conditions count. 

The role of a gap insurance broker such as ourselves is to use our buying power to negotiate the very best terms and conditions possible at the very best prices and to be with you every step of the way from purchase to claim and back again.

So be careful even policies underwritten by the same insurer, process by the same administrator may have different terms and conditions so always read your policy terms before you buy.

Our top tip is to ignore absolutely everything except what is written on your gap insurance policy as only then will you make truly informed choices about levels of cover.