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How Long Does GAP Insurance Run For?
The duration of a GAP insurance policy can vary depending on the provider and the terms of the specific policy, AND how long you wish to be covered. .png "How long does GAP Insurance run for?")
You can find GAP Insurance products in the marketplace that will run from 1 year to 5 years. Whilst different GAP products will have different parameters, the period of cover you take is a choice for you.
Factors to consider when choosing a length of GAP Insurance cover
- If you have a finance or lease agreement, how long is it for? - many would consider matching the length of GAP Insurance coverage to the length of the finance agreement in place.
- How long do you wish to be covered? - Particularly where you pay for the vehicle outright, it can be difficult to decide how long you want GAP coverage for. How long do you normally keep your cars?
- You cannot renew GAP Insurance (generally) - do not think you can just get a 3-year GAP policy now and then simply renew at the end. Even if you could get some form of GAP at the end of your first policy, it is unlikely to provide the same level of settlement.
The maximum period of cover by GAP Insurance type
- Return to Invoice GAP - 1 to 5 years
- Vehicle Replacement GAP - 1 to 5 years
- Lease/Contract Hire GAP - 1 to 5 years
- Agreed Value GAP - 1 to 4 years
- Top Up GAP - Annual, 1 year
FAQ’s on GAP Insurance policy length
My motor dealer says I should get 3 years GAP, why do I need longer?
We hear this all the time from prospective customers. You need to bear in mind that motor dealers often only have a limited availability of GAP products and they may have a fixed term. This may well be only 3 years!
If you are buying a car and keeping it for a long time, or you have a finance agreement for 4 or 5 years, why would you only take 3 years of GAP Insurance?
If I buy a 3 year GAP Insurance and then decide I am going to keep it longer when I still have a year of GAP cover to run, can I extend it?
It would be very unlikely that option would be available to you. Of course, you can check with your provider, but it is not an option we at GAPInsurance123 have ever heard of.
Our expert advice would be to select the maximum term of cover you could need for GAP from the outset. If you change your mind, or the vehicle, then you can look to transfer or cancel the GAP policy entirely.
What happens if my GAP Insurance policy runs out, I still have the car and I want further GAP cover?
You would not be able to renew Return to Invoice or Vehicle Replacement GAP cover aimed at covering the original purchase price.
You could look at a couple of options, however.
- Agreed Value GAP - this covers you back to the value of the vehicle on the day you buy the policy. This ‘agreed value’ is normally determined by Glass Guide.
- Top Up Total Loss GAP - this is an annual, renewable policy and so unlike the others. However, any settlement is based on topping up your motor insurers' settlement by 25%, up to a maximum of £10,000. This is available on our sister website at Total Loss GAP.
Published 17/5/23, written by Mark Griffiths
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Easy straight forward and good value.
Really easy to understand, good value, simple to set up
Very impressed with the help I received over the phone from **** explained my options very clearly and guided me through the process of applying for cover. I've used GapInsurance123 before and am very happy to do so again!
Nice and easy
Amazing & easy
Always easy to do business with and staff are very helpful and efficient
Thank you Jackie for your help. Highly appreciated for great service...!
Quick simple process, appreciate note about 12 month vehicle replacement may be covered on my insurance already, it was.
I called to clarify a couple of things before purchasing and spoke to a lady called Jackie, very pleasant and extremely helpful. I wouldn't hesitate to recommend GAP 123.
Great service, very friendly call handler
easy site to used very pleased with price
VERY EASY TO USE AND COMPLETE. EXCELLANT PRICE HIGHLY RECOMMEND.
Very quick an easy, but the only slight disappointment is that is no where to get your existing customer discount on the web site. You have to phone for that and if you need the cover to start at the weekend you miss out. Shame.
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Really easy to understand and follow.
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