BIBA
GeoTrust
container image

Need Help? Calling from a mobile please call 0151 647 7556

0800 195 4926

Do you have a question? or need help?

Customer Service Lines Open Mon-Fri 9am-6pm ,

0800 195 4926

Customer Service Lines Open Mon-Fri 9am-6pm

Closed Saturday & Sunday & Bank Holidays

Buy GAP Insurance 123
Today UK Based Call & Claims Teams 

Find Out More Get A Quote

All of Our Policies 
are covered by The Financial  Ombudsman Service

Find Out More Get A Quote

Tyre & Alloy Wheel Insurance  
No Waiting Period & No Excess T&C Apply

Find Out More Get A Quote

Policies Backed by the
Financial Services Compensation Scheme  

Find Out More Get A Quote

Cover for damage up to 30cm  
Scratch & Dent  & Alloy Wheel Insurance 

Find Out More Get A Quote

What is a Gap Insurance Claim Limit and how may it affect you?

 

Some types of Gap Insurance have a claim limit. This is a limit set by the policy underwriter ( the company who settles your claim ) and is the maximum amount that you will ever be paid as a settlement.

 

So what does that mean for you?

 

(Example for illustration purposes only) 

 

You bought a Mercedes Benz Sl400 367ps AMG Line in 2017 * Data taken from Glass's Guide Vlauation dates Sepemeber 2021. Historical valuation taken from August 2020 Glass's Guide .

It cost £74340 

3 Years layer the car is written off. 

The car is now valued at £33860.

 

If you had purchased a Combeind return Invoice policy this means that if you own motor insurance company only offered your the Market value of £33860 your gap insurance policy would have to pay £40480. 

That is to say Car cost £74340

Valuation £33860

Gap Insurance pays £40480

Total received in Settlement £74340

 

It is not uncommon for gap insurance policies to have a claim limit of £25000, or £30,000.

( For illustration purposes only) 

That is to say Car cost £74340

Valuation £33860

Gap Insurance pays £25000

Total received in Settlement £58860

Shortfall of £15480

 

This means that if you had purchased a policy with a claim limit then potentially you may not have received the full amount as your settlement would be limited to a maximum payment. 

 

You will be pleased to know that our policies do not have any claim limit  which means that any settlement you receive will never be limited to a predetermined claim limit.