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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.
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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.
good
Really easy to understand and follow.
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