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Who are Gap123
Who are Gap123
Gap 123 or Gap Insurance 123 to be official is a trading name of Aequitas Automotive Limited
How long have you been in business?
Aequitas Automotive Limited was formed on the 17th of August 2010.
Where are you based?
We are based in a stunning grade 1 listed Georgian Town House called Aequitas House in Hamilton Square, which is on the Wirral Peninsula.
Who owns Aequitas Automotive?
Aequitas Automotive Limited is a privately owned limited company.
What are your opening hours?
You can find our opening hours at the top of our websites. Please note that these may be subject to change. If you wish to contact ourselves outside of these hours, please email customerservices@aequitas-automotive.co.uk and an advisor will contact you as soon as available.
Contact?
What is your telephone number?
Our telephone number is 0800 195 4926 or 0151 647 7556.
What is your email address?
You can contact us using the contact form or directly at customerservice@aequitas-automotive.co.uk
What is your postal address?
If you want to write to us please send your correspondence to Aequitas House, 56 Hamilton Square, Birkenhead, Wirral, CH41 5AS
Insurance Jargon Buster
What is the purchase price?
The purchase price is the total on the road price after any discount but before you have paid a penny in part exchange or cash deposit.
What is IPT?
IPT (insurance premium tax) is a tax paid to HMRC on all insurance premiums.
Who are the FCA?
The FCA is short for the Financial Conduct Authority.
Who are the FSCS?
The FSCS is short for the Financial Services Compensation Scheme.
What is a PCP?
A PCP better known as personal contract purchase is a type of financial package which is often used to fund the cost of a car. We would ask you to speak to your dealership who will be regulated to talk to you regarding your financial package. In reference to your gap insurance it is important as there is a financial tie to your vehicle. This means that from your settlement the finance outstanding is always cleared and what ever is left is sent to you for you to spend as you see fit.
What is a PCH?
A PCH better known as a personal contract hire is a financial package used to fund the purchase of a vehicle.
Financial Ombudsman Service
The Ombudsman service is an independent service that mediates between financial service providers and policy holders.
Who is the Insurance Broker?
The Insurance Broker is normally the company that you have purchased your policy or financial service from.
Policy Schedule?
This is the policy document which contains details regarding the policy holder, the vehicle on cover as well as the type of policy purchased.
End date
With regards to our Gap Insurance policies this is either the date that you have made a claim or the date at which your policy expires.
Cooling off period?
This is a set time stated within your policy Terms & Conditions during which you can cancel your policy and receive a full refund, provided you have not made a claim. We offer 30 days cooling off, but depending upon where you have purchased your policy from this may be different.
New for Old?
This is an option that may be offered by your motor insurance company if you have purchased a vehicle and are the first name on the V5. Please contact your motor insurance company if you think you may have this option.
Claim limit?
The claim limit is the maximum amount your Gap Insurance policy will pay out on top of your comprehensive motor insurance companies settlement.
Early Settlement?
This would be the amount that you would need in order to settle your finance agreement on the day that your vehicle was written off.
Give Indemnity?
As far as our policies are concerned, this means that your insurance company have looked at the reason for your vehicle being declared a total loss and must have agreed that your claim is valid.
Territorial Limits?
This is a list of countries that your gap insurance policy will cover you in. You can find a full list is available in your policy terms.
Negative Equity?
With respect to our gap insurance policies this means any amount that you have brought forward from an old finance agreement to the purchase of your new vehicle.
Policy Premium?
This is the amount that you have paid for your Gap Insurance policy.
Date of Purchase/Invoice?
This is the date that you have taken possession of the vehicle.
Start Date?
This is the date that you have selected to start your policy from.
Total Loss?
This is the event which your motor insurance has declared your vehicle written off.
Total Loss?
This is the event which occurred for your own motor insurance to declare your vehicle written off.
P11D
The list price of your vehicle. This is normally only needed if you are purchasing your vehicle on a contract or lease hire agreement.
Underwriter?
This is the insurance company who back your policy.
Claims team?
This is the organisation who will responsible for settling your claim.
V5
This is the document from DVLA which will show that you are the legal keeper of the vehicle.
Dealer Fit?
These are extras that you have paid your local garage to fit on your vehicle. (Please see your policy documents for a list of exclusions - eg extended warranty.)
Factory Fit?
These are optional extras that were fitted to your vehicle when it was first built at the factory.
Aequitas Automotive Limited
Who is Aequitas Automotive?
Aequitas Automotive is our limited company name. We trade online using brands including Gap Insurance 123, Easy Gap, Total Loss Gap and Shortfall.
How can I contact Aequitas Automotive Ltd?
You can contact the office via the following methods: Telephone: 0151 647 7556 or 0800 195 4926 Email: customerservices@aequitas-automotive.co.uk
Do they have a Company Registration number?
The company registration number for Aequitas Automotive is 7347606.
Are Aequitas Automotive Regulated?
Yes, our company is directly authorised by the FCA and our FRN is 821163
Where is Aequitas Automotive based?
Our company is based in a grade 1 listed Georgian building in Birkenhead. Our address is Aequitas House, 56 Hamilton Square, Birkenhead, Wirral CH41 5AS.
What is Aequitas's BIBA number?
Our BIBA number is 006652.
Are Aequitas regulated by the ICO?
Yes, we are regulated by the ICO and our number is Z2455374. You can check this by calling the ICO on 0303 123 1113
Are your staff paid commission?
No, none of our staff are paid commission when they provide a policy for you. All of our staff are salaried and any bonuses they get are based on rates of customer service.
How long have Aequitas been trading?
Aequitas Automotive Limited was founded in 2010.
What is your FCA number?
Our FCA Number is 821163
Policies
Do Gap123 offer additional products?
Gap Insurance 123 specialises in Gap Insurance products. If you wish to purchase policies to cover Alloy, Tyre, Scratch & Dent or Excess, please check our sister sites easygap.co.uk or totallossgap.co.uk or call our office on 0800 195 4926 and any member of the team can assist.
How do I update my registration plate?
Any member of our customer service team can update your registration plate. Your can contact us on 0800 195 4926 or 0151 647 7556 in order to update your policy.
How do I update my address?
Changes to your contact details can be processed free of charge. In order to update your details, please contact any member of the team on our contact numbers 0151 647 7556/0800 195 4926.
My policy is not showing in my online account
For security, if you are not logged in before you purchase your policy, it will not automatically assign to your online account. If you cannot see your policy, please contact our customer services team on 0800 195 4926 or 0151 647 7556 and any member of the team can assist.
How do I reset my account password?
Your online account password can be reset using the link below the log in area on the website. If you require assistance, please contact our advisors on 0800 195 4926 or 0151 647 7556.
What is IPT?
IPT stands for Insurance Premium Tax. This is a tax on Insurance products which is passed to HMRC. All our Gap123 policies are inclusive of IPT.
What rate of IPT am I charged?
At present (July 2021) the current rate of Insurance Premium Tax charged on independently purchased gap insurance/supplementary insurance is 12%.
Can I change my vehicle?
If you change your vehicle mid-term, please contact our advisors on either 0800 195 4926/0151 647 7556 who will look into the options available to you.
How long do I have to buy a Gap policy?
In order to be eligible for the higher levels of cover, you must purchase your Gap Insurance policy within the first 180 days of ownership of your vehicle.
Can I change the ownership of the vehicle?
This will depend on the type of policy you have purchased. Please call 0800 195 4926 or 0151 647 7556 and an advisor will be able to go through this with you.
How many times can I claim on my Gap policy?
Gap Insurance is a single use cover. Once you have made a claim, the policy is then finished.
Can I pay monthly for my policy?
We may have options for monthly payments in regards to your policy. Please contact any member of our advisors on 0800 195 4926/0151 647 7556 in order to look at the options available.
Is my policy backed by the FSCS?
Yes, all our policies are backed by the FSCS.
Is the quote price per year?
The quote provided will be a one off payment for the entire term selected unless you have chosen a monthly payment option.
Will you cover my Road Tax?
No, in the event of a write off, any unused Road Tax can be claimed back from the DVLA.
Will my Gap policy cover theft?
All our Gap policies are designed to work alongside your motor insurance company. If the motor insurance company agrees to pay out then the Gap policy should follow suit.
Can Gap123 cover taxi use?
No. We cannot cover taxi/private hire usage on a Gap123 policy. If you are using your vehicle for taxi/private hire usage, why not check our Easy Gap website for a quote?
Do I need Comprehensive Motor Insurance?
Yes. Gap Insurance is a policy which tops up your motor insurance settlement. You cannot purchase a policy if you do not have comprehensive motor insurance cover in place.
Gap Insurance?
What does RTI stand for?
RTI is the abbreviation of a Return to Invoice policy.
What is a VRI policy?
A VRI policy is a Vehicle Replacement policy.
What Gap Insurance is best for me?
There are a variety of Gap Insurance products available on the marketplace. What policies are available for you will depend upon certain eligibility criteria. In order to find out which policy options you have, please click for a quote or contact any member of our advisors on 0800 195 4926/0151 747 7556.
Does Gap123 cover taxi use?
Unfortunately, Gap123 products do not cover for taxi use. If you are using your vehicle for taxi/private hire use, please check our sister site easygap.co.uk for a Gap Insurance quote
Can a Gap123 policy cover my motorbike?
No. If you have a motorbike, please check our sister brand easygpa.co.uk for a Motorbike Gap Insurance quotation.
Can I buy cover for my lease vehicle?
Gap123 has a policy specially designed for those who have purchased their vehicle via a lease/contact hire option. If you wish to get a Gap Insurance quote for a lease vehicle, please contact any member of our advisors on our contact numbers 0151 647 7556 or 0800 195 4926.
What is better, RTI or VRI Gap?
Whether an RTI or VRI policy would be better for your situation is a personal choice. Each policy has it's own benefits depending on how you have purchased your vehicle. If you wish to compare the policies, please contact an advisor who will go through all your questions with you.
Can you cover Negative Equity?
No, we cannot cover any negative equity.
Is there an age restriction on my policy?
Yes you must be over the age of 18 and have a full UK licence and until you are over the age of 21 you must have a telematics / black box fitted to your car.
What type of motor insurance do I need?
You must have fully comprehensive insurance.
Can you me with a motor trade insurance policy.
No sorry you must have a fully comprehensive insurance policy in your name.
Can I cancel my policy within the first 30 days?
Yes you can cancel your policy. Providing you have not attempted to make a claim and cancel within the first 30 days you are entitled to a full refund.
Can I cancel my policy after 30 days ?
Yes you can and providing that you have not made a claim you will be entitled to a pro rata refund less a £35.00.
How do I cancel my policy?
Simply call 01516477556 or 0800 195 4926 Lines are open Monday to Friday 9am - 6am. Or why not email customerservices@aequitas-automotive.co.uk.
Legal
What is your FCA number?
Our FCA Number is 821163
Who is the underwriter?
Your policy is underwritten by a Consortium of Lloyds Syndicates managed by Arch Managing Agency Limited.
What is Arch Managing Agency Limited's FCA Number?
Their FCA Number is 526140
Can I buy a policy?
Do I have to have a full UK Licence ?
Yes you must have a full UK Licence.
Do you cover drivers under the age of 21 ?
No sorry all drivers must be over the age of 21.
Do you cover Motor Trade policies?
No sorry we can not cover you if your insurance is a motor trade policy.
Do you cover vehicles over 10 years old?
No sorry we can only cover vehicles up to 10 years of age.
Do you cover vehicles with more than 100000 miles?
No sorry on the day that you buy your policy your car must have less than 100,000 miles on the clock.
What wont you cover?
Do you cover driving school vehicles?
No sorry our system will not be able to provide an automated quotation but if you can please call us we may be able to offer cover.
Do you cover off road usage?
No sorry we can not cover Off Road usage.
Do you cover vehicles used for competitions?
No sorry we can not offer cover.
Do you cover kit cars ?
No sorry we can not cover Kit Cars.
Do you cover grey imports?
No sorry we can not cover grey imports.
Do you cover courier vehicles?
No sorry we do not cover any hire and reward or courier vehicles.
Do you cover cars made by Bentley?
No sorry our automated system will not be able to quote you. But please as we may still be able to offer cover.
Do you cover cars made by Aston Martin?
No sorry our automated system will not be able to quote you. But please as we may still be able to offer cover.
Do you cover cars made by Brabus?
No sorry we don't.
Do you cover cars made by Bugatti?
No sorry we don't.
Do you cover cars made by Cadillac?
No sorry we don't.
Do you cover cars made by Corvette?
No sorry we don't.
Do you cover cars made by Ferrari?
No sorry we don't.
Do you cover cars made by Hummer?
No sorry we don't.
Do you cover cars made by Koenigsegg?
No Sorry we don't.
Do you cover cars made by Lamborghini?
No sorry we don't.
Do you cover cars made by Lotus?
No sorry our automated system will not be able to quote you. But please as we may still be able to offer cover.
Do you cover cars made by Maserati?
No sorry our automated system will not be able to quote you. But please as we may still be able to offer cover.
Do you cover cars made by McLaren?
No sorry we don't.
Do you cover cars made by Noble?
No Sorry we don't.
Do you cover cars made by Rolls Royce?
No sorry we don't.
Do you cover cars made by TVR?
No sorry we don't.
Do you have excluded vehicle that you wont cover.
Yes we do. We may cover a manufacture but not a certain model. For a full list please see your terms and conditions.
Do you cover vans?
No sorry our automated system will not be able to quote you. But please as we may still be able to offer cover.
Complaints
Who do I call to make a complaint?
If your compliant relates to a claim - you can make a complaint by calling Claims Consortium Group Limited on 0330 174 2071. Alternatively you can complain directly to Lloyd's, their telephone number is +44 (0)2073275693
Who do I write to if I want to make a complaint?
If your compliant relates to a claim you can write to the Claims Consortium Group Limited. Their address is Copthall House, King Street, Newcastle under Lyme, ST5 1EL. If you prefer you can write directly to Lloyd's. Their address is Complaints at Lloyd's. Fidentia House, Walter Burke Way, Chatham Maritime, Kent. ME4 4RN
Who do I email to make a complaint?
If your complaint relates to a claim please email claims.tpa@claimsconsortiumgroup.co.uk alternately you can email Lloyd's directly on complaints@archinsurance.com. If you prefer you can complain directly to Lloyd's their email address is complaints@lloyds.com. For more information please see our Complaints Page. This is found either on the menu at the bottom of your screen or the top menu under the section marked are Important information.
What if I am still not happy with my claim?
If you have complained to the administrator and your complaint is with regards to the sale of your policy and are still unhappy with the response to your complaint you may be able to refer the matter to Lloyds. Please see the Complaints Page which is located on the Main Menu, under the section Important Information. Here you will find full details about what happens if you are dissatisfied with the response to your complaint.
How do I make a complaint?
Please visit our Complaints Page which is located from the main menu under the section "Important Information". Here you will find full details about who to contact as well as other useful information. The information is also shown in your policy documents.
I want to complain about the sale of my policy?
Please contact Arch Complaints Team, 5th Floor, 60 Great Tower Street, London, EC3R 5AR. Or email complaints@archinsurance.com. Or if you prefer you can take your complaint directly to Lloyds. For more information please see our complaints page.
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