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Gap insurance

Vehicle-replacement Gap review

By Simon Miller

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Vehicle-replacement Gap review

Find out how vehicle-replacement Gap can help with the cost of replacing your car, and how much it costs.

 Rather than helping you reach the amount you paid for your car, vehicle-replacement Gap bridges the difference between the amount you get form your car insurer and the cost of a new vehicle.

For example, if you bought a Honda Jazz for £15,095, but a year later had an accident and received only £10,000 from your car insurer AND the car had gone up in price to £20,000, your vehicle-replacement Gap insurance would cover the difference, minus your excess.

Many providers also offer finance Gap - which covers any loans you took out to pay for the car - as part of this product.

Vehicle-replacement Gap insurance review

The table below shows the cost of vehicle-replacement Gap insurance for three different cars bought brand new, and the features of the different third-party Gap insurance policies. These include:

  • Excess - how much your Gap insurance policy will pay towards your car insurance excess
  • Maximum level of cover - how much cover you can take out
  • Cover availability - how long you can take out the Gap insurance for
  • Age of vehicle - the age limit of the vehicle that each Gap insurer will cover
  • Maximum value of vehicle that each Gap insurer will cover
  • Finance - whether the Gap will cover your outstanding payments for your car if you bought it on finance

The premiums quoted are for a brand new car, for three years of cover. All quotes were updated in February 2016.

How much does vehicle replacement Gap insurance cost?
  Ford Fiesta Studio £8,745 Honda Jazz  £15,095 Audi Q3 TDI  £33,650 Amount towards your excess Maximum level cover Cover available for
Maximum age of vehicle (years) Maximum value of vehicle Covers finance on cara
THIRD PARTY INSURERS £108 £153 £207 £250 £50,000 1 to 5 10 £125,000 Yes £102 £150 £153 £250 £50,000 1 to 5 10 £125,000 Yes £171 £192 £334 £0 £25,000 1 to 3 3 months £50,000 No £99 £149 £189 £250 ulb 1 to 5 10 £75,000 Yes £84 £108 £147 £250 £25,000 1 to 5 8 £75,000c Yes £97 £110 £137 £250 £100,000 1 to 5 10 £150,000 Yes £84 £108 £147 £250 £25,000 1 to 5 10 £75,000 Yes £105 £122 £138d £250 £20,000 1 to 3 30 days £50,000 No £84 £108 £147 £250 £50,000 1 to 5 8 £150,000e Yes £69 £92 £147 £250 ulf 2 to 5 8 £75,000 Yes £166 £169 £169 £500 £25,000 1 to 3 7 £50,000 No
Table notes:
a Outstanding finance payments for the current car - not negative equity from finance on a previous car
b Up to car's initial value, where cost is below £50,000. £30,000 otherwise
c By phone, cover available for vehicles up to £240,000 and maximum claims limit up to £50,000
d Based on a claim limit of £15,000
e Cover for more expensive cars can be arranged by phone
f Product pays out the higher of the original invoice cost or vehicle replacement cost

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