Vehicle-replacement Gap review
By Simon Miller
Article 4 of 5
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?|
|COST OF GAP INSURANCE FOR 3 YEARS||COVER DETAILS|
|Ford Fiesta Studio £8,745||Honda Jazz £15,095||Audi Q3 TDI £33,650||Amount towards your excess||Max level cover||Cover available for (years)||Max age of vehicle (years)||Max value of vehicle||Covers finance on cara|
|THIRD PARTY INSURERS|
|ala.co.uk||£108||£153||£207||£250||£50,000||1 to 5||10||£125,000||Yes|
|car2cover.co.uk||£102||£150||£153||£250||£50,000||1 to 5||10||£125,000||Yes|
|click4gap.co.uk||£171||£192||£334||£0||£25,000||1 to 3||3 months||£50,000||No|
|directgap.co.uk||£99||£149||£189||£250||ulb||1 to 5||10||£75,000||Yes|
|easygap.co.uk||£84||£108||£147||£250||£25,000||1 to 5||8||£75,000c||Yes|
|gapinsurance.co.uk||£97||£110||£137||£250||£100,000||1 to 5||10||£150,000||Yes|
|gapinsurance123.co.uk||£84||£108||£147||£250||£25,000||1 to 5||10||£75,000||Yes|
|motorpocket.com||£105||£122||£138d||£250||£20,000||1 to 3||30 days||£50,000||No|
|shortfall.co.uk||£84||£108||£147||£250||£50,000||1 to 5||8||£150,000e||Yes|
|Totallossgap.co.uk||£69||£92||£147||£250||ulf||2 to 5||8||£75,000||Yes|
|WarrantyDirect.co.uk||£166||£169||£169||£500||£25,000||1 to 3||7||£50,000||No|
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