What is vehicle-replacement gap insurance?
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 reviewed
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 October 2017.
|How much does vehicle-replacement Gap insurance cost?|
|COST OF GAP INSURANCE FOR 3 YEARS||COVER DETAILS|
|Fiat Punto |
|Honda Jazz |
|Audi Q3 TDI |
|Amount towards your excess||Maximum level cover||Cover available for |
|Maximum age of vehicle |
|Maximum value of vehicle||Covers finance on cara|
|ala.co.uk||£126||£173||£226||£250||£50,000||1 to 5||10||£125,000||Yes|
|car2cover.co.uk||£119||£161||£209||£250||No limitb||1 to 5||10||£125,000||Yes|
|click4gap.co.uk||£169||£187||£243||£0||£25,000||1 to 3||Up to 3 months at inception||£50,000||Yes|
|directgap.co.uk||£119||£149||£199||£250||No limitc||1 to 5||ns||£75,000||Yes|
|gapinsurance.co.uk||£126.17||£126.17||£178.58||£250||£100,000||1 to 5||10||£150,000||Yes|
|autoebid.com||£128.17f||£137.76g||£161.07h||£250||£20,000||1 to 3||8||£50,000||Yes|
|shortfall.co.uk||£97.12||£97.89||£164.14||£750||£50,000||1 to 4||nsi||£150,000e||Yes|
|Totallossgap.co.uk j||£89.99||£99.99||£156.42||£250||ns||2 to 5||8||£75,000||Yes|
|WarrantyDirect.co.uk||£163.84||£163.84||£163.84||£500||£50,000||1 to 4||Under 3 months||£125,000||Yesk|
a Outstanding finance payments for the current car - not negative equity from finance on a previous car.
b No claim limits for vehicles costing up to £75,000, wide choice of claim limits available for vehicles costing £75,001 – £125,000.
c No claim limits for vehicles costing up to £50,000, claim limit of £30,000 for vehicles with an invoice price over this amount.
d For vehicles with an invoice price of more than £75,000 easygap have access to policies up to £150,000 and claim limits up to £50,000.
e Cover for more expensive cars can be arranged by phone
f Only available with a £5,000 claim limit
g Only available with a £10,000 claim limit
h Only available with a £15,000 claim limit
i Vehicle must have driven less than 80,000 miles
j Only offers "Total Loss Gap Insurance"
k Will cover PCP and Hire Purchase, does not cover Lease Purchase