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About Gap Insurance
A new vehicle in the family is generally a time of great excitement and positivity however, it’s also the time you need to consider covering the risks associated with vehicle ownership. And, while we’re all familiar with taking out insurance to cover accident and theft events, too often the impact of vehicle depreciation, or the added costs associated with settling a finance agreement early are not considered, leaving us vulnerable and at risk of severe financial pressure should the worst happen.
Consider for a moment what will happen in the unfortunate event your vehicle is written off or stolen. Your motor insurer will settle your claim at the market value of your vehicle at the time of loss. This doesn’t take into consideration the impact of your vehicle’s depreciation, which could be as much as 60% over the first 3 years. Or even worse, the added costs such as interest and penalties for settling a finance agreement early.
This can leave you with a gap of many thousands of pounds, and wondering how you’ll ever manage to pay off the shortfall… and on top of all that, afford to pay for a replacement.
Just check out the illustrative example below that best matches your particular circumstances to see what the probable impact might be.
Is Gap Insurance worth it?
Market value on the
date of loss, covered
by your motor insurer.
Estimated shortfall
amount, which your
Gap Insurance will cover.
If you paid £16,500 cash for your car and a year or two later it’s declared a total loss, your motor insurance pay-out could fall short of the purchase value by as much as £5,300.
However, if you have Gap Insurance this shortfall will be covered up to £75,000, subject to your policy terms. In addition you’d get up to £1,500 for dealer-fitted accessories and up to £500 towards the excess charged by your comprehensive motor insurer.
What will my Gap Insurance cover?
When you take out APG Cover Gap Insurance, you can feel secure in the knowledge that you won’t be left out of pocket should the worst ever happen.
Our range of gap cover products offer solutions for you, no matter how you purchased your vehicle, paid cash, or took out a loan.
Ordinarily, you’d be expected to personally cover the shortfall between the market value your insurer will pay out, and the original purchase price, Taking out the added protection of Gap Insurance means that you’ll be covered for this amount, subject to the terms of your policy. Added to this, you can expect the claim to be paid out directly to you within a matter of days.
You’ll be comfortable knowing your Gap Insurance will guarantee you:
- Up to £75,000 shortfall gap cover
- Up to £1,500 for dealer-fitted accessories
- Up to £500 towards your comprehensive motor insurance excess
- Up to 7 days vehicle rental for covered claims
- £150 non-fault incident cover
In addition to this valuable cover, you’ll also get these benefits:
- Cover for any named driver at no extra cost
- Cover if your vehicle is stolen with the keys
The policy documents below will provide you with full details, please ensure you read them carefully:
Combined RTI Gap Insurance Plus Policy Wording
Combined RTI Gap Insurance Plus Product Information Document
If you’d like a copy of your existing policy wording, please email us at email@apgcover.co.uk or alternatively, call us weekdays on 0208 543 6006 during office hours.
How will my Gap Insurance work if my vehicle is stolen?
Your Gap Insurance cover is designed to protect you if the unthinkable happens and your vehicle is stolen. While no one ever wants this to happen, it’s important to think about how you’ll manage the impact if it does.
Your Gap Insurance will cover you for the shortfall between what your motor insurer pays out, and the amount you’re expected to pay yourself, subject to the policy terms, leaving you thankfully free of this debt and able to look for a suitable replacement.
What is vehicle depreciation?
There are several factors that determine a vehicle’s depreciation. These are generally linked to the use of the vehicle over the time since you bought it, and takes into account things like mileage, wear and tear, and body condition. Age and use increases the chance of dents and scratches, as well as mechanical failure, which all lower the value. In addition, things like newer models entering the market that offer more up-to-date technology and features will also impact a vehicle’s depreciation.
Depreciation, simply put, is the difference between what you paid for your vehicle when you bought it, and what it’s considered to be worth today if you were to sell it. So, it’s really all about what the market value is at any given time.
You’ll find more information here.
What vehicles are covered by APG Cover Gap Insurance?
- Vehicles valued at over £10,000 and up to 150,000, new or used.
- Vehicles up to 3.500 tonnes, aged up to 8 years and with less than 80,000 miles travelled at policy start date.
Cars
We will cover these eligible vehicles, with up to 7 seats: Abarth, Alfa Romeo, Audi, BMW, Citroën, Cupra, Dacia, DS, Fiat, Ford, Genesis, Honda, Hyundai, Infiniti, Jaguar, Jeep, Kia, Land Rover, Lexus, Maserati, Mazda, Mercedes-Benz, MG, Mini, Mitsubishi, Nissan, Opel/Vauxhall, Peugeot, Polestar, Porsche, Renault, Seat, Skoda, Smart, SsangYong, Subaru, Suzuki, Tesla, Toyota, Volkswagen, Volvo.
- Driving school vehicles and taxis up to 10 seats.
- Fuel types: Internal Combustion Engine (ICE), Electric Vehicle (EV), Plug-In Electric Vehicle (PEV), Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Mild-Hybrid Vehicle (MHV), Plug-in Hybrid Electric Vehicle (PHEV).
Motorbikes
- All types of motorbikes are eligible, including scooters and mopeds.
How much could my vehicle depreciate?
The average vehicle typically depreciates at a rate of around 20% per year from new. This means that at 3 years of age, your vehicle could be worth only 40% of its original value.
This becomes really significant when your motor insurer determines the amount they will pay you in the event your vehicle is declared a total loss. Without Gap Insurance, you’ll be expected to cover any shortfall yourself between the market value, which is what you motor insurer will pay, and the amount you still owe on your vehicle.
You’ll find link to a vehicle depreciation calculator here.
Is Gap Insurance only for new vehicles?
Gap Insurance is available for eligible vehicles for up to 180 days after vehicle purchase on vehicles up to the age of 8 years at the inception date of the policy. While the shortfall may be somewhat less significant as your vehicle gets older, it will nevertheless be for you to cover. And who wants to still have to pay for a vehicle that you no longer have… never mind the impact on your ability to replace your vehicle with another one?
Can I still buy Gap Insurance if I financed my vehicle?
Yes, our Gap Insurance cover is designed to cover financed vehicles as well. And, what with the additional costs that you’ll face if your vehicle’s a total loss, like interest and early settlement charges, you’ll be happy you took out Gap Insurance to cover it and leave you free of this debt and able to move on with your life.
Should I still consider Gap cover if I paid cash for my vehicle?
If you bought your vehicle for cash, you’ll still have lost the capital you put into your vehicle when it’s a total loss and you need to replace it. That’s hard-earned cash that you’re sure not to want to lose. Gap Insurance will give you the comfort of covering this to make sure you won’t be left out of pocket… and free to get on with your life.
Do I still need Gap Insurance if I have motor insurance?
Your motor insurer will pay-out the market value of your vehicle at the time of loss, but this won’t cover you for depreciation, or for the added cost of a finance early settlement, possibly leaving you with a substantial shortfall as a result. Your Gap Insurance will cover this amount, and is paid directly to you. This is a financial decision you may well want to consider.
How can I get Gap Insurance for my vehicle?
If you want to take out Gap Insurance it’s a very simple process that will take just moments. Please check your vehicle is eligible, follow the link below to get a quote, and if you’re happy that it’ll protect you in the event of a total loss, just click buy and you’ll be covered the moment your payment is received.
How can I pay for my Gap Insurance cover?
We provide two ways to pay for your cover:
- You can make one, single payment through your credit or debit card, and enjoy cover that will start immediately after your payment is received.
- You can choose to pay with our convenient monthly payment plan. This means you’ll pay over a period of 12 months. Your cover will be active from when we receive your first months premium.
How do I set up monthly payments?
How do monthly payments with Premium Credit work?
Are there any eligibility requirements for Premium Credit?
How do I sign my credit agreement?
Where can I find a copy of my credit agreement with Premium Credit?
How can I access my account online?
Who do I contact for billing or policy queries?
Can I change my monthly payment bank account details?
How can I change my monthly payment date?
What happens if I miss a monthly payment?
How do I make up a missed payment?
Can I pay off my credit agreement in full?
How do I cancel my credit agreement?
What happens to my Premium Credit agreement if I cancel my APG Cover policy?
Are there any additional credit charges I should know about?
- A £5 facility fee is collected on all new agreements as part of your first payment.
- A £25 fee is collected when you have not signed your agreement within a month of its issue.
- A £25 default fee is collected when a payment is missed.
When should I take out Gap cover?
You can get Gap Insurance from APG Cover up to 180 days after you buy your vehicle, and there’s no age or mileage limit, after your policy start date.
What if I decide I no longer want my Gap cover?
In the event you decide this cover isn’t for you, you can cancel with a full premium refund during the first 30 days, as long as you haven’t made a claim, or don’t intend making one.
If you decide to cancel after the 30 days, you will be eligible for a pro rata refund, under the same conditions, less an administration fee of £35.
How do I claim on my Gap Insurance policy?
Our specialist claims managers, AutoProtect (MBI) Ltd., have been appointed to provide you with an efficient and effective claims experience.
To register your claim, please follow the process that works best for you:
- Visit www.apapp.co.uk and follow the steps to start your claim
- Download the AutoProtect App on your smartphone by searching “AutoProtect Claims”.
- Text the word APAPP to 88802 and you’ll receive a download link via SMS (texts are charged at your standard network rate).
Get your Gap Insurance quote TODAY!
There’s absolutely no cost or obligation on your part when you get a quote from APG Cover, and it’ll take you just moments. Simply click here to get started.
If you’d prefer to talk to someone in person, our friendly team is waiting for your call. Just dial us on 0203 921 0627 Monday to Friday, 9am to 7pm and we’ll be happy to help.
