Replacement GAP Insurance
GAP Insurance policies don't come much better than this.
In the event of a claim Replacement GAP insurance aims to pay the difference between your Motor Insurance payout and THE GREATER of either:
1. The amount outstanding on finance at the time of claim, OR
2. The original invoice price that you bought the vehicle for, OR
3. The cost of replacing your vehicle at the time of claim with one of the same Make, Model, Specification, Age and Mileage (or nearest equivalent) as your original vehicle was at the time that you first bought it - even if the replacement vehicle cost is MORE than you bought the vehicle for first time around.
If the Replacement Vehicle at the time of claim is available on sale for LESS than you bought the original vehicle for, the policy will revert to an Invoice GAP Insurance cover-level ensuring that unlike some other Replacement GAP insurance policies available elsewhere that would only pay out to the then lower cost of the Replacement Vehicle at the time of claim, with our policy you'll always get back at least what you paid for the vehicle.
It's available for vehicles that (at the time of purchasing the policy) are less than 5 years old, that were bought from a VAT Registered Motor Dealer or a private seller, within the last 365 days, for a purchase price of up to ¬£150,000.