GAP insurance Facts: Unlimited Claim Limits
GAP insurance policy providers, with few exceptions, are usually limited to only being able to provide GAP insurance policies with an overall maximum claim limit of £25,000.
That's all well and good, but it's generally accepted that the average vehicle will depreciate by as much as 77% over a three year term;
To clarify, the "Claim Limit" is the most that the GAP insurance policy will pay towards:
- the difference between your Motor Insurance payout and the original purchase price of the vehicle (Invoice GAP insurance), or
- the difference between your Motor Insurance payout and the cost of replacing the vehicle with a brand new equivalent at the time of loss (Replacement GAP insurance)
So, if £25k is the largest Claim Limit that most GAP insurance providers are able to offer, is it not fair to say that if your vehicle cost you more than £32,467 (77% of £32,467 is £25k) it's at least possible that £25K will NOT cover the whole potential depreciation over three years?
That's where we step in.
We can offer the usual Claim Limits ranging from £5k to £25k, but we can also offer £50k and, in a UK online exclusive, we have the ability to provide you with UNLIMITED claim limits for for vehicles purchased for up to £100k!!
We can provide a maximum Claim Limit of £100k for vehicles bought for between £100k and £150k!
GAP insurance with an unlimited claim limit?
We don't mind if we do!