Why we've partnered with Direct GAP
What is GAP Insurance?
Vehicles, particularly new ones, usually depreciate from the moment they hit the road. In the unfortunate event that your car is declared a total loss or is stolen, your insurance company may only reimburse its current market value, not the price you initially paid. This includes the total retail price or the P11D value if you’re leasing.
As a result, you might find yourself facing a significant gap between what your insurance pays and the actual cost to replace your vehicle or clear an existing lease. That's where Guaranteed Asset protection (GAP) insurance steps in, bridging this financial gap and safeguarding your investment. Our partner, Direct Gap, offers market-leading GAP insurance policies to protect you from any financial shortfall.
Direct GAP Benefits
Unlimited claims limit on vehicles up to £50,000.
Covers your motor insurance excess up to £1,000.
30-day money-back guarantee.
Option to protect your deposit up to £2,000.
Spread the cost of your policy with pay monthly options.
Covers all named drivers on your motor insurance policy.
Why Choose Direct GAP?
Their UK-based team are experts in cars, motor finance and Gap Insurance, you’ll never have to worry about being passed around a call centre.
Their team do not make any commission from the sale of Gap Insurance policies; they’ll always look out for your best interests.
They were founded over 15 years ago and are fully regulated by the Financial Conduct Authority so rest assured you’re dealing with a wholly reputable provider of Gap Insurance.
Their 5-star Feefo, TrustPilot and Google rating and the glowing reviews below show how highly our customers value what we do for them.
Should I get GAP insurance?
While not a legal requirement, having GAP insurance can offer significant peace of mind if the worst happens. Lease GAP insurance, also known as contract hire GAP insurance, caters specifically to individuals with leased vehicles, where ownership is not an option.
Your standard motor insurance policy will cover the current market value of your car, and GAP insurance takes care of any outstanding lease payments, should an unfortunate event occur. With our partner, Direct Gap, comparing GAP insurance options is straightforward.
How much does Gap insurance cost?
The cost of your GAP insurance premium depends on the make and model of your vehicle, its value, and the duration of your lease agreement or planned ownership. Via our partner, Direct Gap, GAP insurance is accessible for as low as £66, though most multi-year policies fall within the £100 to £200 range.
Direct Gap, which is authorized and regulated by the FCA, provides affordable GAP insurance quotes alongside top-notch customer support. They also provide initial rental Protec0on insurance, covering the initial rental payments made for your new leased vehicle in case of a total loss insurance claim.
Frequently asked questions about GAP Insurance...
What is GAP insurance?
GAP insurance, or Guaranteed Asset Protection insurance, is a type of coverage that helps bridge the gap between the amount you owe on your car finance and the vehicle's actual cash value if it's stolen or declared a total loss.
Do I need GAP insurance for a leased car?
While GAP insurance isn't legally required, it's highly recommended for leased vehicles. It protects you from financial loss if your leased car is stolen or written off and the insurance payout doesn't cover the remaining lease balance.
How does GAP insurance work?
GAP insurance covers the difference (the 'gap') between your car's current value and the amount you owe on your lease or finance agreement. If your car is stolen or written off, GAP insurance pays out the difference so you're not left with a hefty bill.
Is GAP insurance worth it for a leased car?
GAP insurance is often worth it for leased vehicles. Since leased cars depreciate quickly and you're responsible for any shortfall between insurance payouts and your lease balance, GAP insurance provides valuable financial protection.
Can I add GAP insurance to my existing car insurance policy?
While some insurers offer GAP insurance as an add-on, it's often more cost-effective to purchase it separately from specialist providers. Compare quotes to find the best deal for your leased vehicle.
How much does GAP insurance cost?
The cost of GAP insurance varies depending on factors like the vehicle's value, lease term, and coverage level. However, it's generally affordable, with options for single-payment or monthly premiums.
When should I buy GAP insurance for my leased car?
It's best to purchase GAP insurance when you lease or finance a car. Waiting could leave you exposed to financial risk if your vehicle is stolen or written off before you're able to secure coverage.
Can I cancel GAP insurance if I hand back my leased car?
Yes, you can typically cancel GAP insurance if you hand back your leased car. Check your policy terms for details on cancellation procedures and any applicable fees.