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What type of GAP insurance do I need?

If you are considering GAP insurance, it’s worth looking at the different types that are available to ensure you get the best cover for your car. Here, we outline some of the most common types of GAP insurance available and explain how they work, to help you decide which is the best option for you.

Back to invoice GAP insurance

What is it?: This type of GAP insurance could pay the difference between what your car insurer pays out if your car is stolen or written off, and the amount that you paid for your vehicle when you bought it.

Who is it for?: If you have a new car, this type of GAP insurance could be useful to you as it helps to bridge the gap between the price of your car when you purchased it and the amount that it depreciates by.

You could also use this kind of GAP insurance if you bought your car on finance because it could cover the amount you owe.

Vehicle replacement GAP insurance

What it is: Rather than covering you up to the amount that you paid for your vehicle, this type of GAP insurance would top up the amount your car insurance pays out to the price of a brand new version of your car.

Who it is for: This option could be useful if you want your car to be replaced new for old if it is stolen or written off. If you are concerned that newer models of your car could be more expensive in the future, this type of GAP insurance could help.

Contract hire GAP insurance

What is it?: This GAP insurance covers leased vehicles. If your car is on lease, then this option could help you pay for the rest of your contract, as well as any fees that you might have to pay for cancelling your lending agreement early.

Who is it for?: If you have a lease car and you don’t have the option to buy your car outright, this type of GAP insurance might be useful to you.

Why choose GAP insurance?

If your car is stolen or written off, GAP insurance helps to ease the financial burden. It can cover the cost of your vehicle, filling the gap between what your car insurance covers (which is typically what your car is worth at the time of the accident) and the amount your car was worth when you initially purchased it.

Some new cars are better than others for depreciation. Here are some of the best and worst for it:

≪ Swipe Left/Right ≫
CAR MODEL AVERAGE PRICE NEW AVERAGE % OF THE NEW PRICE RETAINED VALUE AFTER 3 YEARS
Citroen C-Zero (2011-) £26,160 18.9% £4,950
Peugeot ION (2011-) £26,160 18.9% £4,950
MG Motor UK MG6 (2011-) £19,630 26.8% £5,250
Chevrolet Cruze (2012-2015) £19,180 28.8% £5,520
Aixam Crossline (2009-) £12,060 28.9% £3,480
Note: 12,000 miles per year. Source: Automotive data analysts CAP. November 2015.
CAR MODEL AVERAGE PRICE NEW AVERAGE % OF THE NEW PRICE RETAINED VALUE AFTER 3 YEARS
Mercedes Benz SLS (2011-) £175,840 68.9% £121,100
Porsche Boxster (2012-) £42,448 65.0% £27,580
Audi Q5 (2012-) £35,840 64.1% £22,970
Lamborghini Aventador (2011-) £256,020 64.0% £163,900
Ferraari 458 (2010-) £172,130 63.8% £109,800
Note: 12,000 miles per year. Source: Automotive data analysts CAP. November 2015.
For more information about whether GAP insurance is right for you, check out our helpful guides – find out What GAP Insurance Is and Whether Or Not You Need It.

How to make a GAP insurance claim with One Call

If you have GAP insurance with One Call and need to make a claim, just follow these simple steps:

  1. Contact your car insurer to see what settlement they will offer you.
  2. Gather all the relevant information you need to make your claim, as this will help to speed up the process. Check your excess and if there are any time limits for making a claim on your GAP insurance. This will all be detailed in the terms and conditions of your policy.
  3. If you need to make a claim, please call us on 0333 043 1328 quoting "Combined Gap Insurance" or alternatively you can email claims@coplus.co.uk.

Once you have decided if GAP Insurance from One Call Insurance is right for you, visit our website for a quote.

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