GAP Insurance - Avoid Financial Loss if your Car is Written off or Stolen
- Compare GAP insurance policies in under 30 seconds
- Suitable for new and used cars and vans
- Cover from A-rated insurer
Compare GAP Insurance Quotes
It’s quick and easy to compare GAP insurance and find good quality cover at a great price.
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The vehicle reg, when you bought it, and the mileage
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Why buy GAP insurance from MoneyMaxim?
With MoneyMaxim you’ll receive excellent quality service and a fantastic product at affordable prices
Great Cover
- Cover provided from an A+ rated insurer offering peace of mind
- Pays up to a very generous £500 of your excess
- Your GAP insurance policy can cover up to £65,000
Flexible Cover
- Covers all named drivers over the age of 18 years on your policy if they have a valid driving licence
- You can transfer your policy to a new vehicle
- You are covered in the EU, Isle of Man, Channel Islands and Switzerland provided that your motor insurer has granted cover at the same level as in the UK
Superb After Service
- Zero admin fees for cancellations or amendments
- Access to our Car Portal which provides a managed claim service
- Easy access to your policy documents for when you need them
What is GAP insurance?
Guaranteed Asset Protection (GAP) insurance is designed to cover the difference between the price you paid for your car and your car insurance payout.
If your vehicle is stolen, involved in an accident or damaged by fire or a flood, your insurance company will usually only pay you its market value at the time.
GAP insurance is there to bridge this financial gap, hence the name.
A brand new car can lose up to 70% of its value in the first three years alone. A second-hand car can lose as much as 20% in the first six months. GAP insurance can make sure you have enough to buy a new vehicle or pay off any outstanding finance you have.
How does GAP insurance work?
Imagine you purchased your car two years ago for £25,000. Due to depreciation, the current market value of your car has dropped to £15,000.
If your car is written off or stolen, your car insurance will pay you the £15,000 market value. While you can use this amount to to buy a new car, it won’t allow to replace your car with the same model.
With GAP insurance, the £10,000 shortfall is covered, allowing you to replace your car with the same model should you wish to. Our Vehicle Replacement GAP insurance will pay the difference in cost to replace with the same make and model, even if the car’s price has increased. Our Return to Invoice GAP insurance will reimburse you to the original price you paid for the vehicle.
Is GAP insurance worth it?
GAP insurance isn’t a legal requirement, but it can provide peace of mind if you’d want to buy a new or used vehicle if yours is written off.
It might be right for you if:
- You bought your vehicle on finance
- Your vehicle is new or depreciates quickly
- Your vehicle is leased or on a contract hire deal
- You’re worried that you won’t be able to afford to replace your car on a new-for-old basis
You might not need it if:
- Your insurance includes new vehicle replacement cover
- You have bought a car outright and aren’t financing it
- You’d be satisfied with a payout based on your vehicle’s current market value
- Your vehicle is an older vehicle and might not lose too much value due to the mileage being higher. Typically depreciation slows down the older the vehicle gets and the more miles it’s done
Which GAP insurance cover is right for you?
There are three types of GAP insurance. See which is right for you. We will show you all the available options and prices that are applicable to to you when you get a quote from us.
Return to Invoice
Return to Invoice GAP insurance pays you back the price you paid for your vehicle or finance settlement figure if that is higher.
It’s suitable for new and used vehicles up to 10 years that are owned outright or on finance.
Vehicle Replacement
Vehicle Replacement GAP insurance pays you back to the cost of replacing your car as it was when purchased, even if the price of the car increases from inflation or through a price change by the manufacturer, or the outstanding settlement, whichever is higher at the time. It’s also suitable for new and used vehicles up to 10 years old that are owned outright or on finance.Contract Hire Plus
Coming Soon
Contract Hire Plus GAP insurance pays the difference between your insurance settlement figure and the amount of outstanding rentals (payments).
It’s suitable for new and used vehicles on contract hire.
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We answer your questions...
What is GAP insurance?
GAP Insurance is designed to protect you against financial loss if your vehicle has been declared a total loss or write off by your insurer.
If your car is involved in an accident, stolen or damaged by flood or fire, and deemed a total loss, your comprehensive insurer will only pay you market value for your vehicle at the time of the incident.
This may leave you exposed to any remaining finance settlement charges or the substantial loss suffered due to the vehicle value depreciation. This can be covered by purchasing GAP insurance.
When can I buy a GAP Insurance policy?
For our Return to Invoice Gap Insurance, you have up to 180 days to purchase a policy, or up to 365 days if your car was brand new when you purchased it and you have had new car replacement (new for old) cover from your motor insurer for the first 12 months.
For Contract Hire GAP Insurance, you have up to 365 days after taking delivery of your vehicle to purchase a policy.
For Vehicle Replacement GAP Insurance, you have up to 90 days after taking delivery of your car to purchase a policy – the vehicle must be less than 7 years old and have covered less than 80,000 miles at the policy start date.
How long should a GAP policy last?
GAP insurance cannot be renewed or extended yearly or at the end of the policy. For this reason, we suggest that the GAP policy should last for as long as you plan to keep your car.
Our Vehicle Replacement and Return to Invoice GAP insurance policies can be purchased for up to a maximum of 4 years.
Our Contract Hire GAP Insurance policies can be purchased for up to 5 years.
We understand that it can be difficult to know how long you might keep your car. For this reason, if you change your car before the policy expires, we will provide you with a daily pro rata rebate of the original premium, which can be used in one of two ways:
The whole amount can be used as a credit against a brand-new policy on a new vehicle. There may be a balance to pay, but no admin fees are charged.
We can refund the rebate amount to you.
Can I transfer my policy to a new car if my policy hasn’t finished?
You can transfer the unexpired portion of your insurance cover to a new vehicle if either:
Your Motor Insurer provides a replacement vehicle under the terms of Your Motor Insurance in the event of a Total loss; or
You sell Your Vehicle and purchase a new vehicle.
You should notify the Administrator by telephone on 0203 771 9722, or by email at assureservices@gardxgroup.com, within 30 days of the transfer. The Administrator will issue a new Schedule to you. The Start Date and the Period of Cover will remain the same.