GAP Insurance
What is GAP Insurance?
Whether you have bought a new or secondhand Private Car or Goods Carrying Vehicle, in the event of it
being "written off" or stolen your insurance company will only pay the market value for your vehicle
at the time of the accident*. You could end up with a very nasty surprise especially with the rapid
depreciation of the car values today.
Finance companies require car owners to have fully comprehensive motor insurance, but gap
insurance is frequently not included. Gap Insurance covers the difference between the market value and
the original invoice figure (or figure otherwise agreed).
* Note, new vehicles will normally be replaced by your car insurers if written off
(or repairs cost more than 60% of the manufactures list price) within the first 12 months of registration.
The Answer
Campton have 2 options available depending on how you pay for your vehicle;
1. Finance GAP Insurance
Covers vehicles purchased from a dealer supported by a Finance Agreement. This covers periods of up
to 5 years.
| 60 Months Cover |
|
|
|
|
Maximum Invoice Price
|
Maximum Payout
|
Cover Period
|
Premium
|
|
£15,000
|
£5,000
|
60 months
|
£87.49
|
|
£25,000
|
£10,000
|
60 months
|
£109.38
|
|
£37,500
|
£10,000
|
60 months
|
£131.25
|
2. Invoice GAP Insurance
Covers vehicles purchased privately (receipt of purchase will be required!). This covers periods of
up to 3 years.
| 12 Months Cover |
|
|
|
|
Maximum Invoice Price
|
Maximum Payout
|
Cover Period
|
Premium
|
|
£25,000
|
£10,000
|
12 months
|
£75.84
|
|
£37,500
|
£10,000
|
12 months
|
£87.49
|
| 24 Months Cover |
|
|
|
|
£25,000
|
£10,000
|
24 months
|
£137.08
|
|
£37,500
|
£10,000
|
24 months
|
£157.50
|
| 36 Months Cover |
|
|
|
|
£25,000
|
£10,000
|
36 months
|
£189.58
|
|
£37,500
|
£10,000
|
36 months
|
£218.74
|
We can also cover values up to £50,000.