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01827 313 931
What is GAP Insurance?
This type of insurance was created on the back of covering the shortfall between the settlement figure from the finance company and the market valuation of the vehicle (which is all your insurance company will pay). It has further developed to provide a top-up figure for vehicles NOT on finance to allow vehicle owners to get a better replacement.
Examples of Gap Insurance
One of our clients had a van written off. The motor insurers paid out the market value of £13,950 but the finance company wanted a settlement figure of £23,837.05.
The GAP insurer paid out the shortfall of £9,887.50, and the client was extremely grateful to have purchased GAP insurance!
In another example, a car was written off and the motor insurers paid out £26,500.
The GAP insurers then paid out a further 25%, which equated to £6,625, enabling the policyholder to get a much better car than they would have been able to get otherwise!
Why do insurance companies pay out less than the settlement figure?
An insurance policy will only ever pay out the market value of the vehicle (unless it is less than 6-12 months old, as then special conditions may apply).
They do not take into account the amount of your finance arrangement.
What type of vehicles can I cover on a GAP policy?
We are looking into covering more vehicles as soon as possible, but at present we can cover all types of car (other than super cars) and commercial vehicles (including HGV), excluding any vehicle covered on a Motor Traders policy - but watch this space!
Have a question?
Our team is
here to help!
One of our team will talk to you about your current circumstances in order to advise the best way forward. If you’d prefer to visit us at our offices in Tamworth, feel free to pop in! Just check our office hours on Google to make sure we’re open.
No – but feel free to do your own comparison between our quote and one from a garage. We can also do flexible policies that allow the policy to be switched onto a new vehicle rather than having to buy a new policy each time, so ask us for more details.
You definitely can. It’s a great idea to have a Fleet GAP policy, as the price you’ll pay is a lot cheaper than buying multiple separate policies. The policy can be changed and updated every time you change your fleet too, with minimum paperwork requirements.
Should you need to make a claim, make Prizm Solutions your first port of call. As your broker, we are here to help. If your call is out of hours, all insurers operate 24/7 claims lines, and we’ll inform you of these when you take out the policy.
At Prizm, we primarily deal with Jackson Lee, NiceOne and Lloyds underwriters, but this can change in line with market conditions.
If you need to make a claim on your insurance, you need to call your insurance broker or insurance company straight away.
If you have a policy with Prizm Solutions, then you simply call us.
As your broker, we are here to help – and we will provide you with all the contact numbers you need to deal with a claim when you take out the policy.
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Prizm Solutions Limited
First Floor
The White House
16/20 Church Street
Tamworth
B79 7DH
Prizm Solutions Ltd are authorised and regulated by the Financial Conduct Authority.
Prizm Solutions Ltd are registered in England and Wales, Registration Number: 05936749, Registered Address: First Floor, The White House, 16/20 Church Street, Tamworth, B79 7DH.
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We’re here to assist you to put plans in place, to help provide you with some protection from those unexpected curveballs that can be a normal aspect of everyday life!
So, let us help you find the right cover for you.
01827 313 931
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