IN BRIEF |
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This is an optional add-on to your Gap Insurance Policy.
Finance Shortfall pays up to £5000 if your finance settlement is greater than...
The value of your car
The invoice price of your car
If Return to Invoice upgrade
purchased
The cost of a brand new car
If New Car Replacement
upgrade purchased
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ALL YOU NEED TO KNOW ABOUT FINANCE SHORTFALL UPGRADE |
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Forget Fuel and Servicing, Depreciation is your Biggest Motoring Expense.
Forget Fuel and Servicing, Depreciation is your Biggest Motoring Expense.
By the end of year 1, the average car can lose 40% of its value. By year 3, at just 10,000 miles a year, it's depreciated by up to 75%! If your car's stolen or written off, your motor insurance typically pays the value after depreciation, as little as 25% of the original value!
Car Gap Insurance pays the depreciation.
Finance Shortfall is an optional add-on to your Gap Insurance Policy and pays up to £5000 if your finance settlement is greater than the value of your car.
Upgrade premiums start at just £25.
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How the Finance Shortfall Upgrade works
This is an optional upgrade to your Car Gap Insurance policy, available if you bought your car from a vat registered motor dealer in the last 90 days.
Don’t be caught out if the amount you need to settle your finance agreement is more than the value of your car. Finance shortfall pays up to £5000 if your finance settlement is greater than the
- Value of your car
- Invoice price (if Return to Invoice upgrade purchased)
- Cost of a replacement new car (if New Car Replacement upgrade purchased)
This means you benefit from both Gap Insurance and Financial Shortfall GAP in one product!
EXAMPLE:
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Car Value |
£ 15,000 |
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Amount of Loan |
£ 15,000 |
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Early settlement at time of loss |
£ 16,700 |
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Motor Insurance Settlement |
£ 11,500 |
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Car Gap Insurance Benefit |
£ 3,500 |
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Finance Shortfall Benefit |
£ 1,700 |
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Combined Payout |
£ 5,200 |
That’s right; we send you a cheque for £5,200! We pay the depreciation PLUS the finance shortfall.
NOTE:
Whilst the Car Gap Insurance policy provides the most essential protection against car depreciation, and is available for cars purchased privately or from a dealer any time in the last seven years, the Finance Shortfall upgrade is only available if you bought your car in the last 90 days from a vat registered motor dealer.
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No claim limit
We are proud to say Car Gap Insurance are the first, and we believe only, on or offline provider of this type of insurance to remove
the £5,000 to £25,000 claim limit.
Purchase a policy from Car Gap Insurance and you can be safe in the knowledge your claim will be settled without the claim
limit restriction.
NOTE:
Maximum benefit of Finance Shortfall Upgrade is £5,000
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No car value required - Just choose from 3 broad categories
We consider it unreasonable to expect our customers to take on the responsibility
of accurately valuing their car so we have re-written the policy to remove this need.
So don't worry about knowing the exact value of your car when you purchase a policy, instead, just select the most
appropriate price range from the three provided, and we'll provide your quote in seconds.
At the point of claim, it's our responsibility to establish a full valuation. Where available we'll use your purchase invoice
and, like most motor insurers we'll use the services of Glass's Guide, the industries leading third party valuation resource for almost 75 years, to determine accurate independent valuations.
Because we, and your motor insurer, use the same independent valuation system, you can rely on the fact depreciation will have
been monitored and recorded accurately and reliably.
Please note: If you choose a price range lower than the value of your car, then our settlement will have to be restricted to
the highest vehicle value of the price range chosen.
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9 Optional upgrades
We appreciate not everyone is looking for the same level of protection, so we offer you the unrivalled opportunity to tailor your policy to your specific needs.
The Car Gap Insurance policy provides the most essential protection against car depreciation by paying the difference between your motor insurers' settlement and the value of your car today. A choice of 9 optional policy upgrades allow you tailor cover specific to your needs, so you only pay for the protection you require!
This innovative approach allows us to deliver dependable comprehensive cover whilst keeping underwriting costs to a minimum. In so doing, we are proud to say that our premiums, without compromise to cover, continue to be among the lowest in today's market.
If you would like to add more than one of the 9 optional policy upgrades, the Policy Upgrade Chart provides a simple illustration of the combination of upgrades that can be purchased together.
View the Policy Upgrade Guide.
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Suitable for cars purchased by means of cash or loan
Finance Shortfall is available when you borrowed all or part of the purchase price of the car by means of any type of hire purchase finance agreement from an authorised finance company.
NOTE:
Whilst our Car Gap Insurance provides the most essential protection against car depreciation, and is available for cars purchased by means of cash or loan the Finance Shortfall upgrade is only available if you bought your car in the last 90 days from a vat registered motor dealer.
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Finance Shortfall features
- Available up to 90 days after you took ownership of your car
- Covers cars up to 80,000 miles at start of policy with no mileage restriction after policy purchased
- 21 day money back guarantee
Whatever the reason, you can cancel your policy within the first 21 days and we will refund your premium in full
- Transfer Cover Free for 90 days
If you dispose of your vehicle in the first 90 days, we will transfer the policy to a similar value vehicle free of charge.
- Gap Insurance for Driving Instructors
Now the same robust reliable Car Gap Insurance policy can be extended to include protection for cars used by driving schools and instructors.
- Gap Insurance for Taxi
Our Gap Insurance policy can now be extended to include protection for cars used as a taxi.("Not suitable for Black Cabs")
Suitable Additional Upgrades
| RETURN TO INVOICE |
Upgrade Gap benefit to pay back to invoice price |
| FINANCE SHORTFALL |
Upgrade Gap benefit to pay the finance shortfall |
| DEALER ACCESSORIES |
Include protection for dealer fitted accessories |
| EXCESS BUSTER |
Include protection for Motor insurance excess |
| INCONVENIENCE GAP |
Pays a guaranteed £500 toward uninsured expenses. |
| TAXI GAP |
Extend cover for cars used for taxi purposes |
| DRIVING SCHOOL GAP |
Protects cars used for driving instruction purposes |
| NEW CAR REPLACEMENT |
Upgrade cover to pay back to cost of brand new car |
We also provide the following upgrades, however these are not compatible with the New Car Replacement upgrade.
| CONTRACT HIRE |
Upgrade Gap benefit to pay contract hire termination charge |
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Finance Shortfall benefits
Finance Shortfall is an optional add-on to your Car Gap Insurance Policy and pays up to up to £5000 if your finance settlement is greater than the value of your car.
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Example
This is an optional upgrade to your Car Gap Insurance, available if you bought your car from a vat
registered motor dealer in the last 90 days.
Don't be caught out if the amount you need to settle your finance agreement is more than the value of your car. Finance shortfall upgrade pays up to £5000 if your finance settlement is greater than the
- Value of your car
- Invoice price (if Return to Invoice upgrade purchased)
- Cost of a replacement new car (if New Car Replacement upgrade purchased)
This means you benefit from both Gap Insurance and Financial Shortfall GAP in one product!
EXAMPLE:
| Car Value |
£ 15,000 |
| Amount of Loan |
£ 15,000 |
| Early settlement at time of loss |
£ 16,700 |
| Motor Insurance Settlement |
£ 11,500 |
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| Car Gap Insurance Benefit |
£ 3,500 |
| Finance Shortfall Benefit |
£ 1,700 |
| Combined Payout |
£ 5,200 |
NOTE:
Whilst the Car Gap Insurance provides the most essential protection against car
depreciation, and is available for cars purchased privately or from a dealer any time in the last seven years,
the Finance Shortfall upgrade is only available if you bought your car in the last 90 days from a vat registered
motor dealer.
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Frequently asked questions
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WHY CUSTOMERS CHOOSE CAR GAP INSURANCE |
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Twenty years experience - Car Gap Insurance is not a broker
Car Gap Insurance is no "New Kid on the Block". Insurance products have been our business for over 20 years.
Car Gap Insurance is FSA registered with policies underwritten by 'Red Sands', both are part of the respected Hollard Group of companies.
When you purchase your insurance from Car Gap Insurance, you are to all intents and purposes buying direct from the insurer, no companies in between. We design the products, our insurance partner underwrites them.
You are purchasing robust dependable cover with clear terms & conditions and no compromise.
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How we save you money
Gap Insurance is nothing new, it’s been sold in its millions by motor dealers for over 20 years.
When we took the decision to deliver a Gap Insurance policy direct to the consumer, instead of via the motor dealer, the commission driven salesman, dealers etc. were removed. Instantly the premium you pay was immediately reduced by up to 75%. You could pay wholesale prices!
But we didn’t stop there. We re-wrote the rule book and designed a policy, written specifically for the on-line market.
This new Car Gap Insurance policy provides the most essential protection against car depreciation by paying the difference between your motor insurers’ settlement and the value of your car today. A choice of 9 optional policy upgrades allow you tailor cover specific to your needs. And pay only for the protection you require!
This innovative approach has allowed us to deliver dependable comprehensive cover whilst keeping underwriting costs to a minimum. In so doing, we are proud to say that our premiums, without compromise to cover, continue to be among the lowest in today’s market.
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We listen
We’re not a broker selling third party products. Despite over 20 years experience in developing and providing motor related insurance, we appreciate our most valuable information resource is you the customer.
If customers are confused or concerned by a policy condition, wherever possible we amend our policy. The recent decision to abolish the £5000 – £25,000 claim limits and to design a policy that’s suitable for cars owned up to 7 years are just a few examples of how we can, and do, react to our customers’ comments and requirements.
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Dependable
Your insurer, Red Sands Insurance Company (Europe) Ltd., is a specialist in UK motor related insurance products.
- A member of The Association of British Insurers (A.B.I.)
- A voluntary member of the Financial Ombudsman Scheme
- European Regulated
- A member of The Association of British Insurers (A.B.I.)
- A voluntary member of the Financial Ombudsman Scheme
- European Regulated
- Underwrite one of the UK's largest Mechanical Breakdown Insurance books
- Your policy is protected by the Financial Services Compensation
Scheme
- For further information about Red Sands please visit www.redsands.gi
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Rewarding your trust and loyalty
We have developed loyalty schemes to reward our customers. Our popular refer–a-friend scheme not only discounts the policy premium for the purchaser but also provides cash back to our existing customer.
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Real people offering real customer service
Whilst Car Gap Insurance is an online business, we appreciate that some customers prefer the reassurance of an approachable customer service team. So, if you prefer to speak to us, we're based in Wimbledon, London and happy to take your call.
After 20 years we understand the importance of good Customer Service.
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Eligibility
Check if your car is eligible for cover.
View the Eligibility Quick Reference Guide.
If you would like to add more than one of the 9 optional policy upgrades, the Policy Upgrade Chart provides a simple illustration
of the combination of upgrades that can be purchased together.
View the Policy Upgrade Guide.
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Significant notes
- Cars must be covered by an in-force and valid comprehensive motor
Insurance policy in which you are the policy holder or named driver.
- You cannot claim under this insurance if you have the option to replace the car with a new one under the motor insurance policy
- This policy can’t be transferred to a different car or owner.
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Significant features and benefits
- Provides cover against financial loss in the event of your motor insurer declaring your vehicle an insurance write-off
- Cover can be purchased up to 7 years after taking ownership of the vehicle
- Covers cars up to 80,000 miles at start of policy with no mileage restriction after policy purchased
- 9 optional upgrades provide additional valuable protection if required
- Cover available for up to four years
- 21 Day Money Back Guarantee. Whatever the reason, you can cancel your policy within the first 21 days and we will refund your premium in full.
- Transfer Cover Free for 90 days. Sometimes the car you ordered doesn't arrive, or the dealer needs to replace it for mechanical reasons. No problem, we will transfer the cover to your replacement car free of charge.
- Motor Insurance can be in your name or simply list you as a named driver
- Cover can be extended to include protection for cars used as a taxi or for driving school purposes.
(Please note: this upgrade is not available for Black Cabs)
- Return to Invoice upgrade pays the Gap Insurance benefit plus the difference between the vehicle value and the invoice price paid. To include this upgrade your car must have been purchased from a motor dealer within 90 days of purchase of this policy.
- New car replacement upgrade pays the Gap Insurance benefit plus the difference between the vehicle value and the price of a replacement new vehicle. To include this upgrade your car must be less than 3 months old, less than 500 miles, you or your partner must be the first registered keeper and have purchased the car from a motor dealer within 90 days of purchase of this policy.
- Finance shortfall upgrade pays the shortfall if the amount owing to settle a car hp finance agreement is greater than the vehicle value on the date of total loss. Maximum payment is £5000. To include this upgrade your car must have been purchased from a motor dealer within 90 days of purchase of this policy.
- Contract hire upgrade pays up to £5000 if the termination charge of the contract hire / lease agreement exceeds the vehicle value. To include this upgrade your car must have been purchased from a motor dealer within 90 days of purchase of this policy.
- Dealer fitted accessories upgrade pays up to £1000 toward dealer fitted accessories.
- Inconvenience Compensation upgrade pays a guaranteed £500 directly to you if your car is classed as a total loss.
- Motor insurance excess buster pays up to £1,000 toward the excess deducted by your motor insurer.
(Please note: this upgrade is not available for Black Cabs)
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Significant exclusions
- Vans, car derived vans, commercial vehicles and motor cycles.
- Cars fitted with non-manufacturer modifications such as engine modifications, up-rated brakes, roll cages, steering column extension. Please note that accessories such as alloy wheels, in-car entertainment, sat-nav, hands-free kit, roof rails, tow bar etc do not exclude your car from being insured under this policy
- Cars classified as category A, B, C, D, F or X total loss before the start of the policy
- Dealer fitted extras unless “Dealer Fitted Accessories Upgrade” has been selected by you.
- Cars used for taxi purposes unless “Taxi Upgrade” has been selected.
- Cars used for driving school purposes unless “Driving School Upgrade” has been selected
- Motor insurance excess unless “Motor Insurance Excess Upgrade” has been selected
- Cars used for self drive hire, delivery, courier or used by the motor trade
- Cars without a valid tax disc and, if your vehicle is more than three years old, a valid MOT.
- Costs such as road fund licence, warranty charges, insurance premiums
- Business mileage, but business use does not excluded your car from being insured under this policy
- Any claim if full and final settlement was not paid under the motor insurance
(Please note: this upgrade is not available for Black Cabs)
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How to make a claim
If the vehicle is subject to a total loss please contact the administrator within 30 days of the date of loss.
Tel: 0844 412 4273
We will discuss your claim with you and you will be asked to provide copies of the V5, UK Motor dealer invoice where applicable, copies of finance agreement or contract hire / lease agreement details and settlements (if benefits selected), details of the comprehensive motor insurance policy, your driving licence, a valid crime reference number, facts on which the claim is based together with any information and assistance which we may require to establish the amount of the claim.
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Your right of cancellation
21 Day Money Back Guarantee. Whatever the reason, you can cancel your policy within the first 21 days and we will refund your premium in full
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If you have a problem
Our aim is to provide the highest level of service to you at all times. If you feel we have not achieved our aim, please let us know, your feedback enables us to monitor and improve the services we provide.
For enquiries relating to the purchase of a policy, please contact Car Gap Insurance customer services 0844 3578220 or email@cargapinsuance.co.uk.
If you have a question or concern regarding an existing policy or claim please contact our appointed administrator, Direct Group Limited, customer services on 0844 412 4273 (all calls are recorded for training, compliance and claims purposes).
If you remain dissatisfied, you should contact the Insurer directly by writing to The Operations Manager, Red Sands Insurance Company (Europe) Limited, Level 3, Ocean Village Business Centre, 23 Ocean Village Promenade, Gibraltar.
Should you remain dissatisfied, you have the right to ask the Financial Ombudsman Service ( 0845 080 1800) to review your case.
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Financial services compensation scheme
We are covered by the Financial Services Compensation Scheme (‘FSCS’). Depending on the type of business and the circumstances of the claim, you may be entitled to compensation from the scheme if we cannot meet our obligations. For further information visit www.fscs.org.uk.
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Policy summary
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Terms & conditions
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