Extra Protection for You and Your New Vehicle
'GAP insurance’ goes by many names: retail price protection insurance, return to invoice insurance, asset protection insurance or even financial shortfall insurance. If your vehicle is stolen or written off in an accident, GAP Insurance ‘fills the gap’ between the retail price that you originally paid for the car, and what your normal comprehensive insurance policy will pay out if the vehicle is stolen or written off - which is often a lot less.
This difference is because insurance companies base a lost vehicle’s value on its current market value. This might sound reasonable, but it does mean that if your car is stolen in the first few years, the gap between the original invoiced price and its current market value may be significant. If you had finance on that vehicle, the outstanding amount to be paid off may even be more than its current market value.
GAP Insurance protects you from losing more than just your car.
Don’t be at a Double Disadvantage
Without GAP Insurance, you are at a double disadvantage if your vehicle is stolen or written off. Here's why:
You will need to buy a replacement, but as you don’t have your original vehicle, you can’t benefit from doing a part exchange.
The amount you will receive from your insurance company will be based on 'current market value' - which is generally much less than what you originally paid for your car.
So, you will either need to settle for a less expensive, lower specification replacement, or find a lump sum of money that will make up the difference between the current market value and what you originally paid, to allow you to make a like for like replacement.
The Main Benefits
If you have GAP Insurance, you are covered for the full invoiced price of your vehicle, including factory and dealer fitted extras. It pays off any outstanding finance on your car, so you're not personally liable to your finance lender.
Ingeni GAP insurance will also pay a generous contribution to your standard insurance excess (up to £750 for every non-write off claim you make on that vehicle), which helps save you money with your standard motor insurance.
Note: If your standard motor insurers replace your lost vehicle, your GAP Insurance can be transferred to the new vehicle.*
* A small administration fee may apply
Other Important Benefits
Ingeni GAP insurance will also pay a generous contribution to your standard insurance excess (up to £750 for every non-write off claim you make on that vehicle).
Pro Tip: Set your excesss to £750 and check how much it lowers the cost of your standard motor insurance.
We pay you an 'inconvenience payment' of up to £1500 to support you with the unexpected costs of having your car declared a total loss
Key Cover up to the value of £750 for replacement keys if yours are lost or stolen.
Car Hire contribution, for up to 14 days at a value of £55 inc VAT per day, so if you do need to temporarily hire a vehicle, we help you with those costs too. This is in addition to the inconvenience payment.
How to make a claim
Contact us on 01787 220799 and we will guide and support you through the process. We will need a number of documents from you to go with your claim form. These are:
The original purchase invoice for the vehicle
The Settlement for Total Loss confirmation letter from your Insurer
Your certificate of Motor Insurance plus the Insurance Schedule for the cover in force at the time of the loss
The full V5C registration Document
Your insurance provider's Engineer's Report (which you will need to request from your insurance provider)
Plus, if the vehicle was financed, we'll also need:
Your original finance / hire purchase agreement
Your final settlement amount (which you get from your finance company)
We'll also need you to advise your finance company and Insurance providers that Ingeni has your permission to discuss your claim with them.
Important to Remember:
Do not accept any 'market value' settlement offer from your insurer before you have discussed it with us.
Need to Know
GAP Insurance is optional and is available from other insurance suppliers. Please note that the cost of GAP Insurance may vary depending on differing levels of cover and variable terms and conditions. Check out our Insurance Product Information Document which summarises all terms and conditions. We advise that you check carefully when making comparisons .
Information at a Glance
Download the Insurance Product Information Document (IPID) which summarises the Terms and Conditions for this product.
Terms and Conditions
Download the full Terms and Conditions for this product. If you are comparing with other insurance providers, make sure you compare all the details for a true reflection of comparable value.
Making a Total Loss Claim
Need to make a claim if your car is written off or stolen?
Call us on 01787 220799 or email on us on claims@ingeni.co.uk.
You can also download a GAP Insurance claims form here.
Making an Excess Claim
Need to make an Excess claim for a non write-off accident?
Call us on 01787 220799 or email us on claims@ingeni.co.uk
You can also download a GAP Excess claims form here.