GAP insurance

  • Added protection for your vehicle
  • Can return you to your purchase price
  • Can settle any outstanding finance balance
  • Want to know more? Get in touch
Best available rate
Total repayment
Total cost of credit

Best available rate

Total repayment

Total cost of credit

Representative example:

Borrowing £7,500 over 4 years with a representative APR of 27.4%, an annual interest rate of 27.4% (Fixed) and a deposit of £0.00, the amount payable would be £246.43 per month, with a total cost of credit of £4,328.83 and a total amount payable of £11,828.83.

Rates may differ as they are dependent on individual circumstances. Subject to status.

CarFinance 247 is a broker and not a lender

We compare products from 18 of the UK's top lenders to get you the best deal.

GAP insurance

What is GAP insurance? Do I need it? How much does it cost? Don’t panic! If you have any questions over GAP insurance and whether it’s right for you, here’s everything you need to know when considering taking out a policy.

What is GAP insurance?

We all know car insurance is a legal requirement, and the policy we take out, amongst other things, covers our vehicle against unfortunate incidents such as accidents, fire and theft. However, if your car is considered a total loss (where the insurance company decide to write off your vehicle) your insurance policy will usually only pay out the current market value of the vehicle – not the value you paid for it originally, nor the outstanding balance of any finance you still owe.

GAP Insurance or Guaranteed Asset Protection Insurance is designed as a top up to your fully comp insurance policy, to ensure you’re never left out of pocket.

So what exactly does it cover?

There are a number of types of GAP insurance, the most popular are RTI and Finance GAP.

Return to invoice (RTI) GAP insurance is designed to return you to the same financial position you were in when you purchased the vehicle - once you’re fully comprehensive motor insurance policy has paid out, your RTI GAP insurance policy will top up the difference so you receive back the full amount you initially paid for the vehicle.

Finance Guaranteed Asset Protection (GAP) – or Finance GAP – covers the difference between the amount paid out by your motor insurer, if your car is written off, and any outstanding balance on your vehicle finance agreement, therefore leaving you with nothing to else to pay.

To get the best of both worlds, you can combine both RTI and GAP insurance, so that you the policy pays out the higher of the RTI or Finance GAP amount.

GAP insurance can even contribute towards any excess that you have paid as part of your fully comprehensive insurance policy.

Can CarFinance 247 arrange GAP insurance for me?

Yes, we provide a combined GAP insurance policy covering both RTI and Finance GAP insurance. This policy will top up your motor insurance settlement to match either the original price you paid for the vehicle or the outstanding balance on your finance agreement – whichever is higher. Our policy will also pay up to £250 towards any excess you have paid as part of your motor insurance policy claim.

How easy is it to purchase GAP?

GAP insurance can be purchased in a very simple and straight forward way. You will have the option to arrange GAP insurance any time after you have agreed to purchase your new vehicle.

There are two ways in which you can pay for this policy. A single one off payment can be made or you can spread the cost over 11 instalments.

How much does it cost?

The cost of GAP insurance naturally varies dependent on the price you have paid for your vehicle, its age and the purpose of use.

For a free no obligation quote or to find out more about GAP insurance call our Insurance team on 0161 850 5098

three members of staff looking at camera
Best available rate
Total repayment
Total cost of credit

Best available rate

Total repayment

Total cost of credit

Representative example:

Borrowing £7,500 over 4 years with a representative APR of 27.4%, an annual interest rate of 27.4% (Fixed) and a deposit of £0.00, the amount payable would be £246.43 per month, with a total cost of credit of £4,328.83 and a total amount payable of £11,828.83.

Rates may differ as they are dependent on individual circumstances. Subject to status.

CarFinance 247 is a broker and not a lender

We compare products from 18 of the UK's top lenders to get you the best deal.