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Enter e-Mail address below for updatesValuation Gap Insurance
This term is usually used in relation to `Motor Insurance` and is designed to refer to the widest cover available. Comprehensive suggests all embracing but as no two polices are the same you will need to consider what cover is actually provided in order to make an informed decision.Gap Insurance for Business or Commercial Vehicles up to 3500 Kg is designed to pay you the difference between the value of your vehicle today and the value of your vehicle at the time it becomes a total loss or write off through fire, accident or theft while the policy is in force.
For a ‘one off’ payment the policy last for 3 years after you have taken it out and it can be taken out for vehicles up to 8 years old.
This differs from Invoice Gap Insurance in that you don’t have to take cover out when you purchase the vehicle.
As a claims example if your car today is worth £20,000 and after 2 years it is involved in an accident and simply not repairable, then a claim under the Gap cover will top up the monies received from your Comprehensive Motor Insurer back to the £20,000 – the value of the vehicle when the policy was taken out.
Remember that all cars depreciate in value and so if after the 2 years the cars value was only £13,500 the valuation gap insurance would pay you an additional £6,500.
There are many reasons why you should consider this insurance, especially if you look at the UK statistics:-
· Over half a million vehicles become a total loss each year
· 200 vehicles are involved in serious accident every day
· Car Crime is one third of all crime
· A vehicle is stolen every minute of the day and over one third of these are never recovered
Our Valuation Gap Insurance is administered by The Warranty Co UK Ltd and cover is underwritten by Axa Insurance UK Ltd.
The cover includes any Manufactures extras fitted to the vehicle which can include up to £1,500 of Dealer fitted extras as well.
To review the KeyFacts policy summary please click here.
The chart below shows the current prices for the varying limits of cover.
Please note the Maximum Claim Limit.
| Age / Valuation Eligibility | Maximum Claim Limit | Duration of Cover | RRP Ex IPT |
Insurance Premium Tax | Premium You Pay Inc IPT |
|---|---|---|---|---|---|
| Vehicles up to 8 years old / £10,000 | £5,000 | 36 Months | £130.00 | £6.50 | £136.50 |
| Vehicles up to 8 years old / £20,000 | £10,000 | 36 Months | £150.00 | £7.50 | £157.50 |
| Vehicles up to 8 years old / £40,000 | £25,000 | 36 Months | £175.00 | £8.75 | £183.75 |
| Vehicles up to 8 years old / £75,000 | £25,000 | 36 Months | £400.00 | £20.00 | £420.00 |
| Vehicles up to 8 years old / £100,000 | £25,000 | 36 Months | £800.00 | £40.00 | £840.00 |
The following vehicle uses/manufacturers are excluded from cover:
Vehicles not listed in Glass’s Guide, kit cars, invalid carriages, taxis, self drive, hire & reward, driving schools, commercial vehicles over 3500 kg, vehicles used in any sort of competitions or rallies. All American, Australian and Canadian vehicles (unless built for the UK market).
