What is Agreed Value Gap Insurance, and how can it be used to protect you? Styles of Gap Insurance such as Return to Invoice, Finance and Contract Hire Gap and Vehicle Replacement Insurance, often rely on the fact that you have bought the vehicle from a motor dealer in the last 180 days.
What happen if you have bought outside this period, or you do not have an invoice because you have bought the vehicle privately or from an auction?
Agreed Value Gap Insurance, or Shortfall Gap Insurance, can protect your investment in different ways. As you do not have a qualifying invoice to produce, you have no figure in writing to protect to.
Agreed Value Gap Insurance will protect the value of the vehicle on the day you buy the policy is protected instead.So if the vehicle is written off during the cover, the Agreed Value cover will top up the ‘market value’ back to the vehicle value on the day of policy purchase.
This means that you can protect back to this ‘agreed value’ figure for up to the next four years.
This is a very good question, and the answer is different depending on the website you go to.
The EasyGap version of this style of Gap Insurance is called Shortfall Insurance. This valuation using this policy is taken by using the Parkers Guide Private Good value of the vehicle on the day you buy the policy. Parkers Guide is one of the most established vehicle price guides in the UK today.
The GapInsurance123 Agreed Value Gap Insurance policy uses the Glass’ Guide Retail Valuation of the vehicle on the day you buy the poicy. In fact it will protect 105% of this figure for up to the next 4 years.
This style of insurance is available for cars, vans, motorbikes, motorhomes, driving school vehicles and even private hire taxi’s (only on GapInsurance123).
Agreed Value Gap Insurance as Easy as 1-2-3!