Gap Insurance covers your potential losses arising due to the fall in value of your vehicle. Gap insurance is available either to cover the finance gap i.e. the difference between what you owe the finance company and what your insurance policy pays out. Gap insurance is available on a 'back to invoice' basis - i.e. to cover the loss between the amount you paid for the vehicle and its purchase price. Gap Insurance is also offered for cars on lease and we offer special rates for fleet gap insurance.

 

GAP Insurance - for car / van / fleet and driving tuition use. UK owners only

For UK motorists, we offer GAP insurance for new and used cars bought outright, on Finance or on Lease. We also offer GAP insurance for vans and commercial vehicles, trucks, motorhomes and motorcycles. Our policies are also available for driving school tuition use. For companies, we offer annual GAP insurance to cover fleets on lease hire (an annual declaration is made). 

GAP Insurance. Types

There are three basic types of GAP Insurance:

• Back to Invoice insurance (or Return to Invoice/ purchase price protection) - for up to 3 years from date of purchase
• Finance insurance - for up to 5 years from loan agreement, and 
• Lease insurance - for up to 4 years from the lease start date. 

Subject to policy terms and conditions, Back To Invoice pays the difference between the price you paid for the vehicle and the total loss offer by the insurance company, Finance pays the shortfall between a total loss offer and the amount outstanding on the Finance agreement. Lease / Contract Hire, pays the difference between the total loss offer and the amount remaining on the Lease Deal. Please note that (other than for fleets) the premium is a one-off and that it will be impossible to renew/ take out a policy on your vehicle once the period of cover you select expires.

Our GAP Insurance Rates - if you know the type you want.
Finance - from £73.50	Back To Invoice - from £90.30	Lease	Fleet

Save £10.50 on our standard premiums by buying online (not available for Fleet)

Typical Exclusions

There are several exclusions with GAP Insurance, as with all insurance policies. For full details have a look at the policy summaries or policy wording however typical exclusions could be: Loss if the damage isn't covered under a policy, if the driver is drunk, if the car is stolen with keys left in it, non-standard vehicles (e.g. kit cars) or if the car is used for racing, speed testing, pace making or rallying. Similarly the excess on the policy may not be paid and cover would be affected if another policy was in force.

Does 'Back To Invoice' really mean 'Back To Invoice'?

Although sold as 'Back To Invoice', the Insurance may not fully cover the price on the invoice you paid when you bought the car. Our insurance policy will include factory-fitted extras and any discount but not warranties, insurance premiums or road fund licence (which can be claimed back anyway), or 105% of Glass's Retail Value (whichever is the lesser) for that vehicle at the time of purchase. (As you know some garages give high trade-in values exceeding Glass's guide rates substantially).

Back To Invoice GAP Insurance | Finance GAP Insurance | Lease GAP Insurance

Policy Limits

About Us

B. Portwood & Co Ltd, - Insurance Brokers, 145 Newgate Street, Bishop Auckland, Co Durham. DL14 7EN Tel 0844 8262616 is authorised and regulated by the Financial Services Authority - this can be checked on the FSA Register on  their website www.fsa.gov.uk. Our company number is 785468. We are not VAT registered. We are registered under the Data Protection Act. You may e-mail us at bishop#thiswebsite for further information. Our IDD is found here - we only offer one insurer for this type of policy. Further contact details are available here.

Arranging Cover

Insurance can be purchased online - we will process the application and send you the policy/ confirmation of cover. There is no proposal form required but you should ensure that the policy meets your requirements especially that you qualify, that you keep a comprehensive policy in place, that the vehicle is acceptable in make/ model and is not modified, nor used outside the scope of cover.

Remember you can save £10.50 on our standard premiums by buying online

You may be pleasantly surprised at the  wide range of other insurance policies that we can offer our customers - not just GAP Insurance. Use the links at the top of the page for further information. We advise on the policies we have available if you contact us. If you just use the information on the website than the product is sold on a 'non-advised' basis.