Finance Gap Insurance

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Finance GAP Insurance

We are pleased to offer Finance GAP Insurance for period of up to 5 years. Our finance GAP insurance policy can cover a used car, vehicles use on many businesses including taxis and driving tuition. Finance Gap Insurance is for vehicle that are being purchased on Finance and is not suitable for those that are bought outright or on lease. Vehicles bought outright have to be covered with 'Back To Invoice GAP Insurance' whilst those on lease or hire have to have a 'Contract Hire GAP Insurance' policy.

Please note that as well as Finance GAP Insurance, vehicles on Finance can be covered with 'Back To Invoice'. The main difference is that with Back To Invoice the insurance company pay the difference between the total loss offer and the original purchase amount, whereas on 'Finance GAP' the payment is the difference between the total loss and the amount outstanding on loan. This means that more is paid out on 'Back To Invoice' and thus the premiums are more. Perhaps a numerical example would help:

Purchase Price of Vehicle: £10,000, Amount Outstanding on Loan: £8,000, Amount Paid by Insurer: £6,000: Amount Paid out on Finance Gap: £2,000 (£8,000 - £6,000), Amount paid out on 'Back To Invoice': £4,000 (£10,000 - £6,000).

Our Finance GAP Insurance rates.

You can buy Finance GAP insurance online, however to save you the trouble of obtaining the premiums by filling in the form, we are pleased to enclose a table of the rates. The premium depends on the purchase price of the vehicle, the use of the vehicle  and for how long you want the policy to run. Please note that only one premium is paid - even for 5 years cover. Cover is only available for UK cars, light vans, driving school cars and taxis under 5 years old at inception,. Second Hand vehicles are acceptable. The Finance start date must be less than 3 months ago. You can select 1,2,3,4 or 5 years insurance - all for a single premium. All insurance quotes include IPT (currently 5%). The benefit period commences from the date the Finance Started.

Save £10.50 on the GAP Insurance rates below by buying Online - Click Here (Not available for CVs)

Type of Vehicle Max Purchase Price Max Benefit 1 Year  2 Years  3 Years  4 Years 5 Years Policy Summary Policy Document
Car/ Light Van £15,000 £10,000 £99.99 £106.63 £116.82 £120.33 £124.19 Click Here Click Here
Car/ Light Van £25,000 £10,000 £115.42 £118.23 £122.44 £125.95 £128.76
Car/ Light Van £40,000 £15,000 £131.49 £136.49 £141.40 £145.74 £149.83
Car/ Light Van £50,000 £15,000 £136.49 £141.40 £145.74 £149.83 £154.75
Car/ Light Van £75,000 £20,000 £190.82 £194.08 £198.02 £204.62 £210.94
Taxi £25,000 £10,000 £128.13 £132.75 £143.38 £147.88 £152.38 Click Here Click Here
Taxi £40,000 £10,000 £156.38 £156.38 £167.00 £172.63 £178.25
Driving School £15,000 £5,000 £106.63 £110.50 £116.82 £121.33 £125.19 Click Here Click Here
Driving School £25,000 £10,000 £115.42 £118.93 £122.44 £125.95 £128.76
Commercial Vehicles to 7.5T £60,000 £15,000 £136.50 £168.00 £189.00 £199.50 £210.00 Manual Application. Please fax this form to 01388 663032
Trucks 7.5T - 44T £50,000 £15,000 £220.50 £241.50 £273.00 £283.50 £294.00 Manual Application. Please fax this form to 01388 663032
Trucks 7.5T - 44T £50,000 - £100,000 £20,000 £325.50 £357.00 £399.00 £420.00 £441.00

  Request further Information

You may buy online. When you click the 'Buy Online' link you will be asked to complete details of the vehicle, purchase price, length of cover and your personal details as well. The premium will then be shown as well as the information provided. Please ensure that all the information is correct (press the <back-button> if wrong) so that we can process the form and put you on cover. Payment is organised through PAYPAL. We aim to process any application the same business day if the application is made during normal office hours, or the next business day if the application is made later. Please note that the period of cover (12,24,36,48 or 60 months) does not depend on the day that you take out the policy. When you buy the policy you will be sent electronic copies of the policy summary/ key facts document, a sample policy wording and a copy of our initial disclosure document.

Back to our new and used car GAP Insurance introductory page with details of the different forms of cover available 'Finance', 'Contract Hire' and 'Back to Invoice'

For further information please call B. Portwood & Co Ltd on 0844 8262616. B .Portwood & Co Ltd, 145 Newgate Street, Bishop Auckland, DL14 7EN are authorised and regulated by the Financial Services Authority. This may be checked on the FSA register.

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