To be eligible for GAP Insurance, vehicles must meet certain criteria. These include being less than 8 years old and having less than 70,000 miles recorded since their initial purchase. Additionally, cars and light commercial vans weighing less than 3,500 kg, with an insured value of under £75,000, are also eligible.

The vehicle must also be listed in Glass's Guide, adhere to UK specifications, and should not have undergone any modifications.

The specifics of your GAP Insurance policy will depend on the type of coverage you select but all policies work in a similar way; by closing the gap between the value your insurer pays out in the event of a write-off or total loss and the original value of your vehicle.

For example, if you purchase a new car for £30,000 and it is stolen or written off a few years later, and its value has declined to roughly £10,000 - so this will be the value your insurance company will pay out, leaving a big disparity. If you’re still paying off finance or a leasing company, or just want to buy the same car again, you’ll likely be out of pocket without GAP Insurance.

It will completely depend on your personal circumstances as to whether you’ll benefit from GAP Insurance, however, it’s generally thought that you will benefit from coverage if you have a new or low-mileage vehicle, in the event of a write-off or total loss. This is because new vehicles depreciate in value quickly, typically around 60% in the first three years alone.

If you’re leasing or financing a vehicle, GAP Insurance can be beneficial as, in the event of a write-off, you’ll likely be left with expensive fees to pay.

It is important to note that depending on your insurance policy, you may already have coverage for the first year. However, this is subject to your insurance provider and the type of coverage you have. Before purchasing additional GAP Insurance, it is recommended that you verify your existing coverage and set a reminder to renew your policy before it expires.

The cost of your GAP Insurance will be determined by various factors, such as the make and model of your vehicle, the duration of the coverage, and the level of protection you require. However, typical policies usually cost between £100 to £300, for 12 months cover.

I lease my car – can I still get GAP insurance?

Yes, GAP Insurance is available for new and used cars purchased in the last six months, whether bought outright, leased or on finance.

A GAP Insurance policy will vary depending on the type of cover you choose but will essentially cover the difference between how much your insurance pay-out is in the event of a write-off or your car being considered a total loss, and the cost of replacing your vehicle or the amount remaining on your finance.

With MotorEasy, you’re also covered for optional extras and accessories if they’re installed by the factory or dealer as well as up to £1000 towards your insurance excess.