We are asked a variety of questions regarding Gap Insurance, and this is simply because it if a little known and often misunderstood type of insurance. Like any type of insurance, Gap cover has terms and conditions, otherwise known as the ‘small print’ . It is often enough to make anyone break out into a cold sweat!
However, Gap Insurance is a relatively ‘black and white’ type of insurance, as it relies on one fact to become valid, has your vehicle been written off by your insurer or not?
Once that has been established, then your potential Gap Insurance claim can be assessed and settled.
Does my Gap Insurance cover me if……
Nearly every possible variant of this question can be answered in the same way,
Yes, Gap Insurance does cover you as long as your own motor insurance does.
So if you are asking ‘does my gap cover me for theft of keys?
‘Does my Gap cover me for being drunk behind the wheel?’
‘Does my Gap cover me for driving abroad?’
All these questions can usually be answered by checking your own vehicle insurance first.
Of course they may be exceptions to these criteria, however generally speaking a good Gap Insurance policy from a reputible insurer should certainly cover your if your own insurance cover you too.
Gap Insurance is like any other insurance!
That simply means you need to check the policy terms and conditions thoroughly, and if you are not sure then ask questions.
If you come across terms in the policy that contradict what the retailer has said, then ask why it is different. For example, a salesperson may claim that the policy will pay from your insurers payout, however, most gap insurance policies will define the ‘market value’ in the terms and conditions, and if you fail to gain ‘full indeminity’ from your own motor insurance, the gap insurance policy may not make up the difference.
So as always, check your policy, but generally if your own insurance will, then gap insurance cover will!