Gap Insurance is a supplementary Insurance that protects you financially if your vehicle is written off.
Don't forget that if you vehicle is written off your own motor insurance company is only ever legally obliged to offer your the value of your vehicle on the day it was written off. With the average vehicle depreciating up to 50 % within the first three years alone this means that the amount that you are offered in settlement can and often is thousands and thousands of pounds less than the original amount you paid.
Shortfall Insurance or Gap Insurance as it is often called can protect you against this loss. Depending upon the level of cover you chose you can protect the difference between the value of your vehicle on the day it was written off and the amount of money outstanding on finance, the original invoice price you paid or even the replacement cost.
Please remember that no level of gap insurance can ever stop your vehicle from being written off and no level of cover can ever stop you from being in an accident, however, with a form of protection at least the financial worry can be taken away.
We know that buying gap insurance online can seem difficult, everyone calls their levels of cover something different, add in claim limit variances and even different policy terms and conditions so you will be pleased to know that at Shortfall our aim is to make buying your policy as easy and transparent as possible.
That said our customer services team are here to help. So, if you have any questions, or simply want to explore what gap insurance is and how it could help protect you why not click or call and speak to a member of the team.
Buying Gap Insurance Online does not have to be difficult, however, we understand that while for some the thought may be some what daunting.
So, before you start to Compare Gap Insurance quotes or levels of protection we would ask that you simply take a few moments to think about you and what is important to you. After all, we are all different, buy different vehicles for different reasons and even pay for them in a variety of ways.
So, what is important to one person and their circumstances could be totally different from you.
It is not a nice thought especially if you have to even collected your vehicle yet but please think about how you would like your gap insurance policy to protect you, what would you like it to do?
For example, if you simply want to make sure that heaven forbid if your vehicle is written off that you can walk away with no liability then perhaps you should consider a basic form of Finance and Contract Hire Gap Insurance.
If instead you want to walk away with any deposit that you initially paid and equity you have generated while making you payments then a form of Return to Invoice Gap Insurance may be more suitable.
Perhaps you prefer the idea of protecting a standard of vehicle no matter what happens to inflation, model changes and even upgrades, no problem in that case you need to consider a form of Vehicle Replacement Insurance.
Once you have decided which level of gap insurance is the most suitable you are ready to start to compare levels of cover and buy gap insurance on-line.
As always our customer services team are here to help to answer any questions you may have so why not click or call 0800 195 4926 and explore your gap insurance options.
At Shortfall our number one priority has and always will be, what happens when you need to make a claim.
However, we live in the real world and completely understand that no matter how fantastic we believe of policies to be, that the price and quotation you are given is also important.
We do not offer discount codes, vouchers or other gimmicks instead we constantly monitor the gap insurance market and gap insurance quotes from our competitors to ensure that you are always offered some of the very lowest quotes in the UK. That said, in the unlikely event that you do find a cheaper quotation simply contact us and we will beat it.
No drama, no fuss!
You can simple click the quote button and our fully automated system will walk you through.
You will be asked questions about your vehicle, when you bought it and how you are going to use it. Even how you have funded the vehicle can make a difference. The age and mileage on the day that you collected it will also be important as various level of protection are only available for vehicles within a certain age and mileage banding.
You will then be given a choice of policies to consider.
Alternatively if you prefer why not simply contact a member of the team on 0800 195 4926 where a member of the team will be able to discuss your vehicle and how the various levels of protection could work for you.
Our aim is and always will be to be totally and some say brutally honest about our levels of protection, how they work and what they will and will not cover. We have spent a long time re-fining , adapting and fine tuning our gap insurance with you in mind so that they now have what we consider to be the very best levels of protection in the market.
With the help of our insurers UK General on Behalf of Ageas and our management team we have been able to hand pick policy features that mean that should you ever need to make a claim that they offer not only excellent levels of customer service but also have the least amount of exclusions possible.
With quotations from as little as £39.00 inclusive of insurance premium tax why not explore your gap insurance options?
Vehicle Replacement Insurance is the newest and quickly becoming the most popular form of gap insurance to available.
This is because unlike other forms of gap insurance with protect either a financial amount or the invoice price you have paid, vehicle replacement insurance protects the inflationary increased cost.
This means that if you vehicle is written off you would be paid the difference between your vehicles valuation and the amount of money that you would need to spend to buy another vehicle the same age, mileage specification and condition as yours was on the day that you drove it home from the dealership.
If that model is not available then settlement will be based on the cost of the superseding model.
Inflation, vat rates, model upgrades all mean that over a period of years just as the value of your vehicle is going down the cost of buying a replacement like for like vehicle is going up and this is exactly where vehicle replacement can help.
Please remember that not all vehicle replacement policies are as transparent or as all inclusive as ours so before you buy vehicle replacement from anywhere else why not click or call 0800 195 4926 and speak to a member of the team and what vehicle replacement insurance could do for you.?
We can offer gap insurance, tyre insurance, smart insurance, excess insurance and even key insurance for many different types of vehicles. In fact the main eligibility conditions are simply that you car has to be listed in Glass's Guide, it has to be a UK supplied car and that it can not already have been subject to a write off.
Tyre insurance and some other levels of protection will only be available if you have bought your car within a set time frames or it is a certain age. However, our system has been designed to eliminate various policies which you are not eligible for.
Our car gap insurance policies have been designed to have as least exclusions as possible however we would always request that you read all your policy details before you buy and form of protection.
So no matter if you car is a £74000, Aston Martin, a £50,000 Range rover or a more modest car why not click or call and see how Shortfall Gap insurance could help protect you?
Gap insurance, just like tyre, smart, excess and key insurance is classed as "supplementary insurance". this means that at the moment there is no legal need for you to buy any form of protection and no finance house or dealership can make the purchase a condition of sale.
Instead it is always your choice. Lets be honest it is your car, and your money and with an estimated 600,000 vehicles written off in the UK each year alone if your car is written off and you have no level of gap insurance or protection it will be you who has to cope with any financial ramifications.
Our policies can offer a whole range of insurance for your motorhome from finance and contract hire gap insurance to vehicle replacement, from key cover to protection for your own motor insurance excess.
As always our motor home policies, even though they are what we consider to be the most all inclusive in the market, will have terms and conditions so it is really important that you read your policy before you buy any level of protection.
For example, at present we can not cover any American Motorhome, equally your motorhome has to have started it's life as a motorhome and can not be a customised conversion, it also has to of been first registered within the UK.
That said, no matter if you have a Auto Cruise, a Volkswagen California or Auto Sleeper or any of the other many motorhome manufactures vehicles our policies could offer a safe and secure way of protecting you.
Our ethos is to be completely honest and while motor homes may not deprecate as quickly as other forms of vehicle is will over time loose value. The proportion of deprecation may be lower than say a car the sheer cost could mean that you can lose thousand if not tens of thousand of pounds.
If you had bought a car and it deprecated the average 50 % within a three year period if your car was then subsequently written off and your own motor insurance company offered the market value you would anticipate being offered somewhere in the region of £5,000.
Even though, your motorhome may only depreciate ( for illustration purposes ) 25 % within a three year period the fact that it was so much more expensive means that you could leave yourself financially exposed.
If you have bought a motorhome and paid £42500 even a nominal 25 % deprecation would mean that you could lose over £10,000.
With gap insurance and other supplementary insurance from as little as £39.00 for a years cover and key cover starting from £10 is it really worth taking any chance?
As always it is your choice, after all it is your motorhome, your money and you who would have to deal with any financial implications if your motorhome is written off and you have no level of motorhome gap insurance or other form of cover in place.
There is a higher accident risk associated with Learner Driver Vehicles and this has sometimes meant that some Gap Insurance providers have either not offered Driving School Gap Insurance, or there may be a high premium charge on the cover which can make it unaffordable.
Depreciation is inevitable with all vehicles, from the second you drive away from the showroom, though it is likely that a vehicle such as a driving school vehicle, is going to depreciate even further, due to the high mileage that comes with such a car. It is likely that due to the fact you use your car all day and as a place of work, that the amount of miles and general wear is going to be higher than a regular vehicle that is only used from getting to and from work and about town etc.
Being a driving school instructor, your car is your biggest asset and so, loss of your vehicle could have serious effects on any driving school, no matter how small or big. Therefore, an increasing number of instructors are looking for a way to protect their asset and this is exactly where driving school gap insurance comes in.
There will never be a good time for you or one of your learner drivers to be involved in an accident, or for your vehicle to be stolen, this can be extremely stressful for all parties. This of course will be made worse if your vehicle happens to be written off or declared a total loss, as this is the main tool of your trade and the asset in which you earn your living. By protecting your original investment price, there will be far more options available to you if the worst was to happen and your driving school vehicle became one of the 600,000 vehicles that were written off in the United Kingdom per annum alone.
There are different types of driving school gap insurance that may be eligible to you, depending on your circumstances.
Driving School Finance Gap Insurance:
Lets look at an example of how Finance Gap Insurance would work for you and your driving school vehicle. Lets imagine that you have bought your vehicle and intend to use it as driving school. The car's value is £11,000 and you have paid for this with an initial £500 deposit and then a finance balance over the next four years. Everything is fine until 18 months into having your vehicle, one of your driving school students unfortunately crashes into another vehicle and your car is declared a write off.
Your Insurance company, therefore, offer you the value of your car on the day that is written off. After a year and a half of good business your car had now done around 80,000 miles and had a value of £6,000.
Although your finance company may be understanding, they will still have to be paid and so they send you a settlement figure of £8462 that is expected to be paid.
In this example, this shows that you have an outstanding finance shortfall of £2,462 once your motor insurance has paid your finance company the amount your car was worth. Driving School Gap Insurance would pay the difference between your cars valuation on the day it was written off and then clear the outstanding balance that remains owed to your finance company, in this case £2,462. This leaves you exactly where you begun, in the perfect place to be able to move on and purchase another vehicle.
Lets look at Driving School Return to Invoice Gap Insurance:
Using the same example, you have bought your driving school vehicle and have paid a £500 deposit, then financed the balance over four years, the car was originally worth £11,000. Once again, 18 months later the car happens to be written off.
So your Insurance company offer you the £6,000 your car is now worth. The settlement is the same price of £8,462 and so without any form of gap insurance, the settlement paid by your motor insurance would be the only amount available to you that you would have to be able to clear your outstanding balance and purchase another vehicle. You have a shortfall again of £2,462 which is expected to be produced by yourself. So now you are in debt to your finance company and have no remaining funds to be able to organise another vehicle for yourself.
This is exactly where Driving School Return to Invoice Gap Insurance comes in. In this particular example, you would be awarded the £6,000 settlement from your motor insurance company, though you would now receive a second payment for the difference between this £6,000 and the original invoice price you paid. This means that you now have your £11,000 purchase price back. This leaves you with enough money to clear your outstanding balance of £8,462 and then you have further money to do with as you wish, like putting it towards a new vehicle.
Lets look at Driving School Vehicle Replacement Gap Insurance
Looking at the same scenario, 18 months into your term, your driving school vehicle is written off and the settlement that you are expected to give your finance company is £8,462. Your motor insurance has awarded you with the £6,000 your car is now worth and without gap insurance you have an outstanding balance to pay on your own.
Vehicle Replacement Gap Insurance pays the difference between the £6,000 valuation from your motor insurance and the amount of money you would need to be able to buy the same exact specification of car again, same age, condition and mileage as your vehicle was on the day you drove it away from the showroom.
Therefore, imaging that your car, to buy the same standard of vehicle again, is now £13,000, you will receive £7,000 from your gap insurance company. This leaves you with the correct amount of money to be able to pay the outstanding balance to your finance company along with a further significant amount of money which you would be able to use as you see fit. You may not want the exact same car again and so this money could be put towards a different vehicle altogether, it is completely your choice to how you spend your remaining funds.
Taxi Gap Insurance has always been difficult to find and even if you have been able to buy it is is normally some what limited in terms of policy features and can be very expensive.
This is because the whole idea of gap insurance is that if your vehicle is written off, you do not end up out of pocket.
The sheer fact that you will be using your vehicle as a Taxi means that it will be on the road working hard and making you money a lot more than Mr & Mrs Average.
It will naturally also have a lot more miles on the clock.
This means that if your Taxi is written off, your own insurance company who are only ever legally bound to offer you the market value of your taxi on the day it was written off will be offering you at lot less than they would for Mr and Mrs Average mileage and normal usage.
This in turn means that you will be naturally expecting your Taxi gap Insurance to pay the difference which in most cases is the lions share.
Insurance companies therefore, class Taxi's as much higher risk and therefore charge a lot more and normally with restricted features. Thankfully our policies while charging slightly more offer the same benefits as normal.
If you have purchased a new vehicle to carry out your taxi work in, then it is likely that you are going to want to protect it. It goes without saying that a taxi is likely to be used a lot more than a regular vehicle, as it is an asset that as well as being what you use for work, it is also your place of work. Therefore, the amount of miles that your taxi is going to do, is more than likely going to be a lot more than a vehicle that is just used from getting there and back from work. This unfortunately means that your taxi is going to depreciate more than the regular vehicle.
If you were in the unfortunate position of being involved in an accident or if your taxi is stolen or set on fire to the point where it was declared a write off, then what position are you going to be in?
Your Motor insurance will only cover you with the market value of your taxi on the day it was declared a total loss and due to depreciation, this value is likely to be a significant amount less. This would leave you with a shortfall, whether or not you acquired your taxi from a finance company or if you bought it outright, you would either be out of pocket and owing to your finance company as there would still be an outstanding balance to pay, or you would be out of pocket due to the fact that you have been awarded with an amount that was less than you paid for your vehicle. It is more than likely that you would like to stop this situation from ever occurring and this is exactly where gap insurance comes in.
If your vehicle is worth £12,000 and you acquire it through a dealer arranged finance agreement over four years, naturally from being a taxi business has been great and you have covered around 80,000 miles. Unfortunately two years in your find that your car is stolen from in front of your home. Your car has depreciated heavily and now has a valuation of £4,000, this is the amount that your motor insurance will award you. You are now faced with having to find the settlement figure for this finance which is likely to be in excess of this £4,000 valuation. This is where Finance Gap Insurance for your private hire taxi would come in. Finance Gap Insurance would pay the difference between the £4,000 that has been paid by your motor insurance and the amount that is still outstanding to your finance company.
Lets imagine that you had paid cash for your Private Hire Vehicle. Now that it has been written off, your motor insurance will award you the £4,000 it is now worth. This means that you are £8,000 out of pocket from the original invoice price of your vehicle. This is going to leave you digging deep to be able to buy a new car, either way you are significantly out of pocket. Return to Invoice Gap Insurance would pay the difference between the £4,000 that has been awarded by your motor insurance and the £12,000 that you originally paid, so you are standing in exactly the same position. You now have the correct amount of money that you began with to be able to buy a new car or to spend on anything that you see fit.
Vehicle Replacement Gap Insurance will pay the difference between the amount that your motor insurance have valuated your car and the amount of money to buy the same standard of vehicle again that you drove away from the showroom in, same age, specification, mileage etc. So, if the cost of the same standard of car is now £14,000, then your Gap Insurance would top up the £4,000 motor insurance valuation, with £10,000, leaving you to be able to buy the same standard of vehicle again, or to buy a completely different vehicle altogether, or use the money in whichever way you so desire. This money would also be used to clear any outstanding balance if you achieved your car through finance and then leave you to use the remaining funds in whichever way you see fit.
Don't leave yourself exposed, with a vehicle like a taxi, with a higher depreciation rate, it is extremely wise to protect your asset.
After all, just because you will be using your vehicle as a Taxi why should you not have the same 5 star rated policies that are available for everyone else.
We understand that buying gap insurance for some may be difficult. Which level of taxi gap insurance do you need? What is a claim limit and how can it affect you? So you will be pleased to know that you can click for an instant quote and our system will walk you thorough. or why not call 0800 195 4926 where a member of the team will be only too happy to help explain your Taxi gap Insurance options.
If you have purchased a new vehicle to start carrying out your Chauffeur work in, then it is natural that you would want to protect it.
It goes without saying that due to the amount your vehicle will be used, as it is used for work, the amount of miles that your vehicle is going to do, is likely to be more than a regular vehicle, that is just used for getting around. This unfortunately means that your vehicle is going to depreciate that little bit greater than a regular vehicle.
If you were in the unfortunate position of being involved in an accident or if your vehicle is stolen and declared a total loss, then what position are you going to be in?
Your motor insurance will only award you with the market value of your vehicle on the day it was declared a write off and due to depreciation, this value is likely to be a significant amount less. This would leave you with a shortfall, whether you acquired your vehicle from a finance company and now owe the settlement figure or purchased the car outright and are now out of pocket, there would be a significant loss regardless of the circumstances. It is highly likely that you would like to stop this situation from ever happening and this is exactly where gap insurance comes in.
If your vehicle is worth £12,000 and you have acquired it through a dealer arranged finance agreement over a four year period, naturally from being a Chauffeur business and from business being good, you have covered around 80,000 two years into the agreement. Now you are unfortunately involved in an accident. Your car has depreciated rather heavily due to your high mileage and now has a valuation of £4,000, this is the amount that will be awarded to you by your motor insurance. You are now faced with having to find the settlement figure for this finance which is more than likely to be in excess of the £4,000 motor insurance valuation. This is where Finance Gap Insurance for your Chauffeur vehicle would come in. Finance Gap Insurance would pay the difference between the £4,000 that has been paid by your motor insurance and the amount that remains outstanding to your finance company.
Lets imagine that you paid cash for your vehicle. Now that it has been written off, your motor insurance awards you with the £4,000 that it has now been valuated as. This of course means that you are now £8,000 out of pocket from the original invoice price of your vehicle. This is going to leave you with a significant amount of money to find yourself to be able to buy a new vehicle, either way you will be significantly out of pocket. Return to Invoice Gap Insurance would pay the difference between the £4,000 that has been awarded by your motor insurance and the £12,000 that you originally paid. This leaves you standing in exactly the same position as you originally where. You have the same amount of money as you began with, so now you can buy a new vehicle, or spend the amount in any way that you see fit, it is your money after all.
This type of Gap Insurance pays the difference between the amount your motor insurance has valuated your car as and the amount of money needed to buy the exact same standard of vehicle as you drove away from the showroom in, same age, mileage, specification etc. So, if the cost of the same standard of car is now £14,000, then your Gap Insurance would top up the £4,000 motor insurance valuation, with £10,000, leaving you with the amount of money needed to buy the same standard of vehicle again, or to use the money in whichever way you see fit.
Do not leave yourself exposed, with a Chauffeur vehicle, the depreciation rate is higher and it is extremely wise to protect your vehicle just in case the worst was to happen and your vehicle was written off.
Our van gap insurance can cover a wide range of vans from Ford Transit to Mitsubishi L200 and almost everything in between. That said, our policies have been specifically designed with Light Commercials in mind so your van will have to wight less than 3500Kg.
It must also be listed in Glass's Guide Commercial.
For a full list terms and conditions read see our policy documents or contact a remember of the team on 0800 195 4926.
Our Van Gap insurance, we believe offers market leading levels of protection as well as value for money.
For example, all of our van gap insurance policies have been independently assessed and Rated as 5 Star.
We pay £250 towards the cost of your own motor insurance excess
Our policies do not have a market value clause.
Our Van Gap Insurance policies cover all factory fitted options.
Up to £1500 worth of dealer fitted accessories are covered.
You can transfer your policy to another eligible Van at any time completely free of charge.
We do not charge for any administration of your van policy.
We offer a generous 30 day cooling off period.
The list of features goes on and on but we hope that you can appreciate that our van gap insurance and other insurance policies we believe genuinely are a league on their own!
But, don't take our word for it why not click for a quote and see just how easy and inexpensive van gap insurance really can be?
Simply put, Return to Invoice gap insurance pays the difference between your vehicles valuation on the day it was written off and the original invoice price you paid or the amount of money outstanding on finance which ever is the higher amount.
This means that you now have the full invoice price back, from this you can clear any finance if needs be and the balance of the funds, the deposit you paid and the equity you generated while making your payments is yours to do with as you wish.
For example, you have just bought a vehicle and paid £15,000.
Three years later your vehicle is written off, ( however it happened does not matter for this example except to say that your own motor insurance company are happy to settle ) and your insurance company off you £8,000.
In this example you would then receive a second cheque for £7,000.
You now have the full purchase price back and now have the ability to clear any finance if needs be and what ever is left is yours to spend as you see fit.
Please remember that not all return to invoice gap insurance policies are as all inclusive as our policies so, before you buy any level of protect why not compare our levels of cover simply click or call 0800 195 4926 and speak to a member of the team about how combined return to invoice gap insurance could help you.
Finance Gap Insurance is a very easy level of cover to understand. It has been around since the late 1990's in the UK and was the first level of gap insurance to be available in the UK.
Originally designed for only contract hire and lease buys, it was not long before members of the public wanted to benefit from the peace of mind that it could provide, safe in the knowledge that if their vehicle was written off they would not be left paying your a vehicle they no longer had.
Simply put, if your vehicle is written off it pays the difference between your vehicles valuation and clears your outstanding finance.
This means that you can walk away with no financial liability to your old vehicle.
( late payment charges or arrears would be deducted from any settlement)
Please remember that this means that you are also walking away from any deposit or equity that you have generated while making your payments. So, unless you are buying your vehicle using a form of contract hire then you may want to consider of forms of cover such as combined return to invoice or vehicle replacement.
Our policies have been specially designed by us with our customers in mind, so, before you buy finance and contract hire gap insurance from anywhere else why not compare our policy terms and conditions?
There are so many different levels of gap insurance because there are so many various ways to buy a vehicle.
Different types of vehicle all being used for various reasons, bought in different ways.
We are also all individuals, so, what may be the most important aspect of protection for one may be completely irrelevant to someone else.
With this in mind we would always advocate that you spend a few moments and think about what you would like your policy to do for you if your vehicle was written off?
We at Shortfall.co.uk are committed to providing you with the highest and most genuine value for money Gap Insurance policies. Policy features and the ability of a Gap Insurance policy has to be the most important factor in choosing the right level of cover for you.
However, we at Shortfall understand that money and cost has to be a major factor in any purchase and that is why we promise to beat any quote on the same level of Gap Insurance. Shortfall can also offer you to pay for your policy through the form of monthly installments if the price of your policy or policies is over £100.
As Shortfall is part of Aequitas Automotive, we have to be both fair and upfront in everything that we do, meaning that we do not offer vouchers or discount codes and instead we monitor our competitors in the Gap Insurance industry and ensure that the price you see will be amongst the lowest if not, the lowest in the UK.
In the very unlikely event that you do find a cheaper quotation, simply contact us.
Our Shortfall Gap Insurance policies have a number of features that we can offer you that maybe other providers can't. Features such as, Deferring the start date and a market value clause. A Market Value Clause can effect the way you are paid in different ways.
It has been well documented by a number of online providers that a market value clause will limit the purchase price of your vehicle against a percentage of the guide price. However, whilst we at Shortfall have a no market value clause, we believe that a policy which does have a market value clause will not effect the outcome of a Gap Insurance claim.
In the past a market value clause meant that the purchase price of your vehicle would be limited against a percentage of the guide price. However, we believe that this is not common practise anymore and that an Aequitas policy certainly will not limit the purchase price of your vehicle against a guide price.
In terms of deferring the start date, you may be in the fortunate position of being offered 12 months worth of new for old by your comprehensive motor insurer. If this is the case then you have the ability to defer the start date for 12 months, which may reduce your costs significantly.
Contract Hire gap Insurance is a very basic and very easy policy to understand.
Simply put if your contract hire vehicle is written off it will pay the difference between your vehicles valuation on the day it is written off and clear your outstanding financial liability.
You may or may not be aware that if your vehicle is written off that your contract hire agreement will not simply end just because your vehicle is no longer here. In fact your finance and contract hire company are within the rights to ask for up to 100 % of any outstanding rentals.
We are very well aware that this may seem very confusing so in brief if your vehicle is written off your own insurance company will pay your contract hire company the value of your vehicle on the day. The problem is that your contract hire company based your rentals no only on how much your where going to pay them but also how much they thought they would be able to dispose of your vehicle for at the end of your contract.
This means that there is often a difference between what your own insurance company pay in settlement and how much is outstanding on your contract hire agreement.
Depending upon your contract hire company they may call this difference anything from settlements , forward rentals, back rentals, even shortfall however it is all one and the same amount. It is a financial amount on top of your own vehicles value that you are legally responsible for.
Without any form of cover you could be left in the terrible position of having to endure whatever circumstances that led to your vehicle being written off and then even worse having to settle a large invoice for a vehicle that you no longer have.
Finance and contract hire gap insurance can help in that it would clear this financial amount for you.
Yes you would still have no vehicle to use and yes you would still have to find another advanced rental or deposit to be able to buy another vehicle but thankfully you would be able to walk away from your old vehicle with not further financial liability.
Our Shortfall finance and contract hire gap insurance policies have many features however it is important that you are aware that it i you where in arrears with your contract hire agreement or had any late payment charges that these would be deducted from any settlement.
But lets take a look at the statistics surrounding gap insurance.
Gap insurance is a supplementary insurance that sits alongside your own motor insurance and protects you financially if your vehicle is written off. With an estimated 600,000 the chances are that we will all know someone who has been in an accident or had a vehicle stolen.
Did you know that it could take as little as 10 seconds for a car thief to steal your car!
Did you know that there where an estimated 515,428 car crimes last year!
Did you know that the most targeted vehicle for theft is not something like a sports car instead it is a Ford Transit!
Did you know that an estimated 58,785 cars are stolen each year as a result of the owner being burgled!
Theses statistics sound terrible however if you equate to a national percentage of six to seven percent per year that it will be your vehicle that is written off. The issue is however that if your vehicle is written off the financial implications can be devastating, No matter what you financial position or circumstances.
This is because your vehicle will be losing value the moment that you drive out of the showroom so subsequently any amount that you are offered from your own motor insurance company as a settlement could an often is thousands and thousands of pounds less than you originally paid for your vehicle.
Or worse you could be left paying for a vehicle that you no longer have.
No-one likes to think that they are buying something that is not genuinely good value for money. We all like to think that we have paid a fair price. But no matter how much you use your powers of negotiation the price that you are offered in settlement will be significantly less.
1 - The company behind the brand - Shortfall.co.uk is owned and run by Aequitas Automotive Ltd, a UK company who specialise in providing specialist insurance products direct to the public, to motor dealers and insurance brokers.
Both of these brands have been featured in the Which? report in 2012 and 2013.
Aequitas Automotive understand the market for specialist insurance products in the UK. The sucess of the Easy Gap and GapInsurance123 brands is simply down to careful development of products and features, a process that has been followed with the policies you find on Shortfall.co.uk.
2 - The Insurance Underwriter - All Shortfall.co.uk products are underwritten by UK General Insurance on behalf of Ageas Insurance.
Only a small amount of internet research will confirm the significance of this to Shortfall.co.uk customers. The experience and reputation of an insurer is one of the key issues in the process of making a choice on which polciy provider to purchase from.
As Aequitas Automotive has already developed two successful brands in this field, we understand and listen to our customers. We know how important the underwriter can be in this process.
3 - Developed product terms - combining the experience of the insurance underwriters and the experience Aequitas Automotive has had in developing two sucessful brands already has enabled us to carefully consider only the best product terms for Shortfall.co.uk.
If we consider the Gap Insurance products for example, we have
- no excluded manufacturers that are listed in Glass' Guide
- up to 5 year cover for all Gap products
- the ability to defer start dates for all products
- increased £50,000 claim limits for all products
- no 'market value clause' or 'reduced liablity clause' should your motor insurer not settle the full value
- inclusion of cover for dealer accessories like Paint and Fabric Protection and warranty charges
These features are, in combination, unique to Shortfall.co.uk. They demonstrate the expertise required in developing these products for the UK market.
Or if you prefer click the green button. This will take you to a page where you will be able to select the type of policy you would like a quotation for. Either way our system will ask you some questions about you and your vehicle and eliminate various levels of cover and display policies for you to consider.
You can also use our help centre at any time for help and guidance about how to register a policy and even what different terms and definitions mean.
Alternatively you can call a member of the team on 0800 195 4926 where they will be able to explain your options and discuss how various levels of cover could work for you.
Being part of Aequitas Automotive Limited we promise that
We will never use jargon and only ever use plain English.
We will take as much or as little time as you want to explain your options as we feel that it is important that you have all the information so that you can make real and informed choices based on fact.
We will always be fair and up front. Our main concern will and always has been your policy. What happens when you make a claim and how your policy performs. We think that to be over insured is almost as bad as being under insured and will always give our "frank" and honest opinions and recommendations.
We will always treat you with respect. You are a valued customer, policy holder or Website visitor and your opinion counts. Please remember that any bonus's or financial incentives any member of the team are paid are never based on rates of sales. Instead any incentives are always based on rates of customer service which we believe to be the only real and true barometer to use.
Even if you have never done it before then we all know someone who has put the wrong fuel in their vehicle. In today's busy world it is can be easy to put the wrong fuel in your vehicle. Perhaps it is a new vehicle that takes a different fuel than your old one, or perhaps you are simply having a bad day!
If you mis-fuel your vehicle it can be both inconvenient and costly to repair.
With Shortfall Mis-Fuelling Insurance you can expect to following benefits with your cover:
Drainage of the incorrect fuel
Tow within a 10 mile radius
£10 replacement fuel
Up to £500 to pay for damage to the vehicle as a result of putting in the wrong fuel
We know you may think " it will never happen to me" but it does to hundreds of people day in and day out.
You can take a Shortfall Mis-Fuel Insurance product for 1,2 or 3 years, and prices start from £17,50 for a single year of cover.
Mis-Fuel Insurance from Shortfall.co.uk might just ensure a bad day does not get any worse, so why not Get a Quote today.
Shortfall Breakdown Insurance can provide you with Roadside Assistance in the event of vehicle breakdown.
We can provide three levels of cover through international recovery specialists Call Assist.
The three simple choices of cover are:
- Blue for Roadside Assistance and UK Recovery
- Indigo for Roadside Assistance, UK Recovery and Home Start
- Violet for Roadside Assistance, UK Recovery, Home Start and European Recovery
We can include cover if you are towing a caravan or trailer also, at no extra charge.
The costs associated with your vehicle failing its MOT can be both unexpected and inconvenient.
With a Shortfall MOT Failure Insurance policy you can protect against bills of up to £500 per year of your vehicle in the event that your MOT Certificate (VT20) has not been issued.
A wide range of items can be covered including
Electrical lighting equipment like Head lamps and brake lights
Steering and suspension components such as front and rear shock absorbers
Braking system components such as master cylinders and callipers
Fuel System components such as fuel injection systems and engine management units
With policy terms of 1,2 and 3 years, and with annual cover beginning at less than £20 we certainly think MOT Failure Insurance can help keep your bills down when the test date comes round each year!
There can be nothing more frustrating that when you notice those key scratches that appear on your vehicle no matter how fantastic a driver you are no-one is exempt from trolley dings.
They may be small, but you know they are there!
With Shortfall Scratch and Dent Insurance you can cover the cost of repairs to this type of damage for up to 3 years. Types of damage covered include:
Dents to your bodywork
Scratches to the bodywork
The work will be carried out by an Approved Repairer who will provide you with a 2 year Guarantee for the repair.
Having an excess to pay on your motor insurance policy is taken for granted mostly these days. If you have to make a claim then your motor insurer will ask you to either pay the excess for a repair, or deduct it from any claim they settle with you.
These excess amounts can range from a few hundred to thousands of pounds.
Depending upon your vehicle and your driving history simply raising your voluntary excess a couple of hundred pounds can make a massive difference to the premium your are charged.
This is beacuse that should you ever need to make a claim your own insuracne company know that you will be liabile for the first £750 or even £1000 pounds. This reduces the risk for them and therefore reduces your motor insurance.
This sounds fine in an ideal world, but what happens when you need to make a claim?
Shortfall Excess Insurance can provide you with protection against these high excess charges on your motor insurance. If you are charged an excess in a claim by your motor insurer then you may simply claim it back from your Shortfall Motor Excess policy.
There are various levels of excess you can cover, from £150 to £1000. With annual prices starting from just £17.50 then protecting the excess on your motor insurance policy can be done at very little cost to you. Click for a quote on Shortfall Motor Excess Insurance today!
Key Insurance from Shortfall.co.uk can provide you with up to £1500 of cover against the cost of locksmith charges and the replacement of keys, in the event that your vehicle or household keys are lost, stolen or damaged.
No requirement for keys to be attached to a supplied fob or key ring.
Any household or vehicle keys covered
All immediate family member covered, who reside at your address
Up to 3 days car hire in the event of loss
Up to £75 onward travelling costs
£10 reward for lost keys
24 hour Emergency hotline for assistance
Cover where keys are locking inside a vehicle or premises or broken in a lock
Replacing a set of keys can cost hundreds and even thousands of pounds. For just £19.95 for a years cover, Key Insurance from Shortfall.co.uk can provide you with peace of mind for you and your family.
Alloy wheel insurance is a policy which will pay to repair your alloy wheel if it is damaged.
Alloy wheels not only changing the look of your vehicle but the can also effect the value of it and no driver no matter how careful is exempt from kerbing their wheel from time to time. After all accidents happen and that is exactly why we all buy insurance.
With some alloy wheels costing hundreds of pounds if your wheel is damaged you can be left with the choice of having to spend you own hard earned cash to have it repaired or simply learning to live with the effect the alloy wheel has on the ascetics of your vehicle.
Alloy wheel insurance can help as it will pay to have your alloy wheel repaired and you can make up to 3 claims in a 12 month period. Please remember that you cover will not stop simply because you have made a claim and will continue until either you have made the maximum number of claims or the end of your policy ( the expiry date).
Just like any insurance our alloy wheel insurance policy will have terms and conditions so it is important that you understand how your policy works and what it will and will not cover before you buy.
To help combat fraudulent claims and keep costs down there is a £10.00 excess on each alloy wheel insurance claim you make.
You will be pleased to know that all of our alloy wheel insurance policies are underwritten by UK General Insurance Limited on Behalf of Ageas Insurance. They are fully FCA regulated and backed by the financial services compensation scheme.
It can cost you hundreds of pounds if your clothing is damaged in a Road Traffic Accident, and you could suffer injury also. Take a look at our new Helmet and Leather policy, cover is available for 1,2 or 3 years and prices start at just £29.50!
£1000 for the cost of replacement or repair of Motorcycle clothing
£10,000 for Accidental Death, Loss of sight, Loss of limb or Permanent Total Disablement
Up to £100 per day hospitalisation (up to £3000 maximum)
£250 emergency Dental treatment
It is expected that certain parts of your car are will wear down, and eventually have to be replaced.
Tyres therefore are naturally one of the main items that you expect to have to pay for in time, you may of heard the term "serviceable items". This simply means that they will wear out over time.
However, if your tyres suffer accidental or malicious damage then this can mean a hefty and un expected bill much sooner than you planned!
That is unless you have Shortfall Tyre Insurance of course! Our Tyre Insurance protection will provide financial protection should you have to repair or replace your tyres due to accident or malicious damage. So if you hit a pothole, or run over a nail, then the cost of repair or replacement can be covered for you.
Shortfall Tyre Insurance can be purchased for 1,2 or 3 years, and can provide up to a £300 claim for a replacement tyre, even run-flat tyres!
The answer to this question completely depends on what you believe to be important. We at Shortfall believe in simply giving you the facts and figures and leaving it up to you to decide.
The main reason and factor you may need to protect yourself with Gap Insurance, is Market Value Depreciation. Market value depreciation is the level at which your vehicle may lose value over the course of ownership. In fact, following the latest analytical data release, market trade experts predict that the average vehicle will lose up to 50% of the vehicles original value within the first three years of ownership.
We at Shortfall have used the facts and figures produced by the depreciation calculator to illustrate the dramatic decline in value. For Example ...
The Ford Fiesta is currently top of the sales chart in the UK and above you can see the dramatic effects of depreciation. However, you may be wondering why this will effect you and your finances?
Well, if you were to write your vehicle off a number of years down the line, you would only ever receive the market value of your vehicle on the day it was written off or stolen. For Example, if you had purchase a brand new Ford Fiesta for £16,000, three years later write the vehicle off, you would only receive the market value of your vehicle which will be in the region of £8,000 from your comprehensive motor insurer. This could then leave you with a massive financial shortfall.