This page has been designed to assist you with understanding of Shortfall Gap Insurance for your Aston Martin and to help you recognise the importance it has to not just your Aston Martin, but most importantly to your finances.
Gap Insurance, is a supplementary insurance that runs alongside your motor insurance and can protect you if your Aston Martin is involved in an accident in where it is written off, or if it is stolen.
Not many people are aware that if you do find yourself in the unfortunate position of having your Aston Martin stolen or written off, your motor insurer will only award you with the amount that your car was valuated at on this day.
Due to depreciation this amount is likely to be a lot less than your Aston Martin was originally worth, with industry experts saying that the average vehicle can depreciate by upto 50% within the first three years.
Gap Insurance will depending on which type you choose, along with your motor insurance, either, return you back to the original invoice price that you paid (Return to Invoice Gap Insurance), award you with the necessary funds to be able to purchase another Aston Martin, same age, mileage etc as yours was on the day you drove it away from the showroom, or simply clear any outstanding balance you may have on an agreement (Finance and Contract Hire Gap Insurance).
Which type of Gap Insurance you opt for depends completely on your specific circumstances, for example, how you paid for your vehicle or exactly what you would like to protect. Explore the different levels of cover to ensure that you are not left in a significantly devastating financial situation if your car is ever stolen or written off.
On this page, you will find three examples of our three most popular policy types:
Vehicle Replacement Shortfall Insurance is seen by many as an upgraded version of Return to Invoice.
Why? This is because unlike Return to Invoice, Vehicle Replacement will provide you with protection against any increase in the invoice price of your Aston Martin.
The invoice price of your Aston Martin may increase during the period of your ownership. This can be down to a range of factors such as: if the government decide to increase VAT, if the cost of a particular raw material increases or the most common factor if Aston Martin introduce an upgraded version of your model which consequently increase the invoice price of your now, outdated model.
As you may know, if in the unfortunate case your Aston Martin is written off, your comprehensive insurer will only pay you the market value of your Aston Martin Vantage at the time it was written off.
Vehicle Replacement Shortfall Insurance will therefore pay you the difference between your comprehensive insurers settlement payment (the market value) and the total you now need to purchase your original Aston Martin model which is the same age, mileage and condition as yours was on the day that you collected it from your Aston Martin Dealership.
If your the model you had bought is no longer aviliable settlement is based on the superseding model.
Below we have designed a possible real life situation to help you with your understanding:
Jan purchase an Aston Martin Vantage for £100,000. Three years later, she is involved in a motoring accident that thankfully leaves her unhurt, but her Aston Martin is now written off. Jan receives £50,000 from her comprehensive insurer, given that this was the market value of her Aston Martin at the time it was written off.
Without any form of protection and without using her savings the £60,000 Jan is paid by her insurance company is the only amount that she would have to be able to replace her Aston Martin or clear any outstanding finance.
As you may know, the basic Return to Invoice policy type will just pay this outstanding £60,000 and return Jan to the original invoice price. However Jan is later informed by her local Aston Martin dealership that the invoice price of her Vantage has increased by £10,000 to £110,000. This means that Jan now needs to find another £50,000 to be able to replace her Aston Martin with another the same age, mileage and condition as hers was on the day that she collected it from her dealership.
Vehicle Replacement Shortfall Insurance will pay Jan this outstanding £50,000, Jan now has the full replacement cost back, from this she can clear any finance if necessary and the balance of the funds, the deposit she paid, the equity she generated is not hers to do with as she see fit.
Return to Invoice Gap Insurance is one of the most basic, but one of our most popular Shortfall Insurance policy types.
You may be aware that if in the unfortunate case your Aston Martin is written off or stolen, your comprehensive insurer will only pay you the current market value of your Aston Martin.
However, what many UK drivers and Aston Martin owners are not aware off is that when you consider motor industry experts estimate that the average vehicle will lose up to 50% in it's first three years, any settlement payment offered to you by your own insurance company can be significant less that the invoice price originally paid for your Aston Martin.
Return to Invoice Shortfall Insurance is self explanatory. If in the unfortunate case your Aston Martin is written off or stolen, Return to Invoice will pay you the difference between your comprehensive insurers payment (the current market value) and the invoice price you originally paid for your Aston Martin.
Return to Invoice Gap Insurance will simply top up your comprehensive insurers settlement payment and pay you what is required to return you back to the original invoice price.
To aid you with your understanding of how Return to Invoice Shortfall Insurance could help to protect your Aston Martin, below we have put together a possible real life situation:
Jan purchase an Aston Martin Vantage for £100,000. Three years later, she is involved in a motoring accident that thankfully leaves her unhurt, but her Aston Martin is now written off. Jan receives £60,000 from her comprehensive insurer, given that this was the market value of her Aston Martin at the time it was written off. Jan now has a financial Shortfall of £40,000. In other words, Jan needs an additional £40,000 to return her back to the original invoice price she paid for her Aston Martin.
For example, this can be a Contract Hire or a Lease Purchase agreement amongst others.
If in the unfortunate case your Aston Martin is written off, your finance agreement company will ask you to pay the remaining balance of your finance agreement.
This can have a significant impact to your finances. Making an insurance claim is bad enough as your Aston Martin has been stolen or involved in an accident, either case can be very stressful and upsetting, however, combine this with the fact that with any form of Gap Insurance potentially you could be left paying for a vehicle that you no longer have?
Finance and Contract Hire will provide you with protection as it will pay the difference between your own motor insurance companies settlement and simply clear your outstanding finance. Yes you still have no Aston Martin, and yes you will have to buy another but at least you can walk away from your old Aston Martin with further financial liability.
Please note however, that this policy will not pay any financial penalties which are as a result of a late payment which occurred before the Aston Martin was written off.
Please also note that this policy will not protect a loan Shortfall, if the agreement is not linked to a vehicle, for example, if it is instead linked to a Bank or a Personal Loan.
To enhance your understanding, we have designed a possible real life situation:
Jan takes out a 4 year finance agreement in order to purchase her Aston Martin. It consists of set monthly payments of £800 then an final balloon payment. 3 years later, Jan awakes to find her beloved Aston Martin is no longer in her driveway. Jan has already paid 3 years of the finance agreement, and while her finance company is understanding they send her a settlement letter for £72,000. Jan's own motor insurance company agree to settle and offer Jan £57500.
This means that in addition to having no vehicle through no fault of her own, Jan is legally obliged to £14,500 to the finance company
Finance and Contract Hire Shortfall Insurance will pay the finance company this outstanding £48,000 and clear Jan from all financial liabilities.
At Shortfall.co.uk, all our Shortfall policies have been designed with you in mind. They are tried and tested and are value for money. After all, if we will not compromise on levels of cover, why should you?
From free policy transfer to no market value clauses, from guaranteed best prices to pro rata refunds, but don't take our word for it, why dont you compare our levels of cover and see how a Shortfall policy can protect your Aston Martin.
Our policies pay £750 towards the cost of your own motor insurance excess.
You can Transfer your policy at any time to another eligible vehicle free of charge.
All of your Aston Martin's Factory fitted options are covered.
We do not limit the purchase price of your Aston Martin to a percentage of any guide price.
We do not have a market value clause on settlement.
We do not charge for name, address and registration number changes.
Our customer service call centre is completely UK based.
Our claims team are UK based.
All Policies are backed by the Financial services Compensation Scheme.
You have a 30 day cooling off period during which time you can cancel and proving you have not attempted to make a claim receive a full refund.
You can cancel at any time and receive a pro-rata refund less a nominal administration fee charged by the underwriters.
Experts in the automobile industry say that the average vehicle, including your Aston Martin can depreciate by up to 50% in the first three years. In other words, your Aston Martin can be expected to lose as much as half of its original invoice price within the first three years and to no surprise, the consequences this can have on your finances are fourfold.
We at Shotfall.co.uk understand that no driver, of any manufacturer wants to be told this. After all, they are essentially being told that up to half of the amount they originally paid for their vehicle, in this case, their Aston Martin will disappear within the first three years of their ownership, and this is through no fault of their own.
However, this is the real world and drivers simply need to be aware of depreciation rates in order to put in place the relevant measures to prevent their finances being worse off, if in the unfortunate case their Aston Martin is written off or stolen. Shortfall Gap Insurance can protect your Aston Martin against depreciation.
On this page, you will find that we have provided you with an Aston Martin depreciation guide.
By using figures provided by ‘What Car’, which takes into account past and current Aston Martin depreciation rates and average Aston Martin driver mileage and usage, we hope that you will begin to understand the importance of protecting your Aston Martin with Gap Insurance.
Example 1 –
Aston Martin Vantage Coupe 5.9 V12 2dr
Invoice you paid - £135,000
Year 1 – £75,840
Year 2 – £66,999
Year 3 – £58,473 – You will see that within the first three years, your Aston Martin Vantage has lost £76,527 in value
Year 4 – £50,918 – You will see that within the first four years, your Aston Martin Vantage has lost £84,082 in value
Example 2 –
Aston Martin DBS Coupe 5.9 V12 2dr
Invoice price you paid - £180,812
Year 1 – £118,215
Year 2 – £98,145
Year 3 – £81,145 – You will see that within the first three years, your Aston Martin DBS has lost £99,667 in value
Year 4 – £70,643 – You will see that within the first four years, your Aston Martin DBS has lost £110,169 in value
Example 3 –
Aston Martin DB9 Volante 5.9 V12 2d
Invoice price you paid - £141,995
Year 1 – £68,555
Year 2 – £56,926
Year 3 – £47,299 – You will that within the first three years, your Aston Martin DB9 has lost £94,656 in value
Year 4 – £40,980 – You will see that within the first four years, your Astion Martin DB9 has lost £100,975 in value
Example 4 –
Aston Martin Cygnet Hatchback 1.33 3dr
Invoice price you paid - £30,995
Year 1 – £16,945
Year 2 – £14,056
Year 3 – £11,704 – You will see that within the first three years, your Aston Martin Cygnet has lost £19,291 in value
Year 4 – £10,138 – You will see that within the first four years, your Aston Martin Cygnet has lost £20,857 in value
Example 5 –
Aston Martin Vantage Roadster 4.7 V8 2dr
Invoice price you paid - £98,995
Year 1 – £72,237
Year 2 – £59,971
Year 3 – £49,824 – You will see that within the first three years, your Aston Martin Vantage has lost £49,171 in value
Year 4 – £43,192 – You will see that within the first four years, your Aston Martin Vantage has lost £55,803 in value
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Aston Martin was founded by Robert Bamford and Lionel Martin in 1913.
Due to the two joining together the previous year to sell cars that were made by Singer in London, where the pair also serviced the Calthorpe and GWK vehicles.
Martin had originally raced specials near Aston Clinton and the friends came to the conclusion that they should start to produce their own vehicles.
The first car that was actually names an Aston Martin was created by Lionel Martin when he fitted a 4 cylinder Coventry simplex engine to a 1908 Isotta Fraschini.
The company originally had a premises in Kensington at Henniker place and made their first car in 1915, March. Production was refrained from starting because of World War 1, Bamford joined the Royal Army and Martin the Admiralty therefore all of their machinery was sold to an Aviation Company, Sopwith.
It was then renamed Aston Martin Motors and was moved to Feltham, to the Whitehead Aircraft Ltd Works. Bertelli and Renwick had already been in partnership for a number of years and so had already developed a can 4 cylinder engine, using designs of patended combustion chambers by Renwick. The only Bertelli and Renwick car that was made was then known as the Buzzbox and is still surviving.
The company was bought in 1947 by David Brown Ltd, under the original leadership of Sir David Brown, the managing director of course. He was said to be the saviour of Aston Martin after the war. The company then went on to acquire Lagonda that same year, for the 2.6 litre W.O Bentley designed engine.
The companies worked together sharing workshops and resources, which gave birth to the highly classic DB series. With the DB models, the company established a great racing pedigree and reputation. From 1954 until 1965 Tadek Marek was the designer of these 6 cylinder engines.
Aston Martin was sold again in the 70's after facing more financial trouble.
Showing more financial trouble. The firm was sold again to Company Developments in 1972 and again in 1975 following even further bankruptcy problems for £1.05 million, to Peter Sprague and George Minden. The strategies they put in place to turn the company around surely worked and 360 employees were hired. By just two years later the company was trading profit of £750,000.
The new owners were responsible for the V8 Vantage, The Volante convertible and the William Towns styled one off Bulldog. The new Lagonda saloon, which was based on the V8 was also designed by William Towns.
The company by 1980 were looking to buy MG and had plans to design a new model that would offer a take on the 1981 MGB model, though this never happened as Aston Martin was hit badly by the early 1980's economic contraction. Sales Worldwide were around 3 cars a week, which prompted the company to consider the shut down of productions so that they could concentrate more on restoration and service.
A 12,5% stake in the Aston Martin company was bought by Victor Gauntlett and a rather similar share was taken by CH Industrials Tim Hearley in 1980. Gauntlett went on to become executive chairman whilst CHI and Pace took over the company as 50/50 owners.
Gauntlett was also the leader of the sales team and also sold the Lagonda model in Qatar, Kuwait and Oman after some publicity and development, it actually became the fastest 4 seater production car in the world. The Prince of Wales then went on to grant Aston Martin a Royal Warrant of Appointment in 1982, which the company still holds to this day.