When is ‘too late’ for Gap Insurance? Well if you are considering buying from the motor dealer you may find that the time to buy Gap Insurance may run out as soon as, or very soon after, the time you drive away from the forecourt. If you are comparing with an independent provider then you will find a bit more breathing space. Most online Gap Insurance companies will allow anywhere from 90 days to the most common period of up to 180 days after you buy the vehicle. This gives you time to consider your options thoroughly, and take up the option of Gap within up to a 6 month period.
However, with many motor insurers offering ‘new for old’ cover within the first year, you may find that some advice found on internet forums tell people not to buy Gap until the first year is finished. However, this can be dangerous advice to take, as you would be more than 180 days outside the purchase of the vehicle, and therefore unable to take Return to Invoice or Vehicle Replacement cover with many providers. Of course you can buy the Gap within the 180 day period, and simply defer the policy start date until the end of the first year.
However, what happens if you are outside the 180 day period, and you still want the protection of either Return to Invoice or Vehicle Replacement Gap? Well there is a solution provided by leading Gap Insurance company Aequitas Automotive Ltd. The company operate a number of Gap Insurance brands in the UK market; GapInsurance123, Easy Gap and Shortfall.co.uk are three of the best known names in the independent field. From March 2015 they have added a fourth brand, Totallossgap.co.uk. One of the key differences with the total loss product is the fact that you can buy the policy within 365 days of buying the vehicle, not the typical 180 days seen elsewhere.
The opportunity to leave the decision to buy your Gap until near the end of your ‘new for old’ motor insurance is not the only feature that is different from the norm. The Total Loss policy features a settlement based on the higher of either the original invoice price paid, or the cost of a replacement vehicle (so another new car if the insured vehicle was new when you first bought it). This means the sometimes difficult decision between RTI or VRI can be eliminated, as the policy takes care of that choice for you. This final key feature is that their is no claim limit on the cover whatsoever, so you do not have to decide how much protection you require on the policy.
So if you have had your vehicle between 180 and 365 days, and you still want to get Gap Insurance, take a trip over to Totallossgap.co.uk.