The Challenge
In July 2023, I was involved in an accident that left my car a total write-off. The vehicle was just over 12 months old, and like most cars, it had already depreciated in value. The main insurer’s payout offer wouldn’t have even covered the outstanding finance. This would’ve left me with a nasty financial gap on top of the stress of losing my car.
The Solution
Thankfully, I’d been sold a Return to Invoice GAP Insurance policy at the dealership. While I later discovered I’d paid nearly three times the going rate, the cover itself worked as intended.
Here’s how the process played out:
- The GAP insurer asked me to get the payout offer in writing from my main insurance company.
- They reviewed this offer to ensure the market value of the car was correct.
- Once confirmed, they paid the difference, topping me back up to my full invoice price (minus my outstanding finance).
- I only needed a few documents. These included the original invoice, proof of ID, V5 logbook. I paid a £500 excess (as outlined in the policy).
With that, I had the funds I needed to replace my car without being left short and paying for thin air.
The Experience
The claims process itself was fairly smooth with minimal paperwork. The GAP insurer kept things straightforward and, within weeks, I was back on the road with a similar replacement vehicle.
However, the big learning? When the worst happens, GAP insurance is the cash back-up you’ll be glad you’ve got. But buying it at the dealership can cost you significantly more. Had I gone through a specialist provider like Insureworks, I’d have had the same peace of mind for a fraction of the price.
Key Takeaway
Accidents happen. Cars depreciate. But your bank balance shouldn’t take the hit. With the right GAP insurance, you’ll always have the safety net to get back on the road, without overpaying for it.