Will GAP insurance cover the full value of my vehicle?

No, because in the event of a total loss, your main vehicle insurer will pay a settlement of market value and the GAP insurance is designed to “top-up” their settlement.

Your GAP policy should only be required to match the difference between your insurer’s settlement and within the cover level you have chosen, to either:

1. The invoice price of your car,
2. The outstanding finance balance is greater than 1.
3. The outstanding lease is greater than 1.