Will GAP insurance cover the full value of my vehicle?

Possibly, 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 if greater than 1.
3. The outstanding contract hire or lease settlement, if greater than 1.

Unless your policy is the Replacement Vehicle GAP policy.