GAP Insurance

We have temporarily suspended sales of GAP
insurance. We hope to be back soon.

If you have any questions, please contact us at:
+44 (0) 20 3740 4431

What Is GAP Insurance?

GAP stands for Guaranteed Asset Protection. In layman’s terms, it covers the difference between what your car insurer values your vehicle at the time it was written off and the original price you paid for it.  

Generally speaking, over the course of a car’s lifetime, it will lose its value - depreciate - quickly. On average, over a three year period, this fall in value can be up to 60%!

Because of this depreciation, if your car is written off following accidental damage or theft, motor insurers will often only pay out the value of the car at the time it was written off. Not the price you originally paid. 

Bettersafe's GAP Insurance covers that difference!

This means that if your car were to be written off and it was valued at £7,000, but the amount you paid for the car was £30,000, our GAP insurance would cover the difference of £23,000.

Should I Buy GAP Insurance?

The main thing to consider when considering taking out a GAP policy is how quickly you believe your car will depreciate (fall in value). Even cars only a few years old can fall in value much faster than people realise.

So if you have bought an older car from a dealership, whilst it is unlikely the value of the car is going to dramatically fall in price, you could still end up out of pocket if your car is written off.

Alternatively, many brand new cars lose their value as soon as you drive off from the car dealership. So, if you think that your vehicle is likely to depreciate, GAP insurance could protect you financially if your car were to be written off.

However, if your car is going to maintain its’ value, it is not necessarily for you. 

What Does GAP Insurance Cover?

If your vehicle is written off or has been stolen and is not recoverable, Bettersafe will pay the difference between the motor insurance settlement and whatever was greater, the purchase price of your vehicle or the settlement amount that you owe to your finance company.

Additionally, if your vehicle is written off and your vehicle was on a contract hire/lease agreement, we will pay the difference between the motor insurance settlement and the termination charge applied by the finance company. We will also cover your initial deposit rental paid on your vehicle up to a maximum value of £2000.

To be covered under our GAP insurance policy, your vehicle must be covered under a comprehensive motor insurance policy. This insurance policy must cover loss or damage to your vehicle caused by accidental damage, fire, or theft. We will also pay up to £250 for your motor insurance excess. 

What Is The Best GAP Cover For Me?

This will largely depend on if you own the car or if it is on a lease. At Bettersafe we offer two types of GAP insurance cover:

Combined GAP

This pays the difference between the motor insurer’s settlement and then whichever is greater, the original invoice price of your car, or the outstanding finance.

Lease GAP

This pays the difference between the motor insurer’s settlement and the amount that you have outstanding on a contract hire/ lease agreement.  

How Long Will I Be Covered For?

As previously mentioned, Bettersafe has two types of cover: Combined and Lease GAP insurance.

Combined GAP Insurance you have the option from 1 to 3 years of cover.

Lease Gap Insurance you have the option from 1 to 4 years of cover. So, it entirely depends on the policy cover you would like to select.  

Are There Any Exclusions?

As with any insurance, there are always some instances where a Bettersafe policy would not cover you:

  • If your car were over 8 years old and/or cost over £80,000 at the point of policy purchase.  
  • If your car has not been determined a write off by your insurance provider. GAP insurance will only cover the financial shortfall of your insurance providers' valuation of the vehicle if it is classed as being written off or beyond economic repair. 

  • Negligence. Your GAP insurance policy would not be valid if the vehicle was written off as a result of you leaving the car unlocked, with the windows/ roof open, or if the keys are left in or on the vehicle.  

  • Under the influence. As with most insurance policies, we would not cover any financial shortfall if the vehicle were written off due to intoxication from alcohol or drugs not prescribed by a licensed medical practitioner. 

  • There are further GAP insurance exclusions that you can read in the policy wording document below.  

How Do I Make A Claim?

  1. Check your policy wording. Ensure you are aware of any exclusions which may apply and that you understand them.

  2. Notify the claim. All claims must be notified to the administrator within 30 days of receiving the settlement on your primary policy.

Jackson Lee Underwriting 

The Estate Office 

Shadrack, Berry Pomeroy 

Totnes, Devon 

TQ9 6LR 

Telephone: +44 (0) 330 111 3093 


Ensure that this is done within 90 days of your claim with your Primary Insurance Policy.  

From there, our Administrator will let you know all the relevant documents you will need to provide for them.