Volkswagen Commercial GAP Insurance

What is it?

'GAP insurance' goes by many names: retail price protection insurance, return to invoice insurance, asset protection insurance or even financial shortfall insurance. However, GAP Insurance is the best description of what it actually does. If your vehicle is stolen or written off in an accident, GAP insurance ‘fills the gap’ between the retail invoiced price that you originally paid for the car, and what your normal comprehensive insurance policy will pay you if the vehicle is stolen or written off.

This ‘gap’ is because insurance companies base a lost vehicle’s value on its current market value. This might sound reasonable, but it does mean that if your car is stolen in the first few years, the gap between the original invoiced price and its current market value may be significant. If you had finance on that vehicle, the outstanding amount to be paid off may even be more than its current market value.

The Benefits

If you have GAP Insurance, you are covered for the full invoiced price of your vehicle, including factory and dealer fitted extras. It pays off any outstanding finance on your car, so you’re not personally liable to your finance lender. It will even pay a contribution to your standard insurance excess, leaving you in a much better position to buy a replacement.

Without GAP Insurance, you are at a double disadvantage if your vehicle is stolen or written off. Here’s why:

You will need to buy a replacement, but as you don’t have your original vehicle, you can’t benefit from doing a part exchange.
The amount you will receive from your insurance company will be based on ‘current market value’ – which is generally much less than what you originally paid for your car.
So, you will either need to settle for a less expensive, lower specification replacement, or find a lump sum of money that will make up the difference between the current market value and what you originally paid, to allow you to make a like for like replacement.

How to make a claim

If You wish to make a claim under this insurance cover, please contact the Administrator:

By email: [email protected]

By telephone: 01787 220799

Important: Please contact the Administrator to register Your claim prior to accepting a settlement offer from Your Motor Insurer.

All claims must be notified as soon as is reasonably possible, and in any event, within 120 days of any Incident. The Administrator will send You a claim form for You to complete and return.

Transferring Your Insurance Cover

You are able to transfer the unexpired portion of Your insurance cover to a replacement vehicle provided under the terms of Your Motor Insurance in the event of a Total loss.

If Your Motor Insurer provides You a like for like replacement vehicle there will be no charge to transfer Your insurance cover to Your new vehicle.

If You have chosen to pay the Premium in instalments, all payments must be up to date.

You should notify the Administrator in writing in writing via email at [email protected] or by writing to Unit 11, Atlas Works, Foundry Lane, Earls Colne, Colchester, Essex, CO62TE, within 30 days of the transfer. The Administrator will issue a new Schedule to You.

Volkswagen Commercial GAP Insurance eligibility

You are eligible for GAP Insurance if:

At the Start Date and during the Period of Insurance:

You reside in the United Kingdom or, if You are a partnership, company or other legal entity, You are registered in the United Kingdom.
You have paid the Premium including applicable taxes.
You are at least 18 years of age.
You have comprehensive Motor Insurance in place in Your name for Your Vehicle.
You are the registered keeper of the Vehicle.
Your Vehicle must be published in ‘Glass’s Guide’, a Vehicle Valuation Guide, and registered in the United Kingdom.
Your Vehicle is under 10 years of age.
Your Vehicle has an Invoice Price greater than £5,000, was purchased in the 120 days immediately prior to the start date of this Policy, is not an excluded vehicle and does not exceed 4,000kg in weight.

Any Vehicle with an Invoice Price greater than £150,000 must have a Thatcham approved vehicle tracking system fitted, which was fully operational at the time of a theft.