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GAP Insurance

What is GAP insurance?

GAP insurance (Guaranteed Asset Protection) is an insurance policy that covers the gap between the amount owed on your car loan and the actual car cash value at the time of the write off or theft. Essentially this means you are protected against unpleasant financial situations such as being left with large outstanding amounts on your car loan for a destroyed vehicle. For example if you owe £40,000 on your car at the time of a write off but the vehicle is only worth £30,000 in terms of actual cash value, gap insurance will cover you for the remaining £10,000 as well. This is why it is strongly recommended getting gap insurance for financed cars as the security offered can far outweigh the policy cost should something happen to your car.

How much is GAP insurance?

This will depend on many factors such as how much you owe on your car loan at the time of taking out a policy, the value of your vehicle, your driving history, age and so on. There are many factors which can influence insurance premiums so it is important to compare multiple lenders to make sure you are getting the best deal on your insurance. can help with that, we have compiled a broad panel of UK based specialists to make finding cheaper insurance easier than ever before.

How does GAP insurance work?

Regular car insurance will cover you for the cost of damages to your car or a third-party depending on your level cover in the event of an accident, GAP insurance will insure you against the gap between what you still owe on your car and it’s actual cash value.

How long does GAP insurance last?

Gap insurance is only claimed once when your vehicle is written off or stolen. The actual cover will run for as long as the policy is in effect and you meet you premium payments, usually charged monthly. The typical length of a GAP insurance policy is 3 years in the UK, however this is not an exact rule and can vary case to case.

What is return to invoice GAP insurance?

Return to invoice gap insurance, or RTI gap insurance, is a type of gap insurance that covers you for the gap between what you paid for the car and the amount still owing your lender. This differs from other gap insurance offers which cover you for the gap between the cars current cash value and the amount owing to the lender. The benefit of RTI gap insurance is that it offers additional protection against the effects of depreciation on your car.

What GAP insurance do I need?

This really depends on your situation, if you are wanting to potentially pay higher premiums for RTI insurance and be covered for more in the event of an accident, then RTI may be the best option. If you are just looking to insure yourself against being left with a large gap amount to the lender then a more standardised gap insurance could be enough.

The best way of finding the right option for you is by comparing multiple lenders fast to ensure you have the best gap insurance deal. Here at, we have complied a panel of specialist UK based lenders. This means it’s never been easier to compare your options and get gap insurance insurance today!