What happens when you make a GAP insurance claim?

Three things that we do to get you back on the road


Making a gap insurance claim
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No one likes to be in the position of making a claim - but we try and make it as easy as possible. We’ve recently taken our claims processing in house to ensure its the same excellent standard of service throughout. 

If you need to make a claim, the first thing we do is confirm the details of the incident with the motor insurer. This helps us check everything is in order. It’s also a good moment to look at the motor insurer’s valuation of the vehicle - as we’re vehicle specialists we’re also sometimes in a position to negotiate a better settlement with the motor insurer right at the outset. 

Then we calculate the ‘gap’ between the motor insurer’s offer and the policy covered by our gap insurance. Some claims are simple to figure out - the difference between the motor insurer’s pay out and the invoice price for agreed value gap insurance and return to invoice gap insurance is pretty simple to calculate. 

Claims for vehicles insured with vehicle replacement gap insurance are more interesting as working out the cost of a true replacement vehicle as specified requires a bit more research. That’s the fun bit. We look at all the original specifications and spend some time researching vehicles to make sure we’ve got a good valuation.

We check out Glass’s Guide and also the manufacturer’s website where you can often build the car on line. Then we’ll maybe do a bit of reading around on the internet (any excuse to have a nosey at what cars are available and where) in order to work out the payment that will get our customer the vehicle that meets those original specs. 

It’s nice when our work means that some of the distress of losing a car can be mitigated by having a good replacement. Where cars were insured with finance gap insurance it generally means that our customer has got a decent deposit to put down on vehicle finance for the new car they want. For return to invoice or agreed value it means a pocketful of cash to get something that truly replaces the vehicle they’ve lost.

The only cases where our even help is never truly going to replace the vehicle is for limited edition or irreplaceable vehicles. These will automatically go back to the invoice cost (so there’s no point paying extra for vehicle replacement gap insurance - insure the invoice price as that is what we can definitely agree on).

Whatever the claim, once we’ve got the settlement agreement from the motor insurer all paperwork is processed we’re proud that our claims are settled in an average of four days and our commitment is that all claims are settled within ten days.


By Beate Kubitz at 2 May 2019, 00:00 AM