GAP Insurance
Gap Insurance ensures that you aren't left out of pocket in the event of your car being written-off (even if it wasn't your fault!). When you take out a policy with Dynamo Cover, you're in safe hands because we are rated "great" by TrustPilot with over 10,000+ reviews and we also provide very competitive quotes.
What is GAP Insurance, why do I need it and why is it so important?
GAP Insurance, also known as Guaranteed Asset Protection, is a product that helps pay off your car finance if your car is declared a write-off. If you owe more than what your car is worth at the time, you could be left out of pocket. Therefore, GAP Insurance does what it says on the tin and that is to help pay the gap between the car’s value and what you owe. Below is an example scenario of how you would make use of a GAP insurance policy with Dynamo Cover:
CRASH! An Accident
Your car is written off, but not to worry, you have car insurance!
You call the Car Insurer but…
They’ve only valued your car at £25,000 when you paid £30,000 for it! You’re now £5,000 out of pocket.
GAP Insurance Cover to the Rescue!
If you have Invoice Value GAP Insurance, the GAP Cover pays the £5,000 difference. Phew!
Now my Finance Company want £3,000 Interest & Fees?!
Your finance company now wants £3,000 Interest & fees? If your car is on finance, then the finance company would still be owed any interest and fees.
GAP Cover to the Rescue!… (Again)
Because you have Outstanding Finance GAP Insurance, the GAP Cover pays you the £5,000 difference and the £3,000 in interest and fees to the finance company.
Better Safe than Sorry
Imagine how stressful it would be if you didn’t have GAP Insurance? It’s better to be safe than sorry. At Dynamo Cover, our GAP Insurance Policies are tailored to you. Choose between 1 to 5 years. We won’t be beaten on price!
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Read Our Policy Wording – GAP
Please take the time to familiarise yourself with our Policy Wording Document. Here you will find information relating to your GAP insurance policy.
Our GAP policy wordingOur GAP Insurance FAQ's
As well as paying any outstanding amount due to a lender or even paying you back the invoice price of the vehicle, our product also includes “Excess Protect”. This part of our GAP insurance policy makes a contribution towards the excess you have to pay to your motor insurer.
Whilst GAP insurance is not a legal requirement, it provides assurance that should your vehicle be involved in an accident or stolen, you are not left out of pocket or owing the finance company money for an asset you no longer have.
You can obtain GAP insurance for any vehicle no matter how you have paid. However; there are various different types of GAP insurance products so you will need to check which one is right for you. For example; ‘Outstanding Finance GAP’ would not be applicable if you bought the vehicle outright, as there is no finance in place.
GAP Insurance prices are based upon the value of the vehicle and the type of cover purchased. You can get a quote for GAP insurance directly with Dynamo Cover and you’ll receive a price within 30 seconds.
Not during the course of the policy, but the vehicle must be 8 years old or younger at the time of inception and have covered less than 80,000 miles.
