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Your Query:

Agreed Value GAP Insurance

If you would like to protect your vehicle against depreciation in the event of Total Loss and you are looking to purchase GAP Insurance cover after three months (ninety days) of the date of purchase of your vehicle, your GAP Insurance from will act as an Agreed Vale GAP insurance.

Woman In Office

Agreed Value means "the Glass's Guide" retail valuation for your vehicle on the start date of the GAP Policy taking into account any adjustments for age and mileage.

What this means is that the GAP Insurance policy will pay the difference between the insured value of your vehicle at the time of loss and the Agreed Value at the time of loss and the Agreed Value of your vehicle at the start of your GAP Insurance.

An Agreed Value GAP Insurance Example:

1. Mr. Adam purchases a vehicle (on finance, or cash) privately or from a Motor Dealer for £15,000.

2. After three months (or longer), Mr. Adam purchases GAP Insurance from, based on the current market value of the vehicle according to Glass's Guide.

3. Some time later Mr Adam's vehicle is stolen and declared written off by the insurers of his Motor Insurance Policy.

4. Mr. Adam has fully comprehensive insurance and is offered a 'Total Loss' payment of £10,000 leaving him out of pocket by £5,000.

5. Thanks to his GAP Insurance policy, Mr. Adam is covered for the Agreed Value of his vehicle on the start date of his policy.

Please Note:

The difference between Return To Invoice (RTI) GAP Insurance and Agreed Value GAP Insurance is based on the following:

For further explanation please see our What Does Our GAP Insurance Offer? page.

Is GAP Insurance Worth It?

No one can predict what the future holds and unfortunately accidents will happen. Did you know:

**Source: Association of Police Officer's Vehicle Crime Intelligence Service (April 2012)

***Source: PARKERS (April 2012)

* Calls to 0333 numbers are charged at the same rate as dialling a local or national number. If your fixed line or mobile service has inclusive minutes to local or national (01/02) numbers, then calls to 0333 are counted as part of this inclusive call volume.

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