Combined Total Loss GAP Insurance

Combined Total Loss GAP Insurance is our most comprehensive policy and is a popular choice for car owners who financed their vehicle using both a cash deposit and vehicle finance.

What does CTL GAP Insurance cover?

This policy pays the difference between what your motor insurer pays you as a settlement and either what you originally paid for the vehicle or your outstanding vehicle finance balance, whichever is greater.

How do Combined Total Loss policies work?

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You buy a vehicle

Let’s say you buy a £30,000 car using a £5,000 cash deposit and covered the remaining £25,000 using vehicle finance.

Your finance agreement carries a 10% interest rate, which means the total you’ll be charged by the finance company over your agreed term is £27,500.

Therefore, the true cost of your vehicle is £32,500.

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Your vehicle is stolen

2 years later, your car was stolen and was never recovered.

Due to your car losing value over time (depreciation), your vehicle is now only worth £20,000 and your motor insurer agrees to pay you this amount as a settlement.

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Your GAP policy reimburses the greater amount

Scenario A

If you signed up to a 3 year vehicle finance arrangement, then you would still owe the finance company around £9,170 at the time your car was stolen.

As the difference between your vehicle’s invoice price (£30,000) and your motor insurance settlement (£20,000) is a greater amount (£10,000) than what you owe the finance company, our Combined Total Loss policy would pay you £10,000.

Scenario B

If you signed up to a 4 year vehicle finance arrangement, then you would still owe the finance company around £13,750 at the time your car was stolen.

The difference between your vehicle’s invoice price (£30,000) and your motor insurance settlement (£20,000) is only £10,000, therefore our Combined Total Loss policy would pay you £13,750 as this is the greater amount.

Combined Total Loss features and benefits

Pays up to £50,000

Provides up to 4 years GAP cover

Pays £250 towards your motor insurance excess as standard

Covers vehicles up to £150,000 in value

Covers cars and vans

Available to both individuals and businesses

Covers all drivers who are legally allowed to drive your vehicle

Combined Total Loss policy restrictions

Vehicle must be deemed a ‘Total Loss’ by your motor insurer

Vehicle must be less than 10 years old

You must be a UK resident

Vehicle must have covered less than 100,000 miles from date of registration

You must have Comprehensive Motor Insurance in place

You must be 18 years old or over

Vehicle must have been purchased within the last 90 days

For details on all policy benefits and restrictions, please read our Combined Total Loss policy wording before purchasing.

Should I buy a Combined Total Loss policy?

A Combined Total Loss GAP policy could be beneficial to you if:
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You financed your vehicle using HP, PCP or CS

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Your vehicle is likely to drop in value between now and the end of your finance term

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You wish to avoid paying finance repayments for a vehicle you no longer have

The easy way to buy GAP insurance

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