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NI Van GAP Insurance

Northern Ireland Van GAP Insurance

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Northern Ireland Van GAP Insurance

Having van GAP, or guaranteed asset protection insurance can help cover your van’s value if you know how it works and when you need it. As the name suggests, this insurance protects assets like your van in the event that either an accident or theft results in it being ruled as a total loss by your main van insurance provider

When this happens your insurer will usually cover your lost van at its market value at the time of your claim. And this can be bad news for you if this value is significantly lower than either the price you paid for the van only a few years ago or the cost you still need to pay on a lease or loan used to purchase the van. 

This is where GAP insurance will step in to cover the ‘gap’ between what your insurer will pay out and what you originally paid or still owe for the van. This gap is caused by the value depreciation of your van which, like most vehicles typically decreases more in the first few years after the purchase and then levels off. 

Simply put, if your van’s market value drops by 60% just three years after you have purchased it, your insurer will only cover 40% of the original cost you paid in the event that it is written off. NI gap insurance will make sure that the remaining 60% is covered so you do not have to suffer it as a loss to your assets.

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Cheap NI Van GAP Insurance 

Generally speaking, GAP insurance is probably only going to cost you a fraction of what you paid for your main van insurance. But it’s still important to make sure that you are not paying over the odds.

Comparing cheap NI van GAP insurance with can give you peace of mind that you are getting unbiased comparisons across NI insurers.

How much does van GAP insurance cost in Northern Ireland?

The cost of Northern Ireland van GAP insurance policies varies depending on a number of factors. It’s important to consider these if you are looking for a cheaper van GAP insurance policy as these can all affect the ‘gap’ that you are insuring:

  • How expensive your van is.
  • The outstanding balance on your loan or lease.
  • Your van’s depreciation rate.
  • The specifics of your GAP policy like coverage limits, term length, excesses or optional add-ons.

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How can I get cheaper van GAP insurance in NI?

There are several things you could do to get potentially cheaper GAP insurance. The bottom line to most of these is to become as aware as possible of the gap you will be insuring. Once you know this you can shop appropriately. Here are a few measures that could help you get a cheaper van GAP insurance NI policy:

  1. Research your van’s depreciation rate

When you are familiar with the size of the gap that you are insuring you can make sure you don’t pay more by over insuring your van unnecessarily. 

  1. Consider a shorter policy term 

If you only plan to keep your van for a short period of time, consider getting coverage terms that match as these can be cheaper. 

  1. Know what type of GAP insurance you need

There are different kinds of GAP insurance and some will cost more than others. The one you need usually depends on your circumstances, for example how you bought your van or how long ago you bought it. Speaking to NI GAP insurers about which type will work best for you and your budget could help you keep costs down. 

  1. Compare van GAP insurance NI quotes

You might be offered GAP insurance while purchasing your van, but taking the first policy and price you are offered is often not the most cost-effective approach. It can be better to shop around and compare GAP insurance quotes so you can make an informed choice. 

When do I need to buy Northern Ireland van GAP insurance?

Van GAP insurance is designed to protect your assets and is particularly helpful to people under a few different circumstances, including:

  • If you are leasing or financing your van: In this case, if your van’s value depreciates faster than your loan or lease balance decreases then GAP insurance can cover this potential loss. 
  • If your van has a particularly high depreciation rate: This could be the case, particularly if you own a luxury or specialist van.
  • If you have made a smaller down payment on your van: In this situation your initial equity in your van is lower so it’s more likely that your loan balance will be higher than your van’s value.
  • If you have long loan terms: Again, here your van could devalue faster than your loan balance decreases.
  • If you’re dealing with rolling negative equity: This is where you exchange a vehicle with an outstanding loan balance and roll the remaining balance into a new loan for your van. This usually leads to a higher gap. 

Can I buy van GAP insurance at any time?

Some insurers set limits on how long after your initial van purchase you will be able to buy certain types of GAP insurance. But this varies across Northern Irish van GAP insurance providers and policies, and might not rule out all levels of GAP cover completely. 

An example of this is that some insurers will only offer you return to invoice (RTI) cover if you have bought your van in the past six months. However, if this is the case, there are often other forms of GAP insurance available, like agreed value cover (AVC) which will cover you for an agreed value of the van at the time you are buying your GAP insurance. 

Is van GAP insurance a legal requirement in NI if I’m getting a van on finance?

No, this is not a legal obligation in Northern Ireland. But van GAP insurance NI is still a good choice for a lot of people, especially if you have unfavourable financing terms like high interest rates or extended loan terms. This will save you loss if your insurer will only cover your van for a fraction of your loan balance if it is written off or stolen. 

What is excluded under Northern Irish van GAP insurance?

GAP insurance is designed to meet the gaps between what main van insurance covers and what you paid for or owe on your van. This means that a lot of the exclusions in GAP insurance are based on what your main van insurance will cover. These vary across different GAP policies but some of the most frequently seen exclusions and limitations are:

  • Cover is limited to the events your main van insurance will cover as a total loss.
  • Excludes accidents that happen under the influence of drugs or alcohol.
  • Excludes drivers who are not insured on your van or do not have a valid license for your van. 
  • Some exclude vans over a certain value.
  • Some are limited to vans that are covered in the Glass’s Guide – a widely accepted UK catalogue of current market values for vehicles.  
  • Excluding vans with modifications. This is particularly important for vans with commercial signage on them as some insurers count these as modifications.