Frequently Asked Questions
My motor insurance has “new for old cover”, can I defer the start of a GAP policy for the first year?
Click4GAP have over 10 years worth of experience as a GAP Insurer and underwriter, and based on this we took the decision not to permit this in order to protect our policy holders from being exposed to financial risk during the deferred period.
The reason for this is that motor insurers can remove the “new for old” benefit from your cover, reducing your settlement to market value only and revert to standard comprehensive.
This could be for many reasons, for example the overall condition of the vehicle, exceeding the annual mileage allowance pro rata, if the exact model is no longer in production, if the vehicle has been stolen rather than being involved in an accident or if they are not able to source a replacement vehicle within a certain number of weeks after the incident.
If this happens and your GAP policy is deferred, then it would be you who pays the depreciation.
When calculating our premiums for RTI and VRI, we do take into account that a number of our customers may have new for old cover in year one and reduce them accordingly.
Our policies are designed to protect the policy holder, and not leave you with a large, unexpected bill.