Total Loss Gap Insurance Review

total loss gap insurance review

Total Loss GAP is being reviewed to see if there are any differences with it and other insurance brokers all of whom are owned by Aequitas Automotive Limited. The others include, Gap Insurance 123 and Easy Gap. Their headquarters is located in Hamilton Square, Merseyside.

Why would I need Total Loss GAP coverage?

Total Loss GAP coverage is the protection new vehicle owners should consider just in case the unforeseen happens with the total loss of their vehicle as a working mode of transportation. 

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When you  purchase a new vehicle, the amount they pay and the value of the vehicle depreciates the second they take possession of it. Because of the big difference between what is owed and the value of the vehicle, Gap insurance is there just in case of an accident and the vehicle is a total loss and unrepairable. This policy also covers the loss of the vehicle if it is stolen or damaged beyond repair because of a fire or flood.

The Total Loss GAP policy will pay the difference from what the insurance company you have covers by of what they determine the value of your vehicle and the amount you still owe for financing the vehicle.

What is the requirement to taking out a Total Loss GAP policy?

To take out a Total Loss GAP, you must also have a full comprehensive motor vehicle policy on your vehicle. 

When does the Total Loss GAP policy become active?

This policy because active once there is an accident and your vehicle is damaged beyond repair or it is damaged by fire or flood and is not repairable. The last way for the policy to become active is if it is stolen. Once one of those things happens then your comprehensive policy does the following for your Total Loss GAP to take effect;

  • Your comprehensive policy declares your vehicle a total loss and writes it off.
  • Your comprehensive policy pays you the fair market value of the vehicle when you submit your claim to them.
  • In no way or means does your comprehensive policy make any repairs to your vehicle or replace your vehicle.

In Conclusion

Total Loss GAP is financial protection if you take out a large loan to get a vehicle and can’t afford to lose it. As with all insurance policies, make sure you read it in its entirety before paying the premium.

This information is being provided free to the public by an independent writer. We do not endorse or dissuade the use of this insurance broker and have not been compensated by Total Loss GAP in any manner.

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