GAP Insurance from Keith Michaels

Guaranteed Asset Protection insurance offers a way for buyers and leasers to protect themselves against vehicle depreciation in the automobile industry.
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92% of our customers get a cheaper quote over the phone

92% of our customers get a cheaper quote over the phone


What is GAP insurance?

GAP is short for Guaranteed Asset Protection. It’s an insurance that is designed to work alongside your existing insurance policy, and is particularly relevant when you purchase a new car. GAP insurance is designed to cover the difference between the amount you paid for your vehicle and the amount your car insurer would pay out if your car was stolen or written off.

How GAP insurance works

An example; you have just purchased a car for £20,000, and have taken out finance for £18,000. You have used the car for a few weeks and then it is stolen or written off in an accident. Your car insurer is prepared to give you a cheque for £16,000 yet you paid the dealer £20,000. The £16,000 is the insurer’s estimate of the cars value now. This leaves you with an immediate £4,000 difference which could get potentially higher should there be additional costs from your finance company for a car you no longer own.

An insurer’s settlement is based on the car’s value at the time of the total loss and unfortunately cars are notorious for depreciating quite quickly. Brand-new cars can potentially lose up to 60% of their value in their first three years. Because of this, GAP insurance is not suited to older or relatively inexpensive vehicles because their rate of depreciation will be lower.

Types of GAP insurance

There are a variety of types of GAP insurance which can cover amounts between the insurer’s settlement and what you paid for the car, or what you may still owe if the car is financed.

Should I get GAP Insurance?

GAP insurance could be for you if…

  • there is a risk of you owing more than the car is worth
  • the car you have purchased depreciates very quickly
  • your finance was a high percentage of the car’s purchase price

Keith Michaels can help you find the most appropriate GAP policy for your circumstances so please call us on 0208 329 1150 or email [email protected]

or call us on 0208 329 1150

The Keith Michaels Difference

  • 30 years’ experience
  • Every customer is treated as an individual, not a policy number
  • We are a UK-based office, not a call centre
  • We are completely independent from any insurance company
  • All policies are looked at on their own merits to find you the best policy available

Why Choose Keith Michaels for GAP Insurance?

Insurance specialist

Dedicated Policy Handlers

Fraser McKay
0208 329 1154


Specialist Schemes

We have specific insurance schemes designed to suit unique needs.

GAP Insurance from Keith Michaels

Discounts For

  • Limited Mileage
  • Enhanced Vehicle Security
  • 2nd or 3rd Cars
  • Owners clubs
  • Secure Parking Access
GAP Insurance from Keith Michaels

Additional Benefits

  • Priority claims management
  • Like for like replacement parts following a claim
  • Staff have over 30 years’ experience

GAP Insurance from Keith Michaels

Get in Touch for your GAP Insurance Quote Today

or call us on 0208 329 1150