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What is GAP insurance for vans and HGVs?

Van and HGV GAP insurance works alongside your normal van insurance policy by increasing the pay-out amount in the event that one of your vehicle’s is written off. 

When you buy a brand new, or nearly new vehicle, its value will decrease quickly once you start driving it. If you then need to make a claim, the settlement figure you are offered would usually be lower than the amount you pay for the vehicle. The insurer will only ever pay out the market value of the vehicle.

How does HGV and van GAP insurance work?

As mentioned, the settlement figure you receive without GAP insurance is typically lower than the amount you paid for the vehicle, the value of the lease agreement or the outstanding balance on any finance agreements. 

This leaves you with a shortfall to pay. However, the GAP policy is designed to insure the sum between the two figures. GAP insurance works by topping up the pay-out amount, so that you don’t fall short in the event your van is written off.

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Van and HGV Fleet Insurance

When insuring your HGV fleet, typically, you will have cover for drivers and passengers in the event of damage to the vehicle and those inside it. This is usually a Fleet policy, which will insure each type of HGV you own as a part of your fleet, all with a single renewal date and premium.

Alongside your fleet policy, GAP cover can be added to ensure that you do not end up out of pocket following a total loss.

What does HGV GAP insurance include?

HGV GAP insurance comes in three levels of cover, which include their own terms:

  • Return to invoice: This GAP insurance pays the difference between your vehicle insurer’s maximum or ‘total loss payment’ and the amount you paid for your vehicle.
  • Return to value: This GAP insurance pays the difference between your insurer’s maximum payment and the vehicle’s value when it was new. 

         This particular GAP insurance is aimed at van owners who bought their vehicle second hand, it’s less than eight years old and has done fewer

         than 80,000 miles.        

  • Vehicle replacement cover:  Vehicle replacement van and HGV GAP insurance pays the difference between the agreed total loss payment and the cost of replacing it with a new vehicle of the same model, make and specifications. 
  • Top Up GAP: In the event of a total loss, this will pay your customer an additional 25% on top of the total loss valuation provided by the motor insurer. This is an annually renewable policy


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HGV and van GAP insurance restrictions

There are few restrictions on what isn’t covered by HGV and van GAP insurance:

  • Excluding vehicles over 10 years old
  • Vehicle must be covered by a Comprehensive insurance policy
  • Your vehicle does not already have a GAP insurance policy in place
  • Any vehicle not registered in the UK
  • Any recoverable VAT element where you are VAT registered. 
  • Any total loss where the total loss occurred before the inception of this insurance
  • Any claim where you have received the benefit or are eligible for a new vehicle replacement (or a cash equivalent) under your motor insurance policy
  • Any vehicle used for a track day, road racing, rallying, pace making, speed testing or any other competitive event

Which type of van and HGV gap insurance does my fleet need?

If you’re not sure which type of GAP insurance is right for your fleet, there is no need to worry. 

At FleetCover, we have years of experience providing excellent and reliable coverage for a range of different HGV fleets. Whether you’re just starting up your fleet, or you’ve had one for years, contact our friendly team to see how we can help you. 


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