GAP – Which documents are required for my claim?
Please send scanned PDF Copies or clear photocopies only. Do not send original documents or photographs of documents. The following documents are required for your claim
- Vehicle Sales Invoice (not vehicle order form)
- Comprehensive Motor Insurance Policy Certificate or Schedule (whichever document specifically states Comprehensive coverage)
- Comprehensive Motor Insurance Policy Wording
- Any letters or emails from your Comprehensive Motor Insurers confirming the settlement figure, or from the Third-Party Insurers to confirm their offerIf applicable:
- Finance agreement
- Finance early settlement figure (confirmed in writing by your finance company)
- Third party details
- Police correspondence
- If your vehicle has been stolen, please provide any CCTV you may have; proof of home repairs where applicable; and photographs of both sets of keys
GAP – Should I accept my Motor Insurer’s offer?
We ask that you Do not accept any offer until you have discussed it with us. We will value your vehicle and advise you on whether the offer is fair. Failing to do so could affect the outcome of your claim.
GAP – When will I receive an update on my claim?
All correspondence, including claim forms, will be responded to within 3-5 working days. If you need to reach us in the meantime, please email GAP@mbginsurance.com. Please note, if you chase your email within the above time frame, you will reset the timescale of 3-5 working days.
GAP – What does ‘awaiting sign-off’ mean?
Higher-value claims need to be signed off by a senior manager, or by the Underwriter of your policy. The guide time for this is 3-5 working days, but we will discuss this further with you if necessary.
GAP – What does ‘confirmation of payment’ mean?
If your Motor Insurer or the Third-Party Insurer makes you a fair offer to settle your claim, we will advise you to accept said offer.
Once the settlement money has been paid, we will ask you to provide written confirmation of this along with a full breakdown of the payment.
You can ask your Motor Insurer to provide an email that looks something like this:
‘We have settled your claim on a total loss basis. The calculations are as follows: Pre-Accident Value £X – Excess £X – Any other deductions £X = Full and Final Payment £X. Payment has been issued and will arrive in your account in the next X days.’
GAP – How much money will I be paid when my claim is settle ?
We cannot confirm the settlement amount, until the claim has been authorised or ‘signed-off’. This will not happen until all requested documents have been provided and your Comprehensive claim has been settled in full.
GAP – What does my policy cover?
There are three main types of GAP Insurance:
- Back to Invoice/Return to Invoice – This policy will cover the difference between your Comprehensive Motor Insurer’s settlement, and the invoice price you paid for the vehicle.
- Vehicle Replacement – This policy will cover the difference between your Comprehensive Motor Insurer’s settlement, and the cost of replacing your vehicle with an equivalent.
- Finance/Contract Hire – This policy will cover the difference between your Comprehensive Motor Insurer’s settlement, and the settlement figure for your Finance Agreement
Each policy may have additional cover options, such as excess cover. This is only a brief overview of policy types – please refer to your Gap policy wording for information more specific to your policy.
GAP – What is the maximum amount of money i can receive ?
Policy claim limits vary widely. You can find this information on your policy schedule.
GAP – Why am I being asked to challenge Comprehensive Motor Insurer’s offer, or the Third-Party’s Insurer’s offer?
We need to ensure that the settlement offer made by your Insurer, or the Third-Party Insurer is fair. We have access to industry valuation tools that help us to determine the Market Value of your vehicle. If we feel that the offer is too low, we will ask that you contact the Motor Insurer to challenge this. When we do this, we will also confirm our valuation of your vehicle. You can then approach the Motor Insurer and explain why we consider the offer to be too low.
In the first instance, we will ask you to challenge the offer. It is your responsibility to ensure that you are achieving a fair value for your vehicle. If you do not take all necessary steps to ensure this, your policy could be adversely affected. Additionally, many Motor Insurers prefer to deal directly with their own customers and do not wish to discuss the claim with us. If you are not successful in increasing the settlement offer, we may then be able to offer further help.