Compare Gap Insurance
At Sura, we offer a range of Gap Insurance options designed to suit different situations.
Choosing the right type of cover isn’t always straightforward, so we’ve put together a simple guide to help you understand how each option works and what it’s designed to protect.
Lease & Contract Hire Gap Insurance
What does it do?
If your vehicle is declared a total loss, this cover pays the difference between any outstanding finance balance on your lease and the amount your insurer pays out.
When might it be relevant?
Your insurer will usually settle based on the vehicle’s value at the time of the claim. This may be less than the amount required to settle your lease agreement.
If there is a shortfall, you would normally need to cover it yourself. This type of cover is designed to reduce that risk.
Key features
- Covers outstanding finance and settlement amounts
- Includes initial rental protection (up to £3,000)
- Excess cover included (up to £500)
- Available across lease & contract hire vehicles
- Policy terms available from 2 to 4 years
- Unlimited claim limits on vehicles up to £50,000
Return to Invoice Gap Insurance
What does it do?
Return to Invoice cover helps bridge the gap between your insurer’s payout and the original purchase price of your vehicle.
When might it be relevant?
If your vehicle is written off, your insurer’s settlement may not reflect what you originally paid. This can be particularly relevant if the vehicle was recently purchased or financed.
This type of cover is designed to return you to the original invoice value.
Key features
- Covers the difference up to your original purchase price
- Can help settle outstanding finance balances
- Suitable for new and used vehicles
- Excess cover included (up to £1,000)
- Transferable if you change vehicles
- Policy terms typically between 2 and 4 years
- Unlimited claim limits on vehicles up to £50,000
- Covers all named drivers
Vehicle Replacement Gap Insurance
What does it do?
Vehicle Replacement cover helps fund the cost of replacing your vehicle with one of a like-for-like specification.
When might it be relevant?
A standard insurance settlement is based on current market value, which may not be enough to replace your vehicle with an equivalent model.
This cover is designed to help bridge that gap, and can also account for outstanding finance if applicable.
Key features
- Supports replacement with a vehicle of the same specification
- Takes into account increases in vehicle prices
- Covers dealer discounts at the point of purchase
- Excess cover included (up to £1,000)
- Transferable cover available
- Policy terms typically between 2 and 4 years
- Unlimited claim limits on vehicles up to £50,000
- Covers all named drivers
Which type of cover is right for you?
The most suitable option will depend on factors such as how your vehicle was purchased, how long you have owned it, and what level of protection you are looking for.
If you are unsure, you may want to review the features of each policy carefully before making a decision.
Our team are here to help, if you want to talk it through. Contact us today.