At Ping Insure we like to keep insurance simple. Gap insurance is there to protect you if your car is written off or stolen. It fills the space between what your motor insurer pays and what you still need to either clear the finance or return to the invoice price. Most people understand this part. The confusion usually starts when you change your car. Many drivers are unsure whether the policy still applies or if they need to start again.

Here is a straightforward guide to what happens to your Gap insurance when you switch cars and how Ping Insure handles it.

Why Gap insurance matters

Car values drop fast. If your car is written off your motor insurer pays the current market value. That figure is often much lower than what you originally paid. If the car was financed you might still owe more than the payout. If you paid in full you might not be able to replace the car with the same model at today’s prices.

At Ping Insure our Gap insurance steps in to cover that shortfall. We pay the difference between the motor insurer’s settlement and whichever figure is higher, either the outstanding finance or the invoice price. We also include up to one thousand pounds towards your motor excess and cover all named drivers over twenty one. Our claims limit is up to fifty thousand pounds and we include a temporary replacement vehicle for up to fourteen days if your car is written off.

What happens when you change your car

Most people change their car sooner than expected. It might be due to a better deal, a change in lifestyle or simply wanting an upgrade. When that happens your Gap cover should adapt with you.

Ping Insure allows you to transfer your policy to a new vehicle on our Return to Invoice and Vehicle Replacement products. This avoids the stress of cancelling and starting again unless you choose to.

Here is how a transfer usually works.

Let us know early

Tell us when you plan to change your car and share the details of the new vehicle. The sooner we know, the easier it is to update your policy.

We check eligibility

We confirm that the new car meets the rules for your product. Most everyday cars qualify. If something does not match we explain why and offer other options.

We update your documents

Once the new car is approved, we link your policy to the new vehicle. We send updated documents so everything is clear if you ever need to make a claim. Your cover continues for the rest of the original term.

There may be a small fee

Most transfers include an administration cost. It covers the work involved and is usually far cheaper than taking out a brand-new policy.

When a transfer may not be suitable

Sometimes a transfer is not the best fit. This might happen if:

• The new car falls outside the value or age limits
• The remaining policy term is too short to provide meaningful protection
• The new car is much more expensive or much cheaper than the previous one 
• If any of these apply we talk you through your choices. Starting a new policy might give you stronger protection in those cases.

Should you ever cancel instead of transferring

Although transferring is the simplest route, cancelling can make sense in some situations. If your new car is in a very different price bracket you might want a fresh policy tailored to the new value. We explain the pros and cons so you can choose what works best. Any refund follows the rules in your policy wording, and we make those clear before anything is changed.

What if your old car is written off before you switch

If your car is written off before you buy the next one your Gap policy still applies to the original vehicle. It steps in after the motor insurer payout and helps cover the shortfall. Once your claim is settled the policy ends because it has done its job. You then take out a new policy for your replacement car.

Tips when changing your car with Gap insurance

Tell us early so we can keep everything seamless. Keep your motor insurer and finance provider updated. Make sure you know the invoice value of the new car. Ask if you are unsure whether transfer or cancellation is better. A quick check can save you time and money.

Why keeping Gap cover in place matters

It is easy to forget about Gap insurance when you switch cars, but the risk stays the same. A new car can still lose value quickly and a write off can leave a financial gap you were not expecting. Keeping your policy active or transferring it protects you from that sudden cost.

At Ping Insure we only use trusted insurers when it comes to direct gap and we design our products to move with you when life changes. Changing your car should be exciting, not confusing.

If you are replacing your car soon and want to transfer your policy or check your options, get in touch with Ping Insure and we will guide you through the next step.