VRI Gap Insurance will cover the difference between the vehicle value when it is written off, and the cost of the replacement vehicle, equivalent to the one you bought the policy for. So if you buy a brand new Ford Focus, then the cost of the equivalent new Focus, even if that is higher than you originally paid.
The question is often asked however, exactly what does ‘written off’ mean, and what circumstances would be covered, for example if you car is stolen using the vehicle keys?
VRI Gap Insurance and theft by keys
There are lots of Gap Insurance information on the web, but what happens if your vehicle is stolen with your own keys? VRI Gap Insurance, like many types of Gap cover, may differ on this depending on the insurer. However, in general, if your own motor insurance will cover you then your VRI Gap Insurance policy will cover you too.
So, if your house is broken into, and your keys stolen and then also your car, then your VRI Gap Insurance will cover this usually. However, if you leave the keys in the ignition at the petrol station, then it is highly unlikely your own motor insurance will cover this, and the same for your VRI Gap Insurance policy.
Theft with keys is a very common form of vehicle theft these days. It is important that you check any form of Gap Insurance on this point. The better policies will cover this but do not assume that they all will.
VRI Gap Insurance cover
VRI Gap Insurance is rarely offered by a motor dealer, so if you are looking at this level of cover it is likely you are looking at a specialist online Gap Insurance broker. The policies will be available to view online, and you can always call the broker to check.
VRI Gap Insurance should cover you with theft by keys just be sure to check!