Lexus are higher-end motors by Toyota; however, many don’t recognise these as luxury models. Nevertheless, Lexus are renowned for excellent craftsmanship, advanced technology and unparalleled comfort. They achieved record sales in 2023 due to the rising interest in these functional, yet, prestige motors . Despite not having the ‘luxury’ stamp like Audi or Mercedes, Lexus experiences the most thefts proportional to the number of cars on the road, compared to any other manufacturer in the UK.
Having the right cover in place is crucial especially if your car is attractive to thieves. A total loss occurs every 90 seconds and a market value settlement from your comprehensive car insurance is usually inadequate to cover the cost of a replacement. Moreover, if you use Lexus Financial Services, you won’t want to pay intalments for a car you no longer own. Learn about the benefits of Lexus GAP insurance which covers your total loss shortfalls.
A vehicle total loss (theft or write-off) can be extremely frustrating and also usually means you’ll have to find the funds for a replacement vehicle. Lexus are popular high-end family cars, and having to replace one after a total loss is the last thing you need – especially since most drivers can’t afford a like-for-like replacement with their motor insurance settlement.
GAP insurance or Guaranteed Asset Protection is a type of vehicle insurance which tops up your market value settlement to help you afford a replacement. There are different types of cover depending on your vehicle’s details or how you paid for it. Generally, GAP insurance covers the financial shortfall associated with a write-off or theft, including outstanding finance, auto insurance excess (up to £250), lease deposit (up to £3000), and the depreciation gap.
Lexus GAP insurance is a good idea for making sure you don’t get into a sticky situation should the worst happen with your car.
Explore GAP insurance quotes today!
Almost all cars are eligible for GAP insurance. ALA has the most generous eligibility requirements so even if you think your car is too old, it’s probably still insurable with us.
There are four types of policy – Back to Invoice GAP (most popular), Vehicle Replacement, Contract Hire (for lease vehicles) and Agreed Value.
Back to invoice covers cars bought within 180 days, for up to £125,000 (and more than £5,000) from a VAT-registered dealer. Your car should not be older than 10 years. You may have up to 365 days to take out a policy if you have new-for-old replacement cover within the first 12 months on your car insurance.
Vehicle Replacement covers cars up to 7 years, 80,000 miles and bought within 90 days. The same price limit also applies – vehicles up to £125,000 (and more than £5,000) are covered.
Contract Hire GAP insurance is available for vehicles on a contract hire arrangement, you have 365 days to take out a policy and your car must not be worth more than £125,000 or less than £5,000.
Agreed Value GAP insurance is available for any aged car with unlimited mileage. However, it must be worth less than £75,000 and more than £5,000. You have no time limit on when you can take out a policy and cars bought from private sellers are welcome.
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As mentioned, there are 4 types of GAP insurance, which cover you regardless of how old your car is or how you paid for it. Explore the four types below:
Back to Invoice GAP insurance covers the difference between your car insurance settlement and the original amount your paid for the car (after a total loss). Alternatively, it covers up to the outstanding finance balance if this is higher than the invoice price.
Vehicle Replacement GAP insurance covers the difference between your car insurance settlement and the cost of replacing your car, even if the purchase price has increased since you bought it. Alternatively, VR covers up to the outstanding finance balance if this is higher than the replacement cost.
Contract Hire GAP insurance covers up to £3000 in leasing deposit, any outstanding payments and the financial shortfall from your motor insurance payout.
Agreed Value GAP insurance covers the vehicle depreciation since purchasing your GAP insurance policy.
The type of policy that’s best for your Lexus depends on how and when you bought it, how old it is and how many miles it has on the clock. Back to Invoice GAP insurance is the most popular type of cover but Vehicle Replacement offers the greatest peace of mind that you can afford a replacement after a vehicle total loss. If, like many others, you lease your Lexus, you’re only eligible for car lease GAP insurance. Finally, if you bought through a private seller, or are outside the timeframe requirements for the other policies, opt for Agreed Value GAP to cover depreciation.
Most GAP insurance customers have a one-to-twenty cost to benefit ratio when they receive a payout from us so it’s a no-brainer for protecting against the financial predicaments associated with a total loss. Also, given that around 12% of UK motorists have written off a car in the past 5 years (YouGov, 2022), Lexus GAP insurance is likely to come in handy should the unexpected occur and your car is written off or stolen.
Explore some quotes for popular Lexus models. The following quotes are based on Back to Invoice GAP insurance for a new Lexus, bought in cash from a VAT-registered dealer.
|
Vehicle Model |
Price (New) |
1-year |
2-year |
3-year |
4-year |
|
Lexus RX |
£60,000 |
£349.44 |
£301.00 |
£356.39 |
£505.23 |
Lexus ES |
£42,000 |
£142.58 |
£216.13 |
£266.72 |
£306.92 |
|
Lexus NX |
£43,000 |
£142.58 |
£216.13 |
£266.72 |
£306.92 |
|
Lexus IS |
£35,000 |
£131.73 |
£171.48 |
£211.76 |
£272.73 |
Only 5% know about GAP insurance (YouGov 2022) – don’t be one of the 95% to write off your vehicle without cover.
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GAP insurance covers a variety of financial shortfalls associated with a vehicle theft or write-off. Car insurance payout shortfalls, depreciation, finance gap, car leasing payments and insurance excess and are some of the things GAP insurance covers.
GAP insurance as a product went under review in April of 2024 but it’s still available to purchase from a trustworthy, independent insurance company, such as ALA Insurance. We are committed to delivering exceptional value and customer service. ALA has a 99% payout rate and over 17,000 customers rate us 5 stars.
The cost of your policy depends on your policy type, vehicle make, age, mileage and more. However the most common policy bought from us is around £150-£300. You can save money on GAP insurance by selecting lower cover limits, paying upfront or choosing a shorter contract.
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Lexus cars have the highest proportion of thefts for cars on the road which makes it more expensive to insure. However, regardless of your insurance premium, you will still only get a market value settlement after a total loss. GAP insurance tops up your motor insurance settlement to help you afford a replacement Lexus.
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