Guaranteed Asset Protection (GAP)
Have you considered what will happen if your vehicle is written off before the end of the agreement?
A total loss need not be
a total disaster. GAP insurance is a valuable
policy which you purchase in addition to your
motor insurance policy. In the event of your
motor insurance providers declaring the vehicle
a write-off due to theft, fire or accident this
insurance will pay the difference between the
amount paid out by the insurance company and
any outstanding finance on the vehicle. This means
that you can concentrate on sourcing a new vehicle
without having to budget for paying off the previous
finance agreement for a vehicle you no longer
have the use of.
Is there a maximum amount GAP will pay?
Customers can select a claim limit to suit the cost of their vehicle ranging from £5,000 to £25,000
Can you give me an example of how GAP works?
If you paid £10,000 for your car and your motor insurance pay out is £6,000 and the amount required to settle the finance was £9,500 the GAP insurance will payout £3,500. It's that simple!
What is the maximum term I can have?
Customers can select policy terms that range from 12 to 60 months cover in line with the finance agreement but will cease earlier upon the occurrence of any of the following events: a paid claim or the repossession of the vehicle if subject to a credit agreement.
Related documents
- GAP Price List (pdf)
