GAP (Guaranteed Asset Protection)
Vehicles depreciate in value every day, and insurers often only pay out the market value of the vehicle at the time it is declared written-off. This means a potential shortfall between either the amount needed to purchase a new car, pay off a finance agreement or settle a contract hire agreement.
Our GAP plan is a combined product and covers the return to invoice and if applicable the negative equity in finance. The product is designed to complement existing motor insurance policies and to help cover the additional expense that may be involved when a car is stolen or written off. This cover can help either pay the outstanding negative finance equity outstanding or return the cost from the insurance settlement back to the invoice purchase price.
Worried about the depreciation of your car?
Used a large loan to buy your vehicle?
GAP Insurance offers:
- Protection to the original value of your car in case it is written off/stolen.
- Very low price cover with 2 or 3 year cover available.
- Pay out what your motor insurance company won’t.
- If any settlement on your dealer arranged car finance is greater than the amount covered under your RTI policy,
GAP will settle the higher figure.
See what GAP Insurance can do for you.
Case Study: Mr Davies, Surrey
Mr Davies bought a brand new Mercedes in March 2014.
He paid £25,000 from a local Mercedes garage in Surrey.
Unfortunately, 2 years later his car was stolen, resulting in his insurance company only paying him £18,000 (it’s current market value.)
Thankfully, Mr Davies knew about GAP insurance and took out a 3 year policy on his brand new vehicle.
Although he had only received £18,000 from his motor insurance company, he received the remaining £7,000 from GAP Insurance. He was then able to buy another car at the same value of £25,000 to replace his stolen car.