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GAP Insurance
GAP stands for Guaranteed Asset Protection. If you have bought a car, a GAP insurance policy can cover the loss in value if your vehicle is written off. GAP insurance helps to bridge the payment gap between the settlement amount from your comprehensive motor insurance policy and the original purchase price of your car.
In most cases, from the moment a vehicle leaves the dealership, it will start to depreciate at a rate that is dependent upon how old it is, and how many miles it has clocked.
In the event that a vehicle is written off as a result of an accident, fire or theft, most insurers will only pay out the market value of the vehicle at the time of loss. This is often considerably less than its original value, and could mean that there is a shortfall on the outstanding finance, or the cost of replacing it with an equivalent vehicle.
Depending on how you choose to purchase or fund your vehicle, we offer a range of products to protect you and your vehicle:
This covers the difference between the amount your motor insurance company pays, and the amount required to settle your finance agreement. It will also cover any initial rentals and contribute towards your motor insurance excess.
