GAP

Did you know that if your vehicle was written off as the result of an accident, fire or theft, most insurance companies would only pay the current market value of the vehicle, and not the market value when you bought it. For example, if a vehicle costing £10,000 was written off after 12 months, most insurance companies would pay out the current market value, which might only be £8,000. If you wanted to then replace your vehicle, you would have to find the difference. Or, if you had taken out finance to spread the cost of paying for your vehicle, then you could find that the amount received from your insurance company was less than the amount you still owed on your finance agreement. In either event, you could be out of pocket - this is where Motor Finance GAP Insurance can help you.

There are two different cover options:

Total Loss or Retail Price Protection GAP

Our Total Loss or Retail Price Protection GAP will return you to the original position you were in when you first purchased the vehicle for up to a maximum period of 36 months, if your vehicle is written off and a total loss payment is made by your insurance company. Retail Price Protection GAP will pay you the difference between the amount paid out by your insurance company (or the market value of your vehicle, whichever is the greater) and the amount of your original invoice price (or the early settlement amount if the vehicle is subject to a finance agreement and the early settlement amount is greater than the invoice price). If the vehicle is subject to a finance agreement, any payment under Retail Price Protection GAP will be paid direct to the finance company on your behalf, and if there are any excess funds, these will be sent to you direct, subject to the maximum benefit levels.

Finance GAP

Our alternative product is designed to protect you during the term of your finance agreement, up to a maximum of 60 months cover, if your vehicle is written off and a total loss payment is made by your insurance company. Finance GAP will pay the difference between the amount paid out by your insurance company (or the market value of your vehicle, whichever is the greater) and the amount still outstanding on your finance agreement, subject to the maximum benefit levels. This should enable your finance agreement to be settled leaving you to concentrate on purchasing another vehicle.

For further information view the GAP brochures

Total Loss or Retail Price Protection GAP - Insurance Policy

Finance GAP-Insurance Policy