Guaranteed Asset Protection (GAP) Insurance
In the event of the total loss of your insured vehicle, GAP insurance will pay the difference between the settlement amount you receive from your motor insurer and the original retail price you paid for the car, or if greater and on all finance agreements, the amount you require to pay your early settlement amount. GAP insurance will also contribute to the excess deducted by your motor insurer.
Will it benefit me?
The settlement amount you receive from your motor insurance company could be significantly less than what you paid for the vehicle or the outstanding balance on your finance agreement.
Bridge the GAP insurers leave behind
Most motor insurers will use the market value of your car the time of the incident to determine the total loss payment, but any depreciation in the vehicle value would potentially be a loss incurred by you. You could be left without a vehicle plus the burden of settling any outstanding finance.
Is it right for you?
Guaranteed Asset Protection protects your investment and provides you with complete reassurance and financial support required to get you back on the road. GAP is especially helpful if:
1) You would like any vehicle depreciation to be covered to enable you to replace the vehicle up to the original purchase price you paid.
2) You would need to settle any oustanding finance that may be more than the motor insurer’s settlement amount at the time of loss.
GAP Insurance Cost
We’re partnered with GardX Assure and offer Asset Protection over 24, 36 and 48 month terms.
Invoice Price | Term | RRP |
---|---|---|
£0 to £25k | 24 months | £149 |
£25,001 to £50k | 24 months | £179 |
£0 to £25k | 36 months | £199 |
£25,001 to £50k | 36 months | £229 |
£0 to £25k | 48 months | £249 |
£25,001 to £50k | 48 months | £289 |
Key features
- 100 days inception period post vehicle sale
- 120 days claim notification period
- Motor insurance excess cover up to £500
- Unlimited factory fitted options
- Dealer fitted accessories (up to £1,500)
- Finance deposit contributions included
- Daily pro-rata refunds with no admin fee