Guaranteed Asset Protection (GAP) Insurance

Did you know that if your new vehicle was written off as the result of an accident, fire or theft, your Motor Insurance company would only pay the current market value of the vehicle, and not what you actually paid for it?

For example, if a vehicle costing £8,000 was written off after 12 months, your insurance company would pay the current market value, which might only be £6,000. If you wanted to 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 credit agreement.

In either event, you could be out of pocket.

This is where GAP cover can help you.

GAP Insurance Cover Levels

Return To Invoice (RTI)

RTI will pay the difference between the amount paid out by your motor insurer (or the market value, whichever is the greater) and the amount of the original purchase price in the event that your vehicle is written off.

Cover is available up to 3 years.

Financial Shortfall GAP

Financial Shortfall GAP will pay the difference between the amount paid out by your motor insurer (or the market value, whichever is the greater) and the amount still outstanding on your finance agreement, up to a maximum of £5,000.

Cover is available up to 5 years.