If your vehicle is written off or stolen before you finish your finance, your car insurance may not be enough to repay what you owe AND replace your vehicle. Guaranteed Asset Protection (GAP) is designed to cover this financial gap.
On average, 60% of new cars lose their value in the first 3 years. It is this depreciation that makes it unlikely for a payout from your insurer to be as much as you paid for the car.
If you have existing finance on the car, you risk having to repay more than the amount the car has been valued at by your insurer if:
Without Gap insurance you could risk not being able to afford a new car. What's more, you could end up owing money on a car you no longer have.
Call us on 01263 588160 for our Bodham Dealership or 01263 720808 for our Mundelsey Dealership
|Product||Combined GAP Insurance has been designed to cover the ‘gap’ between the greater of the motor insurance settlement or the market value of the insured vehicle and either the amount you paid for the vehicle, or the finance early settlement balance payable to the finance company if the insured vehicle is declared a total loss within the period of cover.|
|Features & Benefits||There is no Maximum Vehicle Age
Dealer Fitted Accessories are covered
|Additional benefits||Covers up to £250 vehicle insurance excess|
Available for purchase up to 105 days after vehicle invoice date
Available for vehicles with a maximum net invoice value of up to £85,000
Maximum claim limit: £15,000
Vehicle must be insured under a comprehensive motor insurance policy
Provides cover for vehicles that have been written off or stolen
Transferable (subject to Ts & Cs)
Additional Drivers Covered (subject to Ts & Cs)