GAP insurance

What is GAP insurance?

Annually your Car depreciates by up to 25%. Imagine the possibility that your car is stolen or involved in a serious accident and is written off. The motor insurance company will only payout what it deems is the vehicles market value at the time of total loss. Therefore there can be quite a difference (a shortfall) between what you receive from your insurance company and what you have outstanding on your car finance.

So that your not left with thousands to pay for a car you no longer have GAP (Guaranteed Asset Protection) would pay the shortfall for you.

Why is there a shortfall?

A shortfall may exist because your insurance company pays out based on their estimate of the car's market value when the un-recovered theft/write-off occurred. The amount you paid when you purchased the car is not taken into account. Almost inevitably there will be depreciation of the value of your car - and unless you take out gap insurance, you bear the brunt, which could be thousands...

How will GAP cover me?

Subject to certain terms and conditions, GAP insurance will take care of any outstanding balance on your finance agreement, after your car insurance payout has been taken into account. It covers the full term of your loan and in our opinon can save you a financial headache.

We have a variety of different GAP policys available to suit all budgets and car values. Speak to one of our account managers to find out more.

We also have a handy car insurance finder that allows you to browse insurance quotes for the vehicle your looking at buying from over 50 different car insurance companies. Click here to view.