Gap Cover

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Gap Products Explained

Why do I need GAP?

How often do you hear of people who have their vehicle written off only to find that the ‘Market Value’ offered by their Insurer is not enough to replace the vehicle with a similar one or pay of any outstanding finance?

Gap FAQ’s

GAP Products Compared

This table shows the variations in benifits and eligability for each of the GAP products
Product Feature Return to Invoice (RTI) Finance GAP Vehicle Replacement (VRI)
Vehicles Covered
Car,LCV,Motorbike,Motorhome Car,LCV,Motorbike,Motorhome Car & Motorhome
Policy Benifit
Pays off difference between original invoice price and motor insurer payout Pays off difference between finance settlement and motor insurer payout Pays off the difference between the cost of a replacement like vehicle and motor insurer payout
Max Vehicle Price
£75,000 £75,000 £80,000
Max Vehicle Age
8 Years 10 Years 5 Years
Max Vehicle Mileage
120,000 120,000 50,000
Maximum Claim limit
£50,000 £15,000 £50,000
Term available (Months)
12,24,36,48 12,24,36,48 & 60 12,24,36,48
Negative Equity covered
£Nil £Nil £Nil
GGV used to calculate benifit
110% of GGR 110% of GGR 110% of GGR
Policy excess deducted
£Nil £Nil £Nil
Policy excess covered
£250 £Nil £250
Dealer fitted accessories covered
£1,500 £1,500 £1,500
Factory fitted accessories covered
All All All
Delivery charges, Registration fees & No. plates
Covered – New only Covered – New only Covered – New only
Fixed selling price
100% Up front commission
Can be sold after delivery
/ 180 Days
/ 180 Days
Transferable on vehicle sale
/ £35 admin fee
/ £35 admin fee
Transferabble if “New for old” 1st year
/ FOC
/ FOC
Subrogation
Non-debitable premium funding available
Underwriter Amtrust Europe Amtrust Europe Amtrust Europe
Deferal Option

Unique Features

•Periods of 12 to 48 months on RTI/RTV/VRI and 12 to 60 on GAP/Negative Equity GAP •Cover up to £1500 of dealer fitted accessories and all factory fitted options •110% of Glass’s Guide Retail used in claims calculation •Back sell for up to 180 days •Claim limits from £2,500 to £50,000 •Cover for cars, motorbikes, scooters, LCV’s, motorhomes/caravans •Vehicles up to £240,000 •Policy excess covered up to £250 on RTV •Monthly products available •12 months 0% premium funding •Vehicles up to 10 years old •Deferral option

Overview

What is GAP Insurance?

It is an insurance policy, for which you or your Lender will pay a single premium and which is for the length of your Finance Agreement. It will pay your Lender the shortfall between the settlement received from the motor insurance company and the amount outstanding on your Finance Agreement following the total loss of your Vehicle due to fire, theft or accident.

Cover Details

What is covered – GAP

If within the Period of Insurance an incident occurs which results in the insured Vehicle being classes as a Toal Loss by the Motor Insurance Policy insurer, We will pay for the financial shortfall between the amount You receive from Your Motor Insurance Policy and the amount You require to settle Your Finance Agreement, for the purchase of Your Vehicle, up to the Sum Insured following an incident during the Period of Insurance occuring whilst Your Vehicle is in the Geographical Limits. Only one clain can be made under this policy during the Period of Insurance.

What is covered – RTI

If within the Period of Insurance an incident occurs which results in the insured Vehicle being classes as a Total Loss by the Motor Insurance Policy insurer, We will pay the financial shortfall between the amount You receive from Your Motor Insurance Policy and the Purchase Price of the Vehicle, as confimed in the invoice of sale, or the finance settlement figure, whichever is the greater, up to the Sum Insured following an incident furing the Period of Insurance occurring whislt Your Vehicle is in the Geographical Limits. Only one claim can be made under this policy during the Period of Insurance.

Your Questions

What is a “Total Loss”?

When an insured person has claimed under their comprehensive and/or fire and theft motor insurance policy and the claim has been settled, with the vehicle forefeited and a total loss payment made.

Is there a maximum amount we will pay?

Customer can select a claim limit to suit the cost of their vehicle. Claims limits from £5,000 to £25,000 are available.

Can it be transferred if I sell the car?

Unfortunatly not, the insurance only covers the person or company who paid for the insurance whilst the car is under their ownership.

What is the claims procedure?

Simply contact the claims office, supply any information which may be needed to establish the amount of any payment under this insurance and notify the police as soon as reasonably possible.

How long will the cover last?

For Finance GAP/Negative Equity GAP from 12 months to 60 monthsin line with the finance agreement. For VRI cover is available for up to three years and for RTI up to four years (depending on the premium paid). All products terminate if you sell or transfer ownership of the vehicle buy will cease earlier upon either any of the following events; a paid claim or the reposession of the insured vehicle if subject to credit agreement.

Premium Funding

We can spread the cost of buying your chosen level of cover over 10 months. Please as for details

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