Guaranteed Asset Protection
If your vehicle is written off or stolen then your motor insurer will normally only pay out the current market value of the vehicle. In most cases, this could leave a financial shortfall that you will need to deal with.
Guaranteed Asset Protection (GAP) is designed to cover a motorist’s financial shortfall in the event their vehicle is declared a total loss. We offer several GAP schemes – Finance GAP, Contract Hire GAP, Return to Invoice Insurance and Vehicle Replacement Insurance.
In the event of loss, Finance GAP covers the potential difference between the vehicles market value and any amount still outstanding on your finance agreement.
Contract Hire GAP:
Contract Hire GAP will cover up to 100% of the remaining rental payments for your vehicle and in addition, this scheme will cover any difference in the market value settlement provided by the insurer.
Return to Invoice Insurance:
This cover is for vehicles bought from a dealer within the last three months. In the event of a loss, this scheme covers the difference between the vehicle valuation and the original purchase invoice value.
Vehicle Replacement Insurance:
If you require a new car, this scheme is designed to help. This scheme covers the difference between the vehicle valuation and the cost of buying a brand new car.
Financing your Vehicle
How does it work with finance? For example, you purchase a vehicle at £18,999. The current finance settlement for your vehicle is £19,200. Your motor insurance company pay-out £12,000. The Guaranteed Asset Protection payout would provide the extra £7,200 to clear your outstanding finance - subject to terms and conditions.
How does it work with a cash purchase scenario? You pay £18,999 for your vehicle and your vehicle is written off. Your motor insurance company payout is £12,000. An RTI pay-out of £6,999 tops it up to the price you originally paid - subject to terms and conditions.