Guaranteed Asset Protection
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.
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.