Protecting You Against Unexpected Financial Loss
Do You Know How Much Your Motor Insurer Would Pay Out if Your Vehicle was Written Off or Stolen?
It’s very likely that they will only pay out the current market value of your vehicle- it’s also very likely that this will be less than you paid for it or less than any outstanding finance you have on it.
What are the financial implications for you?
Unless you are prepared to use your own funds, you would only have what your main insurer pays out to put towards buying a replacement vehicle. This would certainly limit your options. Similarly, you could be left having to personally fund the difference between your motor insurers pay out and the amount required to settle your finance agreement.
How can you protect yourself against this financial loss?
This is where Combined GAP (Guaranteed Asset Protection) can help. If your vehicle is written off or stolen and declared a total loss by your motor insurer, Combined GAP will cover the difference between the vehicles market value and the net invoice price you paid for it or any outstanding finance (whichever is greater).
The current value is defined as either your main motor insurer’s per-incident value or, in some cases, the retail transacted value shown in Glass’s Guide (please see Terms & Conditions for more details).
One less thing to worry about
Your vehicle. Our world
Combined GAP is designed to be a simple level of extra protection for you should your vehicle be written off or stolen and declared a total loss by your motor insurer. Provided you have a comprehensive UK motor insurance policy and your vehicle is listed in the industry standard Glass’s Guide, this is how it could work….
A few things to be aware of
- Negative equity (outstanding finance or debt) for a previous vehicle is excluded
- Combined GAP is available for most new or used cars or vans and provides cover for 36 months
- However, if you have finance in place for your vehicle, Combined GAP could continue for longer than 36 months provided your finance agreement does not expire and is not settled early- check with your dealer for more details
- Your vehicle will not be covered if it’s stolen by anyone who has access to the keys
- Your vehicle will not be covered if it is used for hire or reward (e.g. taxi hire), pacemaking, speed testing, racing, reliability trails or as an emergency vehicle
- Vehicles will not be covered if the driver does not hold a current valid driving licence, is intoxicated by alcohol or under the influence of non-prescribed drugs
If your vehicle is written off or stolen then your main 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.
That’s where GAP insurance can help cover the shortfall and put you in a more healthy financial position.
Products we offer:
Combined GAP – combines the benefits of Total Loss GAP and Finance GAP (please see below) to make sure you are is covered in either scenario.
Total Loss GAP – covers the difference between the current market value and the net invoice price paid for the vehicle.
Finance GAP – covers the difference between the current market value and the early settlement balance of any finance covering the vehicle.
Contract Hire GAP – designed specifically for this growing method of vehicle purchase and covers the difference between the market value of the vehicle and the outstanding balance on the contract hire agreement.
Contact us today for more information about the benefits of GAP Insurance at The One Stop Car Shop