As although you insure the car, by law the insurance companies are not at liberty to repay you the full cost of the vehicle when required. GAP insurance can be a very valuable coverage to have in certain situations. For this reason, it's important to understand what GAP insurance is and what to look for when purchasing this type of coverage.
In the event of your car being stolen and unrecoverable or written off, GAP (Guaranteed Asset Protection) will, in most cases, pay the difference between the actual cash value and the scheduled balance owed to the lender. So it helps protect you financially and does not leave you out of pocket.
If, for example, you originally paid £18,000 for your vehicle and it was subsequently stolen or written off and your insurance company only paid you £11,000 Asset Protection would make up the difference and pay you the other £7,000 to make sure you got the amount you paid for the car when you bought it.
Our GAP insurance can be purchased at any time before you collect your car or up to 60 days after.
The cost of our Asset Protection Insurance depends on the value of your vehicle and the period for which you require cover. We can provide you with a quotation, at present all our policies last 3 years.
Yes, premiums can be paid in one upfront sum or interest free over 12 monthly instalments.
No. Whilst some motor insurers provide a replacement vehicle if yours is written off within the first 12 months of first registration this is not Asset Protection insurance nor a substitute for it.
For more information please call us on 01562 540 550 or 01684 210 550
We are covered by the FSCS. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim. Non-compulsory general insurance products are covered for 90% of the claim, without any upper limit. Further information about compensation scheme arrangements is available from the FSCS. You can telephone the FSCS on: 0207 892 7300 or write to them at: 7th Floor, Lloyds Chambers, 1 Portsoken Street, London E1 8BN.