GAP car insurance
GAP car insurance
stands for Guaranteed Asset Protection and is designed to pay an insurance
top up in the case of a claim. GAP car insurance will provide you with
protection against the difference between the Insurance valuation at time
of total loss and the agreed value of your vehicle when taking out the
policy.
Finance GAP car insurance
provides you added protection if you have asked for a loan to purchase
your vehicle. It is designed to pay out your unpaid loan balance if your
car is stolen or totally damaged. Finance GAP car insurance protects old
and new cars against almost all risks that cause total loss.
GAP car insurance
also pays the difference of the car’s original market price and its cost
before the accident, even if you did not take out a loan.
Contract Hire GAP
car insurance will pay the difference between your Motor Insurance payout
and the amount required to settle the Contract Hire / Lease Agreement.
Invoice GAP car insurance
will pay you the difference between your Motor Insurance payout and the
original invoice price you paid for the vehicle. If you happen to have
finance outstanding on the vehicle, in many cases receiving the full original
invoice price back would allow you to settle the remaining finance and
also have some money left over which can be put towards the cost of the
new replacement vehicle.
Retail Value GAP
car insurance will pay you the difference between your car Insurance payout
and the Retail Value of your car on the day that you purchased the Retail
Value GAP Insurance policy. Whilst this may not provide you with the same
level of cover as Invoice or Replacement GAP Insurance policies, it does
effectively freeze the market value of your vehicle for a number of years.
Replacement GAP car
insurance will pay you the difference between your Motor Insurance payout
and the cost of replacing the vehicle New-For-Old at the time of claim,
even if the Replacement Vehicle costs more than the price you originally
paid for it.
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