Gap Insurance
This product has been developed as a complimentary cover to motor insurance arranged on both cars and vans on a Comprehensive basis and aims to ensure that you are not out of pocket following a total loss claim.
How does that work?
An insurance company will only provide a 'fair market value' settlement following a total loss. Their opinion of 'fair' will often differ from yours. So to eliminate that problem, GAP insurance was designed.
What is it?
The cover aims to bridge any financial gap in a balance outstanding to a finance, lease or contract hire company and the 'fair market value' your insurer is prepared to allow in settlement. With 'back to invoice', the policy is designed to cover the difference between the purchase invoice and the 'fair market value offer', enabling you to achieve a total settlement sufficient to buy a new similar vehicle, without funding the difference yourself!
What types are available?
Finance Purchase
Lease Purchase
Contract or Lease Hire
'Back to Invoice' for cash purchases
Also available on a fleet basis for 5 or more vehicles
How easy is it to arrange?
Very easy! All we need to know is the make & model of vehicle, year of manufacture, registration number and value of the vehicle, together with the nature of your financial arrangements. We then obtain a quotation with a limit of indemnity, usually £10,000, which would be the maximum payment for any gap in settlement offer and balance outstanding. This cover may usually be taken out for a period of 1,2, or 3 years.
Why should you buy GAP cover from us when the finance company or sales outlet can provide it for you?
Cost!!! We have found that when we arrange cover it is 50-100% cheaper. Try us out.
We are totally committed to ensuring that your motor claim is settled in a way that places you in the best possible financial position after the loss. GAP Insurance can help ensure that this is the case.
We hope that our explanation of this useful add-on cover has shown our commitment to: -
Working with you, for you