GAP INSURANCE (Guaranteed Asset Protection)
If your vehicle is written off or stolen don’t pay the shortfall... Walk away and lease again!
With insurance offers increasingly falling short of finance company settlement figures it has never been a more prudent time to consider Guaranteed Asset Protection (GAP) cover on the vehicle you are leasing. Allowing you to walk away from the settlement figure presented by your finance house, should the vehicle in question be stolen and unrecovered or declared a total loss by your insurance company.
Market conditions, along with cars depreciating at a greater level than expected, mean that there is often a difference between what your insurance company will offer and the settlement figure on your finance agreement.
“The insurance company pays out £10,000. The finance company are owed £14,000 as the contract was terminated early with charges owed as per the agreement. The GAP insurance will cover the difference between the two of £4,000!”
With GAP Insurance they will pay the difference, up to a maximum of £25,000 between your insurance company payout and the amount you owe to the finance company.
Why buy GAP Insurance?
- A vehicle is stolen every minute
- A third of these vehicles are never recovered
- UK Car Crime is a third of all crime
- Over 500,000 vehicles are declared a "total loss" each year
In the UK more than 200 vehicles per day are involved in serious accidents.
Eligible Vehicles
- Vehicles up to £75,000
- Cars and commercial vehicles up to 3.5cwt
- Cover is valid for up to 5 years in line with the finance agreement
- Applies to all Contract hire and lease policies less than 6 months old
- Cars and commercial vehicles up to 7 years old with no more than 80,000 miles on the clock from inception
Major Exclusions
- Vehicle is written off whilst driving illegally or under the influence of drugs or alcohol.
- The vehicle is not covered by a fully comprehensive Road Risk Motor Policy
- Use of vehicle for Courier, Hire or Reward.
- If the vehicle is unattended and the keys have not been removed, all doors locked and any immobiliser and/or alarm activated.
For further information and to obtain a quote please click on this link
Produced by Denison Automotive