Guaranteed Asset Protection (GAP)
Cover the difference between your insurance payment and the full value of your car.
Finance Gap Explained
Vehicle value depreciation could mean there is a risk you will owe more to the Finance Company than the Insurance Company pay-out if the vehicle is written off or stolen. Finance Gap Insurance allows you to insure against the difference (up to a maximum of £20,000) between your Insurance Company pay-out and the amount you owe to the Finance Company. Check out the video below for more information:
Full terms and conditions can be found here.
Eligible Vehicles
- Vanarama leased vehicles only.
- Vehicles up to £125,000 invoice price.
- Cars & Commercial Vehicles up to 3.5cwt.
- Cover is valid for up to 5 years in line with the finance agreement.
- Applies to all finance agreements, including Contract Hire and Lease.
- Applies to cars and commercial vehicles up to 6 years old.
- The vehicle must be separately insured by a Fully Comprehensive Road Risk Motor Policy.
- Can offer cover for courier and motor trade usage for an additional premium.
Major Exclusions
- Your comprehensive motor policy insurer must make settlement payment for a total loss claim.
- Does not cover owed premium for motor insurance policy or GAP policy.
- Use of the vehicle for hire and reward, motor sports, driving instructor or emergency vehicle.
- Modified vehicles post-delivery.
If you would like to know more, call our dedicated Finance Gap Insurance team now on 01442 835768.