Mind the GAP!
With an increasing number of people purchasing motor vehicles through finance, there has been a growth in people taking out GAP insurance. Should your vehicle be written off following an accident or be stolen, you will probably only receive your vehicles’ current market value from your insurer.
The amount you are reimbursed could be less than what you still owe to the finance company and will be less than what you paid for your vehicle originally.
GAP Insurance is designed to protect you against a financial shortfall should the above occur. It is aimed at people who are:
- buying a new or used vehicle;
- buying a vehicle from a dealer or privately;
- obtaining a vehicle on Finance, lease or outright purchase;
- in the situation where they did not buy GAP when they purchased their vehicle all those months/years ago.
Cover is available for Cars, Driving Schools, Motorhomes, Motorbikes & Taxis (on a scheme basis).
For companies that have a fleet of vehicles, Top up Fleet Gap will pay the difference between the motor insurer’s settlement figure and the outstanding amount owed to the finance/lease company OR 25% of the motor insurer’s total loss settlement figure. Whichever calculation is the greater.
- available to fleets of 5 or more vehicles
- vehicles up to 10 years old at inception
- cars and commercial vehicles to 44ton GVW
covers vehicles on lease, contract hire, finance and owned outright.
Should you require a quotation for this insurance, please contact me.
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