What is GAP Insurance?
In the case of a total write-off, GAP Insurance pays the shortfall between your insurance payout and your finance settlement figure.
In the case of a total write-off, GAP (Guaranteed Asset Protection) Insurance pays the shortfall between your insurance payout and your finance settlement figure.Typically, motor insurers will provide "new-for-old" cover for new vehicles during the first 12 months of ownership. This simply means that, if your vehicle is declared an insurance write-off during the first 12 months, your insurance company will provide a like-for-like replacement vehicle. If an insurance write-off occurs after the first 12 months, things are more than likely going to get expensive. Insurance companies will only pay out market value for a written-off car, which is normally around the trade price. Don’t forget, as soon as you drive a new car off the forecourt it starts to depreciate in value – especially in the first few years. However, during the early stages of any finance agreement you are paying off mainly interest (much like how a mortgage works). So, you could find yourself owing more to settle the finance than the car is worth!
Benefits of our GAP Insurance
Defaqto 5-StarOur Asset Protection Insurance, provided by Car Care Plan, has achieved the highest Star Rating from Defaqto. It is considered to offer one of the most comprehensive offerings in the market
Free TransferIf your car is a write-off and your new-for-old policy is used, your GAP Insurance policy is transferred to your next contract hire.
Full RefundReceive a full refund if your car is a write-off and your GAP Insurance policy is not used.
Initial PaymentInitial rental refunded in the event of a successful claim.
£250 RefundReceive a £250 refund if your car is a write-off and your GAP Insurance policy is used.
Two Payment Options
- A one-off payment starting from £299 (this varies based on the vehicle cost and term)
- Spread the cost with 10 monthly payments starting from £29.90 (this varies based on the vehicle cost and term)