GAP INSURANCE

GAP / RTI Insurance 

Around 315,000* vehicles are stolen every year, which is equivalent to one every 95 seconds (*source - Car Theft Index 2003).

If this did happen, or if your vehicle was written off as the result of an accident, your insurance company will generally offer you a total loss payment based on the market value of your vehicle at that time. This value could be significantly less than either the cash price of the vehicle or the outstanding balance of an existing finance agreement.

You might not realise just how much a total loss can affect your own finances, even with your vehicle being comprehensively insured. Now you can take out GAP Insurance to help protect your investment purchase.

GAP covers the difference between the amount paid by your motor insurer and either the outstanding balance of your finance agreement, or the cash purchase price paid if your vehicle is stolen or and written off.

If your vehicle is written off through accidental damage, fire or theft, there are two types of GAP Insurance cover available to you:

GAP (Shortfall Protection)

This covers the difference between the amount paid by your insurance company and the balance of the outstanding finance agreement, up to a maximum of £10,000.

GAP Plus (Return to Invoice)

This covers the difference between the amount paid by your insurance company and the cash purchase price paid for your vehicle, up to a maximum payout of £15,000. This payment will help you replace your vehicle with a new vehicle of the same or similar specification.

Both of these payments are in addition to your any insurance claim settlement you may make and are available for new and used vehicles.

For more information regarding GAP Insurance, or to take out GAP Insurance cover, you can contact us using the form below.