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Follow us on Twitter
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Company Moves In To New Premises
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GAP - Peace of mind when you buy your new car
- Did you know that if your vehicle was written off ...
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Keep your vehicle looking good with Supagard
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Company Celebrate 30th Anniversary
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GAP - Peace of mind when you buy your new car
Did you know that if your vehicle was written off as the result of an accident, fire or theft, your insurance company would only pay the current market value of the vehicle, and not what you actually paid for it?
For example, if a vehicle costing £10,000 was written off after 12 months, your insurance company would pay out the current market value, which might only be £8,000. If you wanted to then replace your vehicle, you would have to find the difference. Or, if you had taken out finance to spread the cost of paying for your vehicle, then you could find that the amount received from your insurance company was less than the amount you still owed on your finance agreement. In either event, you could be out of pocket - this is where GAP insurance can help you.
There are two different cover options:
Return to Invoice Price GAP
Our “Return to Invoice Price” GAP does exactly what it says – it will return you to the original position you were in when you first purchased the vehicle, if your vehicle is written off and a total loss payment is made by your insurance company. Return to Invoice Price GAP will pay you the difference between the amount paid out by your insurance company (or the market value of your vehicle, whichever is the greater) and the amount of your original invoice price of the vehicle, up to a maximum period of 3 years. If the vehicle is subject to a finance agreement, any payment under Return to Invoice GAP will be paid direct to the finance company on your behalf, and if there are any excess funds, these will be sent to you direct, subject to the maximum cover of £10,000.
Financial Shortfall GAP
Our alternative product is designed to protect you during the term of your finance agreement, up to a maximum of 60 months cover, if your vehicle is written off and a total loss payment is made by your insurance company. Financial Shortfall GAP will pay the difference between the amount paid out by your insurance company (or the market value of your vehicle, whichever is the greater) and the amount still outstanding on your finance agreement, up to a maximum of £10,000. This should enable you to purchase another vehicle without having to worry about settling the outstanding amount on your existing finance agreement.
Full terms and conditions of the GAP products on offer are available on request.
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