If your vehicle is declared a total loss as a result of an accident, theft, fire or flood, there is a risk that your Motor Insurance settlement may not completely pay off the outstanding finance owed on the vehicle, leaving you with a balance to pay off for a vehicle you no longer have.
Mind the GAP!
Finance GAP pays the difference between the motor insurer settlement and the outstanding finance on the vehicle, up to a maximum of £15,000 (subject to eligibility). In addition to this, we will also pay you up to £250 of your motor insurance excess in the event of a “fault” claim.
Vehicles up to £125,000 invoice price
Cars and commercial vehicles up to 3.5 tonnes
Vehicles less than or equal to 6 years old
For vehicles financed on any Contract Hire or Lease agreement (excludes cash purchases)
Please note, the following vehicles and use are excluded;
Emergency vehicles, taxis, bus or driving schools
Vehicles used for pacemaking, racing, speed testing or reliability trials, hire or reward, including private hire or taxi, couriers, tuition, etc
Any left hand drive vehicles and vehicles which do not meet UK or EC approval or are not commercially available in the UK direct from a manufacturer or its authorised importer or dealer
Duration of Cover
For up to 60 months in line with the finance agreement, or
Until the vehicle is sold, or
Until the finance is terminated whichever is sooner
Any warranty charges, insurance premiums, road fund licence, dealer fitted extras and accessories
A vehicle written off whilst being driven illegally under the influence of drugs or alcohol
Any VAT, where a policy holder is able to reclaim the VAT from HMRC
Vehicles NOT insured under a comprehensive UK motor insurance policy throughout the term of cover
If the vehicle is stolen by any person who has access to the keys
Any excess over £250
If the vehicle has been modified in any way from the manufacturer’s specification
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Legal & compliance
More about us
Email : firstname.lastname@example.org
Telephone : 01293 456 100
Company Address : First Vehicle Finance Limited Brockham House Smallfield Road Horley Surrey RH6 9AU
First Vehicle Finance Limited are a credit broker and not a lender, we are authorised and regulated by the Financial Conduct Authority. Registered No : 669990
Registered in England & Wales with company number : 05285260 | Data Protection No : Z9729803 | VAT No : 862 3889 84