First Vehicle Finance Limited

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GAP Insurance

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.

Eligible Vehicles

  • 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

Major Exclusions

  • 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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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

Registered Office : The Cottage, 2 Castlefield Road, Reigate Surrey RH2 0SH

Disclaimer: All vehicle images and descriptions are for illustration and reference purposes only, all vehicle leases are subject to credit approval and subject to change at any time. E&OE.

Copyright © 2021 First Vehicle Finance Limited, All rights reserved.

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