GAP Insurance

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

Would you like a quote or do you have a question?

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