GAP Insurance Explained by West Way Nissan
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GAP Insurance Explained

Do you know how much your motor insurer would pay out if your vehicle was written off or stolen?

It’s very likely that they will only pay out the current market value of your vehicle. It’s also very likely that this will be less than you paid for it or less than any outstanding finance you have on it.

What are the financial implications for you?

Unless you are prepared to use your own funds, you would only have what your main motor insurer pays out to put towards a replacement vehicle. This would certainly limit your credit options. Similarly, you could be left having to personally fund the difference between your motor insurers payout and the amount required to settle your finance agreement.

How can you protect yourself against this financial loss?

This is where Combined GAP (Guaranteed Asset Protection) can help. It's designed to be a simple level of extra protection for you should your vehicle be written off or stolen and declared a total loss by your motor insurer.

If your vehicle is written off or stolen and declared a total loss by your motor insurer, Combined GAP will cover the difference between the current value of your insured vehicle and the net invoice price you paid for it, or any outstanding finance (whichever difference is greater). Take a look at the graph to see how it could work...

In the event of a total loss, Combined GAP will also pay you up to £250 towards your motor insurance excess.

  • Interested in GAP Insurance?































Watch this short, easy-to-understand video on how GAP Insurance works

Combined GAP Policies - View policies below

West Way can offer you a variety of fixed-price Combined GAP policies, with cover ranging from 12 - 48 months. What's more, you can choose to pay the full amount in a single one-off payment or you can choose to pay monthly with 0% interest. You can purchase a policy up to 90 days after handover, so if you want to protect your vehicle, get in touch with us sooner rather than later.

A few things to bear in mind:

  • Negative equity (any outstanding debt transferred from a previous vehicle or financial arrangement) is not covered under the policy

  • Your vehicle will not be covered if it's stolen by anyone who has access to the keys unless access was gained through forcible means

  • Your vehicle must be used only for private use on a public highway

  • Your vehicle will not be covered if no motor insurance settlement has been paid

  • If you are offered a replacement vehicle and do not accept, this may result in no benefit being paid by the policy

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    Aprite (GB) Limited t/a West Way Nissan, t/a West Way is an appointed representative of ITC Compliance Limited which is authorised and regulated by the Financial Conduct Authority (their registration number is 313486) and which is permitted to advise on and arrange general insurance contracts as an intermediary.

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