GAP Insurance

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 pay out 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.

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
  • Combined GAP is available for most new or used cars or vans and provides cover for 36 months
  • 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 is a limited liability company registered in England and Wales under number 3261643 with its registered office at The Rivers Office Park, Denham Way, Maple Cross, Rickmansworth, Hertfordshire WD3 9YS. For the purpose of insurance mediation & consumer credit activity Aprite (GB) Limited, trading as West Way Nissan, is authorised and regulated by the Financial Conduct Authority Ref No. 311404.
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